Common use of Tax Deposits Clause in Contracts

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 fifteen (15) days’ prior written notice to Beneficiary in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “Impositions”. Notwithstanding the foregoing provision, so long as Grantor holds title to and controls the Security, Impositions are paid in full when due and there has occurred no Event of Default, or any state of facts which, with the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at Grantor’s option, be (i) credited to Grantor against escrow payments next becoming due, or (ii) paid to Grantor on each real estate tax payment date. If for any reason the sums on deposit with Beneficiary as escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes within the time specified in Section 4 hereof, then Grantor shall, on the earlier of (A) three (3) Business Days prior to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days after notice by Beneficiary, deposit sufficient sums so that Beneficiary may pay such Real Estate Taxes in full, together with any penalty and interest thereon. Beneficiary may change its estimate of Real Estate Taxes for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculation, in which event Grantor shall deposit with Beneficiary as escrow agent within ten (10) Business Days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. If any Real Estate Taxes shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of Trust, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount of such Real Estate Taxes and Grantor shall not have the right to apportion any deposit with respect to such Real Estate Taxes. Upon an assignment of this Deed of Trust, Beneficiary shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary shall thereupon be completely released from all liability with respect to such deposit and Grantor or owner of the Security shall look solely to the assignee or transferee in reference thereto. Upon the payment in full by Grantor of the entire Indebtedness, any sums then held by Beneficiary under this Section 5 shall be promptly refunded to Grantor. All amounts deposited shall be held by Beneficiary as additional security for the sums secured by this Deed of Trust, and Grantor hereby grants to Beneficiary a security interest in such sums, and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion, apply said amounts to the payment of the Indebtedness in whatever order Beneficiary may elect. Immediately upon receipt of such by Grantor, Grantor shall deliver to Beneficiary copies of all notices, demands, claims, bills, and receipts in relation to the Impositions.

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 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 not be applicable effective ------------ unless and control until the Hotel Management Agreement has terminated or expired or there shall exist an Event of Default hereunder, whichever is earlier, and Mortgagee shall notify Mortgagor thereof. Thereafter, until further notice from Mortgagee, Mortgagor shall comply with respect to the payment following provision of Real Estate Taxes imposed on the Real Propertythis Section 5. On receipt of the Activation Notice (as defined in the Tax Escrow Agreement), Grantor Mortgagor shall thereafter deposit with Beneficiary, Mortgagee or with an escrow agent selected by BeneficiaryMortgagee, 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, Indebtedness a sum equal to one-twelfth (1/12) of the Real Estate Taxes Impositions 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 Impositions 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 Mortgagor hereunder, shall be reasonably estimated by Beneficiary based upon prior payments of Real Estate Taxes imposed on the Real PropertyMortgagee, with appropriate adjustment when the amount of such amount Impositions is fixed. The sums deposited by Grantor Mortgagor under this Section 5 shall be held in an interest interest-bearing account with interest being retained by Beneficiary and free of trust except added to the extent, if any, that applicable law shall otherwise require amount on deposit and applied in payment of the Real Estate Taxes such Impositions when due. Grantor or Manager on behalf of Grantor Mortgagor shall give fifteen thirty (1530) days’ days prior written notice to Beneficiary Mortgagee in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “"Impositions”. ." Notwithstanding the foregoing provision, provision and so long as Grantor Mortgagor holds title to and controls the Security, Impositions are paid in full when due and there has occurred exists no Event of Default, or any state of facts which, with the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at Grantor’s option, will be (i) credited to Grantor against escrow payments next becoming due, or (ii) paid to Grantor Mortgagor on each real estate tax payment date. If for any reason the sums on deposit with Beneficiary as Mortgagee or escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes an Imposition within the time specified in Section 4 hereof, then Grantor Mortgagor shall, on the earlier of (A) three (3) Business Days prior to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days days after notice demand by BeneficiaryMortgagee, deposit sufficient sums so that Beneficiary Mortgagee may pay such Real Estate Taxes Imposition in full, together with any penalty and interest thereon. Beneficiary Mortgagee may change its estimate of Real Estate Taxes Impositions for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculationmiscalculation or for any other reason, in which event Grantor Mortgagor shall deposit with Beneficiary as Mortgagee or escrow agent within ten (10) Business Days days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. If any Real Estate Taxes Imposition shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes Imposition shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of TrustMortgage, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount of such Real Estate Taxes Imposition and Grantor Mortgagor shall not have the right to apportion any deposit with respect to such Real Estate TaxesImposition. Upon an assignment of this Deed of TrustMortgage, Beneficiary Mortgagee shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary and, upon such transfer, Mortgagee shall thereupon be completely released from all liability with respect to such deposit and Grantor Mortgagor or owner of the Security shall look solely to the assignee or transferee in reference thereto. Upon the payment in full by Grantor Mortgagor of the entire Indebtedness, any sums then held by Beneficiary Mortgagee under this Section 5 (including interest thereon) shall be promptly refunded to GrantorMortgagor. All amounts deposited shall be held by Beneficiary Mortgagee as additional security for the sums secured by this Deed of TrustMortgage, and Grantor Mortgagor hereby grants to Beneficiary Mortgagee a security interest in such sums, and upon the occurrence and during the continuance of an Event of Default hereunder Beneficiary Mortgagee may, in its sole and absolute discretion, apply said amounts to the payment of the Indebtedness in whatever order Beneficiary Mortgagee may elect. Immediately upon receipt of such by GrantorMortgagor, Grantor Mortgagor shall deliver to Beneficiary Mortgagee copies of all notices, demands, claims, bills, and receipts in relation to the Impositions. Notwithstanding the foregoing provisions, Mortgagee will waive the requirement for deposits as to that portion of Impositions payable directly to the governmental or other authority by tenants under the terms of leases approved by Mortgagee, provided satisfactory proof of payment is promptly furnished to Mortgagee.

