Common use of Insurance Reserves Clause in Contracts

Insurance Reserves. Lender may require Borrower to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Borrower of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Borrower shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Borrower as they become due. Lender does not hold the reserves funds in trust for Borrower, and Lender is not the agent of Borrower for payment of the insurance premiums required to be paid by Borrower. The responsibility for the payment of premiums shall remain Borrower’s sole responsibility.

Insurance Reserves. If Borrowers fail to pay their insurance premiums, Lender may require Borrower Borrowers to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Borrower Borrowers of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Borrower Borrowers shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Borrower Borrowers as they become due. Lender does not hold the reserves reserve funds in trust for BorrowerBorrowers, and Lender is not the agent of Borrower Borrowers for payment of the insurance premiums required to be paid by BorrowerBorrowers. The responsibility for the payment of premiums shall remain Borrower’s Borrowers' sole responsibility.

Insurance Reserves. Lender may require Borrower Granter to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Borrower Granter of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Borrower Granter shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Borrower Granter as they become due. Lender does not hold the reserves reserve funds in trust for BorrowerGranter, and Lender Lxxxxx is not the agent of Borrower Granter for payment of the insurance premiums required to be paid by BorrowerGranter. The responsibility for the payment of premiums shall remain BorrowerGranter’s sole responsibility.

Insurance Reserves. Lender may require Borrower to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Borrower of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due datedates, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Borrower shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Borrower as they become due. Lender does not hold the reserves reserve funds in trust for Borrower, and Lender is not the agent of Borrower for payment of on the insurance premiums premium required to be paid by Borrower. The responsibility for the payment of premiums shall remain Borrower’s 's sole responsibility.