Tax Deposits. If requested by the Lender, the Mortgagor shall deposit with the Lender, on the first day of each month until the Indebtedness is fully paid, a sum equal to 1/12th of 105% of the most recent ascertainable annual Taxes on the Premises. If requested by the Lender, the Mortgagor shall also deposit with the Lender an amount of money which, together with the aggregate of the monthly deposits to be made pursuant to the preceding sentence as of one month prior to the date on which the next installment of annual Taxes for the current calendar year become due, shall be sufficient to pay in full such installment of annual Taxes, as estimated by the Lender. Such deposits are to be held without any allowance of interest and are to be used for the payment of Taxes next due and payable when they become due. So long as no Event of Default under this Mortgage shall exist, the Lender shall, at its option, pay such Taxes when the same become due and payable (upon submission of appropriate bills therefor from the Mortgagor) or shall release sufficient funds to the Mortgagor for the payment thereof. If the funds so deposited are insufficient to pay any such Taxes for any year (or installments thereof, as applicable) when the same shall become due and payable, the Mortgagor shall, within 10 days after receipt of written demand therefor, deposit additional funds as may be necessary to pay such Taxes in full. If the funds so deposited exceed the amount required to pay such Taxes for any year, the excess shall be applied toward subsequent deposits. Said deposits need not be kept separate and apart from any other funds of the Lender. The Lender, in making any payment hereby authorized relating to Taxes, 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. The Lender shall not exercise its right to require such deposits so long as the Borrower has paid all Taxes when due.
Tax Deposits. 7.1 Lessee shall be required to make deposits for annual Taxes and Assessments and, will make monthly deposits with Lessor, of an amount equal to one twelfth (1/12) of the annual Taxes and Assessments or such greater amount as may be required by any Mortgagee. Said deposits shall be due and payable on the first day of each month as additional Rent, shall not bear interest and shall be held by Lessor and/or a mortgagee of the Lessor to pay the real estate taxes as they become due and payable. If the total of the monthly payments as made under this Article shall be insufficient to pay the Taxes and Assessments when due, then Lessee shall on demand pay Lessor the amount necessary to make up the deficiency, and if appropriate, Lessee shall receive a credit against the next monthly tax escrow payment coming due in an amount equal to said deficiency payment.
Tax Deposits. Grantor and Beneficiary have entered into a certain Real Estate Tax Escrow and Security Agreement of even date herewith (the “Tax Escrow Agreement”), the terms of which provide for the escrow and payments of money with respect to Real Estate Taxes imposed on the Real Property under certain circumstances as described therein. Notwithstanding the provisions of Section 4 hereof, Grantor covenants to perform its obligations under the Tax Escrow Agreement and Beneficiary has agreed that Grantor may perform its obligations under this Deed of Trust with respect to the Real Estate Taxes in accordance with the Tax Escrow Agreement. During any period that Grantor shall be in default under the Tax Escrow Agreement, or the Tax Escrow Agreement shall be terminated for any reason, or in the event that the Tax Escrow Agreement becomes ineffective or otherwise unenforceable, then the balance of the terms and conditions of this Section 5 shall be applicable and control with respect to the payment of Real Estate Taxes imposed on the Real Property. On receipt of the Activation Notice (as defined in the Tax Escrow Agreement), Grantor shall thereafter deposit with Beneficiary, or with an escrow agent selected by Beneficiary, commencing on the Activation Date (as defined in the Tax Escrow Agreement) and on the first day of each calendar month thereafter (each of which dates is hereinafter called the “monthly tax deposit date”) until the payment in full of the Indebtedness, a sum equal to one-twelfth (1/12) of the Real Estate Taxes to be levied, charged, assessed or imposed upon or for the Security within one (1) year after said monthly tax deposit date. If on any monthly tax deposit date the amount of Real Estate Taxes to be levied, charged, assessed or imposed within the ensuing one year period shall not be fixed, such amount for the purpose of computing the deposit to be made by Grantor hereunder, shall be reasonably estimated by Beneficiary based upon prior payments of Real Estate Taxes imposed on the Real Property, with appropriate adjustment when such amount is fixed. The sums deposited by Grantor under this Section 5 shall be held in an interest bearing account with interest being retained by Beneficiary and free of trust except to the extent, if any, that applicable law shall otherwise require and applied in payment of the Real Estate Taxes when due. Grantor or Manager on behalf of Grantor shall give thirty (30) days’ prior written notice to Beneficiary in each instance ...
Tax Deposits. Upon the occurrence of an Event of Default (as defined herein), Mortgagor will deposit with the Bank commencing on the first day of each month following such request or Event of Default and continuing on the first day of each month thereafter, a sum equal to all real estate taxes and assessments (general and special) next due upon or for the Property (the amount of such taxes next due to be based upon the Bank’s reasonable estimate as to the amount of taxes and assessments to be levied and assessed) reduced by the amount, if any, then on deposit with the Bank divided by the number of months to elapse before one (1) month prior to the date when such taxes and assessments will become due and payable. Such deposits are to be held without any allowance for interest to Mortgagor and are to be used for the payment of taxes and assessments (general and special) on the Property next due and payable when they become due. If the deposited funds are insufficient to pay any such taxes or assessments (general or special) when the same become due and payable, the Mortgagor shall, within ten (10) days after demand therefore from the Bank, deposit such additional funds as may be necessary to pay such taxes and assessments (general and special) in full. If the funds so deposited exceed the amount required to pay such taxes and assessments (general and special) for any year, the excess will be applied to a subsequent deposit or deposits. The deposits need not be kept separate and apart from any other funds of the Bank.