Tax Deposits. Grantor Mortgagor and Beneficiary Mortgagee 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 Mortgagor covenants to perform its obligations under the Tax Escrow Agreement and Beneficiary Mortgagee has agreed that Grantor Mortgagor may perform its obligations under this Deed of Trust Mortgage with respect to the Real Estate Taxes in accordance with the Tax Escrow Agreement. During any period that Grantor Mortgagor 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 Mortgagor shall thereafter deposit with BeneficiaryMortgagee, or with an escrow agent selected by BeneficiaryMortgagee, 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 Mortgagor hereunder, shall be reasonably estimated by Beneficiary Mortgagee 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 Mortgagor under this Section 5 shall be held in an interest bearing account with interest being retained by Beneficiary Mortgagee 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 Mortgagor or Manager on behalf of Grantor Mortgagor shall give fifteen (15) days’ prior written notice to Beneficiary Mortgagee in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “Impositions”. Notwithstanding the foregoing provision, so long as Grantor Mortgagor holds title to and controls the Security, Impositions are paid in full when due and there has occurred no Event of Default, or any state of facts which, with the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at GrantorMortgagor’s option, be (i) credited to Grantor Mortgagor against escrow payments next becoming due, or (ii) paid to Grantor Mortgagor on each real estate tax payment date. If for any reason the sums on deposit with Beneficiary Mortgagee as escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes within the time specified in Section 4 hereof, then Grantor Mortgagor shall, on the earlier of (A) three (3) Business Days prior to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days after notice by BeneficiaryMortgagee, deposit sufficient sums so that Beneficiary Mortgagee may pay such Real Estate Taxes in full, together with any penalty and interest thereon. Beneficiary Mortgagee may change its estimate of Real Estate Taxes for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculation, in which event Grantor Mortgagor shall deposit with Beneficiary Mortgagee as escrow agent within ten (10) Business Days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. If any Real Estate Taxes shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of TrustMortgage, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount of such Real Estate Taxes and Grantor Mortgagor shall not have the right to apportion any deposit with respect to such Real Estate Taxes. Upon an assignment of this Deed of TrustMortgage, Beneficiary Mortgagee shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary Mortgagee shall thereupon be completely released from all liability with respect to such deposit and Grantor Mortgagor or owner of the Security shall look solely to the assignee or transferee in reference thereto. Upon the payment in full by Grantor Mortgagor of the entire Indebtedness, any sums then held by Beneficiary Mortgagee under this Section 5 shall be promptly refunded to GrantorMortgagor. All amounts deposited shall be held by Beneficiary Mortgagee as additional security for the sums secured by this Deed of TrustMortgage, and Grantor Mortgagor hereby grants to Beneficiary Mortgagee a security interest in such sums, and upon the occurrence of an Event of Default hereunder Beneficiary Mortgagee may, in its sole and absolute discretion, apply said amounts to the payment of the Indebtedness in whatever order Beneficiary Mortgagee may elect. Immediately upon receipt of such by GrantorMortgagor, Grantor Mortgagor shall deliver to Beneficiary Mortgagee copies of all notices, demands, claims, bills, and receipts in relation to the Impositions.

