Common use of Tax and Insurance Impounds Clause in Contracts

Tax and Insurance Impounds. If the Parties have contracted Servicer to impound and pay insurance premiums, property taxes and/or any other assessments against the property, Payor agrees to pay to Servicer, in addition to the regular monthly installments due under the Note or Contract between the Parties, a sum equal to 1/12th of the insurance premiums, annual property taxes and/or any other assessments plus a cushion equal to 1/6th of the total annual impound disbursements. The monthly impound requirement will be estimated by Servicer without liability. Servicer will hold said sums in a non-interest-bearing account designated to pay said obligations and furnish an annual statement of the account to the Payor. Servicer will not advance funds for any purpose if there is a shortage, but will advise Payor and Payee of shortages at the time they are discovered. Provided funds are available, Servicer will pay the premiums on the insurance policy related to the property for which services are being provided as it becomes due upon receipt of the premium notices. Payor must immediately notify Servicer if there are any changes to the policy. Servicer has no liability to maintain any insurance coverage on the property or to obtain insurance premium invoices for the property, but is liable only for paying the insurance premium invoices that properly identify the account involved timely presented to it for payment. Parties must provide Servicer with insurance premium invoices in advance of payment due dates. Upon payment in full of the Note or Contract, any funds in the impound account shall be paid to Payor. Should the servicing account be terminated due to forfeiture, foreclosure or Trustee's Sale of the Payor's interest, then any funds in the impound account shall be paid to Payee upon closing the servicing account unless Servicer is otherwise directed. The impound account may be terminated at any time upon mutual written agreement of the Parties. If Servicer does not have sufficient funds or information to pay amounts due, Servicer has the right to terminate the impound account.

Tax and Insurance Impounds. If the Parties have contracted Servicer to impound and pay insurance premiums, property taxes and/or any other assessments against the property, Payor agrees to pay to Servicer, in addition to the regular monthly installments due under the Note or Contract between the Parties, a sum equal to 1/12th of the insurance premiums, annual property taxes and/or any other assessments plus a cushion equal to 1/6th of the total annual impound disbursements. The monthly impound requirement will be estimated by Servicer without liability. Servicer will hold said sums in a non-interest-bearing non‐interest‐bearing account designated to pay said obligations and furnish an annual statement of the account to the Payor. Servicer will not advance funds for any purpose if there is a shortage, but will advise Payor and Payee of shortages at the time they are discovered. Provided funds are available, Servicer will pay the premiums on the insurance policy related to the property for which services are being provided as it becomes due upon receipt of the premium notices. Payor must immediately notify Servicer if there are any changes to the policy. Servicer has no liability to maintain any insurance coverage on the property or to obtain insurance premium invoices for the property, but is liable only for paying the insurance premium invoices that properly identify the account involved timely presented to it for payment. Parties must provide Servicer with insurance premium invoices in advance of payment due dates. Upon payment in full of the Note or Contract, any funds in the impound account shall be paid to Payor. Should the servicing account be terminated due to forfeiture, foreclosure or Trustee's Sale of the Payor's interest, then any funds in the impound account shall be paid to Payee upon closing the servicing account unless Servicer is otherwise directed. The impound account may be terminated at any time upon mutual written agreement of the Parties. If Servicer does not have sufficient funds or information to pay amounts due, Servicer has the right to terminate the impound account.