Tax Deposits. Pursuant to the terms of the Lockbox Agreement, Mortgagor covenants and agrees to deposit into a reserve account maintained by Mortgagee, commencing on the date of disbursement of the Loans and on the first day of each month following the month in which said disbursement occurred until the Indebtedness is fully paid, a sum equal to one-twelfth (1/12th) of the real estate taxes on the Premises next to become due, as estimated by Mortgagee, so that the Payee will have sufficient funds on hand to pay all such real estate taxes thirty (30) days prior to the due date thereof. Such deposits are to be held without any allowance of interest (unless local law requires otherwise) and are to be used for the payment of taxes and assessments (general and special) on the Premises next due and payable when they become due. If the funds so deposited exceed the amount required to pay such items hereinabove mentioned for any year, the excess shall be applied on a subsequent deposit or deposits. Said deposits need not be kept separate and apart from any other funds of Mortgagee. If any such taxes or assessments (general or special) shall be levied, charged, assessed or imposed upon or for the Premises, or any portion thereof, and if such taxes or assessments shall also be a levy, charge, assessment or imposition upon or for any other property not covered by the lien of this Mortgage, then the computation of any amount to be deposited under this Paragraph 4 shall be based upon the entire amount of such taxes or assessments, and Mortgagor shall not have the right to apportion the amount of any such taxes or assessments for the purposes of such computation.
Tax Deposits. Notwithstanding anything to the contrary contained herein, Investor is not purchasing in connection with the transaction contemplated by this Agreement, and the Sellers are not selling in connection with the transaction contemplated by this Agreement, any and all Tax deposits and claims for refund of Taxes and other governmental charges of whatever nature which are refundable to the Sellers, including without limitation those set forth on Schedule 7.03 (collectively, “Tax Deposits and Refunds”), and Investor, the Sellers and the Company hereby acknowledge and agree that all Tax Deposits and Refunds shall at all times be and remain the property of the Sellers. Investor shall provide (or cause the Company to provide) the Sellers with reasonable assistance as needed in obtaining any and all Tax Deposits and Refunds. In the event that the Tax Deposit and Refunds are paid by any Governmental Entity to the Company, Investor shall cause the Company to deliver such Tax Deposits and Refunds to the Sellers as promptly as reasonably practicable.
Tax Deposits. 11 2.16 Inspection................................................. 12 2.17
Tax Deposits. 48 12. Compliance with Legal and Insurance Requirements, Permitted Encumbrances, Leases ................................................... 50 13. Liens ...................................................... 50 14. Insurance .................................................. 51 14.1 Risks to be Insured ........................................ 51 14.2
Tax Deposits. Notwithstanding the foregoing provisions of this section 11, if at any time any Event of Default specified in section 22(d) shall have occurred due to Lessee's failure to perform its obligations under section 11.1(a), Lessor may at any time thereafter give a notice to 52 49 Lessee referring to this section 11.4 and if such notice shall be given Lessee shall be obligated from and after the date which is 10 days after Lessee's receipt of such notice to pay to Lessor in equal monthly installments, on the first day of each month during the balance of the term and any extended term of this Lease, an amount equal to one-twelfth of the annual real estate taxes imposed upon the Combined Premises for each fiscal tax year (collectively, "Tax Deposits"). Tax Deposits shall in the first instance be based on the real estate taxes for the prior fiscal tax year, and when such real estate taxes shall be ascertained for the current tax year, appropriate adjustments shall be made. Lessor shall keep all Tax Deposits in a separate interest bearing escrow account in a New York Clearing House member bank, and the interest thereon shall be credited to Lessee (Lessee to pay all taxes on such interest). Lessor shall apply Tax Deposits to the payment of the annual real estate taxes imposed upon the Combined Premises as they become due and payable. From time to time upon notice to Lessee by Lessor, Tax Deposits shall be increased to such amounts as may be necessary from time to time to provide a fund sufficient to meet the payment of the annual real estate taxes imposed upon the Combined Premises (or any installment thereof) as and when due and payable, whether on the present dates of payment or on such other dates as may be fixed by law.
Tax Deposits. The amounts withheld by Seller from its employees and agents for all periods through the Closing Date comply in all material respects with the tax withholding provisions of all applicable federal, state and local laws. All taxes required to be withheld from the payments of compensation to Seller’s Office employees have been, or, on or before the date required by applicable law, will be deposited by Seller in the United States Treasury or in the accounts of state and local taxation authorities in the ordinary course of business.
