Tax and Insurance Reserve. (i) On each Monthly Payment Date, Borrowers shall pay to Agent a sum equal to one-twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Agent to be payable, during the ensuing twelve (12) months to be held as a tax reserve to fund payment of future Taxes (the “Tax Reserve”). If requested by Agent (not earlier than two months prior to the date on which the next installment of Taxes becomes due), Borrowers shall also deposit, within five (5) Business Days of such request, into the Tax Reserve an amount which, together with the aggregate of deposits to be made on each Monthly Payment Date pursuant to the first sentence of this subsection (i), shall be sufficient, as of one month prior to the date on which the next installment of Taxes becomes due, to pay in full such installment of Taxes, as reasonably estimated by Agent. Agent shall apply such funds to, or (at the sole option of Agent) release such funds to Borrowers for, payment of such Taxes, provided that Borrowers have promptly supplied Agent with timely notice of all Taxes due.
Tax and Insurance Reserve. (a) Each Borrower shall furnish the Administrative Agent with bills for the Taxes and insurance charges for which payments are required at least thirty (30) days prior to the date on which the charges first become payable. If at any time the amount on deposit with the Administrative Agent in the Tax and Insurance Reserve, together with amounts to be deposited by the Borrowers at least thirty (30) days before such charges are payable, is insufficient to pay such charges, the Borrowers shall deposit any deficiency with the Administrative Agent immediately upon demand. The Administrative Agent shall pay such charges to the extent funds are available on deposit with the Administrative Agent in the Tax and Insurance Reserve and the Administrative Agent has received a xxxx for such charges. The Administrative Agent shall have no obligation to make disbursements from the Tax and Insurance Reserve while any Event of Default exists.
Tax and Insurance Reserve. The Borrower will be required to fund a Tax and Insurance Reserve each month in an amount equal to 1/12 of the estimated annual expense for taxes and insurance. Notwithstanding the foregoing, Borrower shall not be required to fund an Insurance Reserve, provided that Borrower, throughout the term of the Loan, delivers evidence reasonably satisfactory to Lender that all premiums then due have been paid under Borrower’s blanket insurance policy covering the Property. The Borrower shall receive interest on all funds in the Tax and Insurance Reserve account.
Tax and Insurance Reserve. (a) Borrower shall pay to Lender on each Payment Date (a) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (b) one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the 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 (said amounts in (a) and (b) above so deposited shall hereinafter be called the “
Tax and Insurance Reserve. (a) Concurrently with the execution of this Agreement, Borrower shall establish at the Reserve Bank a reserve account with a deposit of $1,026,660.00 from the Initial Tranche to be governed by this Section 8.2 (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. (i) On each Monthly Payment Date, Borrower shall pay to Agent a sum equal to one-twelfth of 100% of an amount which would be sufficient to pay the real estate Taxes payable, or reasonably estimated by Agent to be payable, during the ensuing twelve (12) months to be held as a tax reserve to fund payment of future real estate Taxes (the “Tax Reserve”). At Agent’s request, Borrower shall deposit such additional amount to the Tax Reserve as required by Agent on the Closing Date to ensure that the Tax Reserve will contain an adequate amount to pay all real property taxes that will become due and owing for 2015 in respect of the Property. If requested by Agent, Borrower shall also deposit into the Tax Reserve an amount which, together with the aggregate of deposits to be made on each Monthly Payment Date pursuant to the preceding sentence, shall be sufficient, as of one month prior to the date on which the next installment of real estate Taxes becomes due, to pay in full such Taxes, as reasonably estimated by Agent. Agent shall apply such funds to, or (at the sole option of Agent) release such funds to Borrower or Property Manager for, payment of such Taxes, provided that Borrower has promptly supplied Agent with timely notices of all real estate Taxes due. In making any payment relating to real estate Taxes, Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the total amount retained in the Tax Reserve attributable to the Tax Reserve exceeds the amount of payments actually applied by Agent as set forth above, such excess may be credited by Agent on subsequent payments to be made by Borrower hereunder or, at the option of Agent, refunded to Borrower; but if the funds in the Tax Reserve attributable to the Tax Reserve shall not be sufficient to pay the sums required at least thirty (30) days before the same are due and payable, Borrower shall, within ten (10) Business Days after receipt of written demand therefor from Agent, deposit in the Tax Reserve the full amount of any such deficiency.
Tax and Insurance Reserve. At Closing and as additional security for the Loan, Borrower shall also establish and maintain at all times while the Loan is outstanding a reserve with Lender in an initial amount which, together with monthly anticipated payments described in this Section, will be sufficient to pay all insurance premiums and all real estate taxes on the Property when they become due (“Tax and Insurance Reserve”). Thereafter, each month funds shall be disbursed from the Cash Management Account to fund a proportionate amount (1/12) of the annual insurance premiums and any real estate taxes due on the Property. Provided no Event of Default has occurred, funds shall be disbursed from the Tax and Insurance Reserve to fund taxes and insurance reserved for when the same become due and payable.
Tax and Insurance Reserve. At Closing and as additional security for the Loan, Borrower shall also establish and maintain at all times while the Loan is outstanding a reserve with Lender in an initial amount which, together with monthly anticipated payments described in this Section, will be sufficient to pay all insurance premiums and all real estate taxes on the Property when they become due (“Tax and Insurance Reserve”). Provided no Event of Default has occurred, funds shall be disbursed from the Tax and Insurance Reserve to fund taxes and insurance reserved for when the same become due and payable.
Tax and Insurance Reserve. (a) The Borrowers shall on the date hereof deposit with the Administrative Agent (or, at the election of the Administrative Agent, with a financial institution approved by the Administrative Agent and in an account in the name of the Administrative Agent) the sum of $1,175,000.00 for the purpose of reserving funds for the payment of insurance premiums and Taxes with respect to the Properties (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. The Construction Budget shall contain Budget Line Items for payment of real estate taxes and Insurance Premiums (the “Tax and Insurance Reserve”). Borrower hereby authorizes the Agent from time to time, for the mutual convenience of the Lenders and Borrower, to disburse Facility A Loan proceeds to pay real estate taxes and Insurance Premiums, to the extent then due and payable, regardless of whether Borrower shall have specifically requested disbursement of such amount. Any such disbursement, if made, shall be added to the outstanding principal balance of the Facility A Notes and shall, when disbursed, bear interest at the Applicable Rate. The authorization hereby granted, however, shall not obligate Facility A Lenders to make disbursements of the Facility A Loans for real estate taxes and Insurance Premiums, unless Borrower requests, and qualifies for, disbursement of the portion of the Construction Budget allocated therefor.