Tax Deposits. Grantor Trustor 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 Trustor covenants to perform its obligations under the Tax Escrow Agreement and Beneficiary has agreed that Grantor Trustor 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 Trustor 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 Trustor 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 Trustor 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 fifteen (15) days’ prior written notice to Beneficiary in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “Impositions”. Notwithstanding the foregoing provision, so long as Grantor holds title to and controls the Security, Impositions are paid in full when due and there has occurred no Event of Default, or any state of facts which, with the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at Grantor’s option, be (i) credited to Grantor against escrow payments next becoming due, or (ii) paid to Grantor on each real estate tax payment date. If for any reason the sums on deposit with Beneficiary as escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes within the time specified in Section 4 hereof, then Grantor shall, on the earlier of (A) three (3) Business Days prior to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days after notice by Beneficiary, deposit sufficient sums so that Beneficiary may pay such Real Estate Taxes in full, together with any penalty and interest thereon. Beneficiary may change its estimate of Real Estate Taxes for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculation, in which event Grantor shall deposit with Beneficiary as escrow agent within ten (10) Business Days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. If any Real Estate Taxes shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of Trust, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount of such Real Estate Taxes and Grantor shall not have the right to apportion any deposit with respect to such Real Estate Taxes. Upon an assignment of this Deed of Trust, Beneficiary shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary shall thereupon be completely released from all liability with respect to such deposit and Grantor or owner of the Security shall look solely to the assignee or transferee in reference thereto. Upon the payment in full by Grantor of the entire Indebtedness, any sums then held by Beneficiary under this Section 5 shall be promptly refunded to Grantor. All amounts deposited shall be held by Beneficiary as additional security for the sums secured by this Deed of Trust, and Grantor hereby grants to Beneficiary a security interest in such sums, and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion, apply said amounts to the payment of the Indebtedness in whatever order Beneficiary may elect. Immediately upon receipt of such by Grantor, Grantor shall deliver to Beneficiary copies of all notices, demands, claims, bills, and receipts in relation to the Impositions.

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 fifteen thirty (1530) days’ prior written notice to Beneficiary in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “Impositions”. Notwithstanding the foregoing provision, so long as Grantor holds title to and controls the Security, Impositions are paid in full when due and there has occurred no Event of Default, or any state of facts which, with the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at Grantor’s option, will be (i) credited to Grantor against escrow payments next becoming due, or (ii) paid to Grantor on each real estate tax payment date. If for any reason the sums on deposit with Beneficiary as escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes within the time specified in Section 4 hereof, then Grantor shall, on the earlier of (A) three (3) Business Days prior to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days after notice by Beneficiary, deposit sufficient sums so that Beneficiary may pay such Real Estate Taxes in full, together with any penalty and interest thereon. Beneficiary may change its estimate of Real Estate Taxes for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculation, in which event Grantor shall deposit with Beneficiary as escrow agent within ten (10) Business Days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. If any Real Estate Taxes shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of Trust, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount of such Real Estate Taxes and Grantor shall not have the right to apportion any deposit with respect to such Real Estate Taxes. Upon an assignment of this Deed of Trust, Beneficiary shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary shall thereupon be completely released from all liability with respect to such deposit and Grantor or owner of the Security shall look solely to the assignee or transferee in reference thereto. Upon the payment in full by Grantor of the entire Indebtedness, any sums then held by Beneficiary under this Section 5 shall be promptly refunded to Grantor. All amounts deposited shall be held by Beneficiary as additional security for the sums secured by this Deed of Trust, and Grantor hereby grants to Beneficiary a security interest in such sums, and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion, apply said amounts to the payment of the Indebtedness in whatever order Beneficiary may elect. Immediately upon receipt of such by Grantor, Grantor shall deliver to Beneficiary copies of all notices, demands, claims, bills, and receipts in relation to the Impositions.