Tax and Insurance Impounds. If the Parties have contracted Servicer to impound and pay insurance premiums, property taxes and/or any other assessments against the property, Payor agrees to pay to Servicer, in addition to the regular monthly installments due under the Note or Contract between the Parties, a sum equal to 1/12th of the insurance premiums, annual property taxes and/or any other assessments plus a cushion equal to 1/6th of the total annual impound disbursementsassessments. The monthly impound requirement will be estimated by Servicer without liability. Servicer will hold said sums in a non-interest-bearing non‐interest‐bearing account designated to pay said obligations and furnish an annual statement of the account to the Payor. Servicer will not advance funds for any purpose if there is a shortage, but will advise Payor and Payee of shortages at the time they are discovered. Provided funds are available, Servicer will pay the premiums on the insurance policy related to the property for which services are being provided as it becomes due upon receipt of the premium notices. Payor must immediately notify Servicer if there are any changes to the policy. Servicer has no liability to maintain any insurance coverage on the property or to obtain insurance premium invoices for the property, but is liable only for paying the insurance premium invoices that properly identify the account involved timely presented to it for payment. Parties must provide Servicer with insurance premium invoices in advance of payment due dates. Upon payment in full of the Note or Contract, any funds in the impound account shall be paid to Payor. Should the servicing account be terminated due to forfeiture, foreclosure or Trustee's Sale of the Payor's interest, then any funds in the impound account shall be paid to Payee upon closing the servicing account unless Servicer is otherwise directed. The impound account may be terminated at any time upon mutual written agreement of the Parties. If Servicer does not have sufficient funds or information to pay amounts due, Servicer has the right to terminate the impound account.

Tax and Insurance Impounds. If the Parties have contracted Servicer to impound and pay insurance premiums, property taxes and/or any other assessments against the property, Payor Lender agrees to pay to Servicer, in addition to the regular monthly installments due under the Note or Contract between the Parties, a sum equal to 1/12th of the insurance premiums, annual property taxes and/or any other assessments plus a cushion equal to 1/6th of the total annual impound disbursements. The monthly impound requirement will be estimated by Servicer without liability. Servicer will hold said sums in a non-interest-bearing account designated to pay said obligations and furnish an annual statement of the account to the PayorLender. Servicer will not advance funds for any purpose if there is a shortage, but will advise Payor Lender and Payee Borrower of shortages at the time they are discovered. Provided funds are available, Servicer will pay the premiums on the insurance policy related to the property for which services are being provided as it becomes due upon receipt of the premium notices. Payor Lender must immediately notify Servicer if there are any changes to the policy. Servicer has no liability to maintain any insurance coverage on the property or to obtain insurance premium invoices for the property, but is liable only for paying the insurance premium invoices that properly identify the account involved timely presented to it for payment. Parties must provide Servicer with insurance premium invoices in advance of payment due dates. Upon payment in full of the Note or Contract, any funds in the impound account shall be paid to PayorBorrower. Should the servicing account be terminated due to forfeiture, foreclosure or Trustee's Sale of the PayorLender's interest, then any funds in the impound account shall be paid to Payee Lender upon closing the servicing account unless Servicer is otherwise directed. The impound account may be terminated at any time upon mutual written agreement of the Parties. If Servicer does not have sufficient funds or information to pay amounts due, Servicer has the right to terminate the impound account.

Tax and Insurance Impounds. If the Parties have contracted Servicer to impound and pay insurance premiums, property taxes and/or any other assessments against the property, Payor agrees to pay to Servicer, in addition to the regular monthly installments due under the Note or Contract between the Parties, a sum equal to 1/12th of the insurance premiums, annual property taxes and/or any other assessments plus a cushion equal to 1/6th of the total annual impound disbursements. The monthly impound requirement will be estimated by Servicer without liability. Servicer will hold said sums in a non-interest-bearing account designated to pay said obligations and furnish an annual statement of the account to the Payor. Servicer will not advance funds for any purpose if there is a shortage, but will advise Payor and Payee of shortages at the time they are discovered. Provided funds are available, Servicer will pay the premiums on the insurance policy related to the property for which services are servicesare being provided as it becomes due upon receipt of the premium notices. Payor must immediately notify Servicer if there are any changes to the policy. Servicer has no liability to maintain any insurance coverage on the property or to obtain insurance premium invoices for the property, but is liable only for paying the insurance premium invoices that properly identify the account involved timely presented to it for payment. Parties must provide Servicer with insurance premium invoices in advance of payment due dates. Upon payment in full of the Note or Contract, any funds in the impound account shall be paid to Payor. Should the servicing account be terminated due to forfeiture, foreclosure or Trustee's Sale of the Payor's interest, then any funds in the impound account shall be paid to Payee upon closing the servicing account unless Servicer is otherwise directed. The impound account may be terminated at any time upon mutual written agreement of the Parties. If Servicer does not have sufficient funds or information to pay amounts due, Servicer has the right to terminate the impound account.