Common use of Required Deposit Clause in Contracts

Required Deposit. Notwithstanding Section 3(b), Lender reserves the right to require at any time, upon written notice to Borrower, that Borrower make the Repair Escrow Deposit within 30 days following written notice to Borrower from Lender if Lender reasonably determines that a default by Borrower has occurred under the Note, Security Instrument, or any other document delivered in connection with the Loan, including (i) the occurrence of a Transfer which is prohibited under the terms of the Security Instrument or which requires Lender’s consent, or (ii) Borrower’s failure to maintain the Mortgaged Property in accordance with the requirements of the Security Instrument. Lender’s notice to Borrower will specify the amount of the Repair Escrow Deposit, provided that such amount will not exceed the Repair Escrow Deposit amount specified in Section 1(f).

Required Deposit. Notwithstanding Section subsection 3(b)) above, Lender reserves the right to require at any time, upon written notice to Borrower, that Borrower make the Repair Escrow Deposit within 30 days following written notice to Borrower from Lender if Lender reasonably determines that a default by Borrower has occurred under the NoteReimbursement Agreement, Security Instrument, or any other document delivered in connection with the LoanLoan Document, including without limitation (i) the occurrence of a Transfer which is prohibited under the terms of the Security Instrument or which requires Lender’s consent, or (ii) Borrower’s failure to maintain the Mortgaged Property in accordance with the requirements of the Security Instrument. Lender’s 's notice to Borrower will specify the amount of the Repair Escrow Deposit, ; provided that such amount will not exceed the Repair Escrow Deposit amount specified set forth in Section 1(f)1(h) above.