Lender’s Right to Escrow for Insurance Clause Samples

Lender’s Right to Escrow for Insurance. Upon an Event of Default or if the Lender is compelled by Law, Borrower covenants to pay to Lender, one-twelfth (1/12th) of the annual premiums for fire, flood and other hazard insurance, which sums shall be held by the Lender pursuant to Section 4.7 (and shall be deemed included in the Escrow Fund) and used by it to pay such insurance premiums as the same become due and payable.