Common use of Insurance Reserve Clause in Contracts

Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.

Insurance Reserve. Subject Borrower shall pay to clause (b) belowLender, Borrower shall, in accordance with at the time periods set forth of and in Section 3.1addition to the monthly installments of principal and/or interest due under the Note, cause a sum equal to 1/12 of the amount estimated by Lender from time to time to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal sufficient to one-twelfth of the enable Lender to pay at least 30 days before they become due and payable, all insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable due for the renewal of the coverage afforded by the insurance policies required hereunder upon the expiration thereof in order to accumulate with thereof. So long as no Event of Default exists hereunder, Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to shall apply the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be sums so paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of pay such insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereofpremiums. If the such amount of funds in the Insurance Reserve Account shall exceed the amounts due for on deposit with Lender is insufficient to fully pay such insurance premiums pursuant to Article VIpremiums, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If Borrower shall, within 10 days following notice at any time Lender reasonably determines that from Lender, deposit such additional sum as may be required for the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon full payment of such insurance premiums. Upon the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness. The obligation of Borrower to pay such insurance premiums is not affected or modified by the provisions of this paragraph. Notwithstanding the foregoing, Lender shall reassess acknowledges that under the terms of its lease, Kmart is permitted to "self insure" the premises it leases from Borrower which is reflected in the amount necessary of coverage obtained by Borrower under its current insurance policies. During the time that Kmart remains in possession of its leased premises and continues to be deposited in the "self insure" its premises, Borrower's monthly Insurance Reserve Account payment shall be calculated based upon the premiums due for all insurance policies required by Lender under this Mortgage and shall not include any additional payment due to Kmart's self insurance. In the succeeding periodevent Borrower is entitled to any reimbursement or payment from Kmart in connection with any casualty to the Property (the "KMART PROCEEDS"), which calculation Borrower shall take into account any excess amounts remaining in cause Kmart to make that payment or reimbursement directly to Lender and the Insurance Reserve AccountKmart Proceeds shall be held by Lender pursuant to the terms of this Mortgage.

Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the “Insurance Reserve Amount”). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security InstrumentInstruments. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.

Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1on each Payment Date, deposit or cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) on or before such Payment Date) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimatesestimates (taking into account any prior deposits in the Insurance Reserve Account), based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the Insurance Reserve Account being the “Insurance Reserve Account” being the Insurance Reserve Amount”). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.

Insurance Reserve. Subject On each Payment Date, Borrowers shall pay to clause Administrative Agent, for deposit into a reserve established by Administrative Agent (b) belowthe “Insurance Reserve”), Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth 1/12th of the amount determined by Administrative Agent for annual insurance premiums required to be maintained by Borrowers relating to the Projects. At or before the Initial Advance, Borrowers shall deliver to Administrative Agent, for deposit in the Insurance Reserve, a sum of money in an amount equal to $436,667.00 (which initial deposit may be made from Loan proceeds), which together with the monthly installments will be sufficient to make each insurance premium payment thirty (30) days prior to the date such payment is due. The amount of the monthly installments shall be determined on the basis of Administrative Agent’s reasonable estimate from time to time of the insurance premiums that Lender reasonably estimates, based for the current year (on the most recent xxxx, will be payable basis of the insurance premiums for the renewal of the coverage afforded by prior year, with adjustments when the insurance policies upon premiums are fixed for the expiration thereof in order to accumulate then current year). Borrowers shall furnish Administrative Agent with Lender sufficient funds to pay all such bills for the insurance premiums for which the Insurance Reserve funds are required at least thirty (30) days prior to the expiration of date on which the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Accountfirst become payable. If at any time Lender reasonably determines that the amount on deposit in the Insurance Reserve, together with the monthly installments to be paid by Borrowers before such insurance premiums are payable, is insufficient to pay such insurance premiums, Borrowers shall pay any deficiency to Administrative Agent immediately upon demand, for deposit in the Insurance Reserve. Administrative Agent shall pay such insurance premiums when the amount on deposit in the Insurance Reserve Amount is not or will not be sufficient to pay such insurance premiums by and Administrative Agent has received a xxxx for such insurance premiums. Notwithstanding anything to the dates set forth abovecontrary in this Section 3.1(2), Lender Borrowers shall notify Borrower of such determination and Borrower shall increase its NOT be required to make an initial deposit into the Insurance Reserve with respect to, or make monthly payments to Lender Administrative Agent as described in the first sentence of this Section 3.1(2) with respect, a Project, so long as Borrowers maintain a blanket insurance policy covering such Project which provides for all of the insurance required by the amount that Lender reasonably estimates is sufficient this Agreement to make up the deficiency be maintained for such Project, in form and scope acceptable to Administrative Agent, and provides evidence to Administrative Agent at least thirty (30) 20 days prior to expiration of such policy that such policy has been renewed for another one-year term and the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited premium therefore has been paid for in advance.(As used in the Insurance Reserve Account for immediate preceding sentence, a “blanket insurance policy” means a policy of insurance covering multiple real properties, no more than 50% of which real properties are the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve AccountProjects).

Insurance Reserve. Subject to clause (b) belowOn the first day of each month, beginning May l, 2014, Borrower shallshall pay to Lender, for deposit into a reserve established by Lender (the “Insurance Reserve”), an amount reasonably determined by Lender for insurance premiums relating to the Project. At or before the Initial Advance, Borrower shall deliver to Lender, for deposit in accordance the Insurance Reserve, a sum of money which together with the monthly installments described above will be sufficient to make each insurance premium payment thirty (30) days prior to the date such payment is due. The amount of the monthly installments shall be determined on the basis of Lender’s reasonable estimate from time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth time of the insurance premiums that Lender reasonably estimates, based for the current year (on the most recent xxxx, will be payable basis of the insurance premiums for the renewal of the coverage afforded by prior year, with adjustments when the insurance policies upon premiums are fixed for the expiration thereof in order to accumulate then current year). Borrower shall furnish Lender with Lender sufficient funds to pay all such bills for the insurance premiums for which the Insurance Reserve funds are required at least thirty (30) days prior to the expiration of date on which the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Accountfirst become payable. If at any time Lender reasonably determines that the amount on deposit in the Insurance Reserve Amount Reserve, together with the monthly installments to be paid by Borrower before such insurance premiums are payable, is not or will not be sufficient insufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Borrower shall pay any deficiency to Lender promptly upon demand, for deposit in the Insurance Reserve. Lender shall reassess pay such insurance premiums when the amount necessary to be deposited on deposit in the Insurance Reserve Account is sufficient to pay such insurance premiums and Lender has received a bxxx for such insurance premiums. Borrower shall not be obligated to escrow for insurance obtained by the Condominium Association for the succeeding periodcommon areas of the Condominium Project, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Accounthowever, Borrower shall, upon request of Lender, provide Lender with copies of paid invoices regarding such insurance.

Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve 128 Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.