To Pay Impositions Clause Samples
The 'To Pay Impositions' clause requires one party, typically a tenant or lessee, to pay all taxes, charges, and governmental fees related to the property or asset in question. In practice, this means the responsible party must cover property taxes, assessments, and any other levies imposed by authorities during the term of the agreement. This clause ensures that the property owner or lessor is protected from financial liability for such impositions, allocating the risk and cost of these obligations to the party in possession or use of the property.
To Pay Impositions. 2.4.1 The Grantor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. Notwithstanding the foregoing, if any Imposition may at the option of the payer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor shall have the right, provided that no Event of Default shall have occurred and be continuing, to exercise such option and to cause to be paid or to pay the same (and any accrued interest on the unpaid balance of such Imposition) in installments prior to the imposition of any fine, penalty or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premises.
2.4.2 Upon the occurrence and during the continuance of an Event of Default upon demand of the Beneficiary, the Grantor shall deposit with the Beneficiary a sum which bears the same relation to the insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to 12. For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of Default, the Grantor shall deposit with the Beneficiary a sum equal to one- twelfth of such insurance premiums and/or such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor shall have deposited with the Beneficiary a sum sufficient to pay the same. All such deposits shall be received and held by the Beneficiary in good faith, and shall be applied to the payment...
To Pay Impositions. 2.4.1. The Trustor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. However, if by law, any Imposition may at the option of the taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Trustor shall have the right to exercise such option and to pay such Imposition, or cause it to be paid (together with any accrued interest on the unpaid balance) in installments as they fall due and before any fine, penalty, further interest or cost may be added thereto.
2.4.2. If an Event of Default shall occur and be continuing, then upon demand of the Beneficiary, the Trustor shall deposit with the Beneficiary a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Trust Deed, the Trustor shall deposit with the Beneficiary a sum equal to one-twelfth of such insurance premiums and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Trustor shall have deposited with the Beneficiary a sum sufficient FRK11626.A05 285741572 01/09/97 KDF: to pay the same. All such deposits shall be received and held as part of such deposit by the Beneficiary (all such deposits to be held in an account without interest thereon) and shall be applied to the payment of each installment of such premiums and taxes and assessments as they shall become due and payable. The Beneficiary shall, upon demand, furnish evidence to the Trustor of the making of each such payment. If the amount of such premiums and taxes and assessments has not ...