Common use of Use of Deposits Clause in Contracts

Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow Account. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.

Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 SECTION 11 shall be held by Landlord and shall be applied to payment to the insurance premiums when due. Any such deposits may be commingled with other assets of Landlord, and shall be deposited by Landlord at OCWEN Federal Bank FSB. Landlord shall not be responsible to Tenant for any loss of principal so deposited at such depository bank due to financial failure or any Facility Mortgagee, and, provided that act of omission of such depository. The income from such investment or interest on such deposit shall be paid to Tenant on a semi-annual basis as long as no default or Event of Default by has occurred. Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant give not less than ten (10) days prior written notice to Landlord or such Facility Mortgageein each instance when an insurance premium is due, as applicable, of documentation evidencing specifying the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt amount of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account insurance premium in full (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee mayinstallment), but together with any penalty or interest thereon, provided, however, Tenant shall not be obligated toin default hereunder if it fails to receive notice from the applicable insurance company and such notice was sent directly to the Landlord. Landlord may change its estimate of any Insurance Premium on the basis of a change in any invoice received or on the basis of a prior miscalculation or for any other good faith reason; in which event, pay within ten (10) days after demand by Landlord, Tenant shall deposit with Landlord the amount in excess of the sums previously deposited with Landlord for the applicable period which would theretofore have been payable under the revised estimate. Landlord shall provide Tenant with an annual statement of all amounts deposited and interest earned thereon under this SECTION 11. In connection with any assignment of the Landlord's interest under this Lease, the original Landlord named herein and each successor in interest shall have the right to transfer all amounts deposited pursuant to the provisions of this SECTION 11 and still in its possession to such Impositions assignee (as the subsequent holder of Landlord's interest in this Lease) and upon such transfer, the original Landlord named herein or insurance premiums the applicable successor in interest transferring the deposits shall thereupon be completely released from any funds all liability with respect to such deposits so transferred and Tenant shall look solely to said assignee, as the subsequent holder of Landlord's interest under this Lease, in reference thereto. All amounts deposited with Landlord pursuant to the Escrow Account. Upon provisions of this SECTION 11 shall be held by Landlord as additional security for the payment and performance of all obligations of Tenant under the Lease and, upon the occurrence of any Event of Default, Landlord may, in its sole and absolute discretion, apply said amounts towards payment or performance of such obligations. Upon the expiration or earlier termination of this Lease, provided that, all of the Lease obligations have been fully paid and performed, any Facility Mortgagee may apply any funds sums then held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewithunder this SECTION 11 shall be refunded to Tenant. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account agrees to pay reasonable administrative or other fees associated with Landlord or its designees holding, disbursing and otherwise managing the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursementdeposits under this SECTION 11.

Use of Deposits. Tenant shall pay or cause to be paid any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunderhas occurred and no Potential Default is continuing, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s 's receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow Account. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds Amberleigh held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.

Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The Tax Credit and the sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five thirty (530) Business Days days after the presentation of such evidence (if evidence. Any such deposits may be commingled with other assets of Landlord is holding or such Facility Mortgagee, and shall be deposited in the Escrow Account and Landlord shall not be liable to Tenant or any other person for any consequent loss of principal or interest of funds held in the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the . Furthermore, Landlord and its Facility Mortgagee that is holding shall bear no responsibility for the financial condition of, nor any act or omission by, the Lending Institution at which the Escrow Account (if a Facility Mortgagee is holding located. The interest from such deposits shall be retained in the Escrow Account)Account to be applied in accordance with the terms of this Section 3.3. If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any the funds in the Escrow AccountAccount pursuant to this Section 3.3. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.

Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and due, regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefortherefor (it being understood that Tenant will not be reimbursed for Impositions). The sums deposited by Tenant under this Section SECTION 3.3 shall be held by Landlord or any Facility Mortgagee, and, with respect to insurance premiums, provided that no default or Event of Default by Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five ten (510) Business Days days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account)evidence. If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow AccountAccount and Tenant shall promptly repay in full (but in any event within five (5) Business Days of such payment by Landlord or any Facility Mortgagee) such amount so paid by Landlord or Facility Mortgagee. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.

Use of Deposits. Tenant shall pay or cause to be paid any and all Impositions and insurance premiums when due and regardless of whether or not the Xxxxxxxxxxx Xxxxx funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunderhas occurred and no Potential Default is continuing, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow Account. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.

Use of Deposits. Tenant shall pay any and Except to the extent required by applicable law, all Impositions and insurance premiums when due and regardless of whether or not funds so deposited shall, until so applied, constitute additional security for the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 Obligations, shall be held by Landlord or any Facility MortgageeLender in a separate escrow account, shall not be commingled with other funds of Lender, and, provided that no default or Event of Default by Tenant exists (as defined in Section 6.1) shall have occurred and be continuing hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the applied in payment of the aforesaid amounts prior to their becoming delinquent, but only to the extent that Lender shall have such Impositions and/or insurance premiumsfunds on hand, provided that Lender shall not have any obligation to use said funds to pay (i) any installment of Assessments prior to the last day on which reimbursement shall payment thereof may be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) made without penalty or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails interest, or to pay any Impositions or insurance premiums when due and owing hereunder premium prior to the applicable taxing authority due date thereof; or (ii) any of the aforesaid amounts unless Lender shall have been furnished with the bills or invoices therefor in sufficient time to pay the same before any penalty or interest attaches and before said policies of insurance carrierlapse, Landlord as the case may be. If an Event of Default shall have occurred and be continuing hereunder, or any Facility Mortgagee if the Obligations shall be accelerated as herein provided, all funds so deposited may, but shall not at Lender’s option, be obligated to, pay such Impositions or insurance premiums from any funds applied to the Obligations in the Escrow Account. Upon the occurrence of any Event of Default, Landlord order determined by Lender or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such said Event of Default or as provided in this Section. In no event shall Borrower claim any credit against the principal and interest due hereunder for any payment or deposit for taxes or insurance. Neither Lender nor its servicing agent shall be liable for any act or omission made or taken in good faith. In making any payments, Lender or its servicing agent may rely on account any damages suffered statement, bxxx or incurred estimate procured from or issued by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default payee without inquiry into the validity or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance accuracy of the applicable due datesame. If the taxes shown in the tax statement shall be levied on property more extensive than the Collateral, (x) clear Lender shall be under no duty to seek a tax division or apportionment of the tax bxxx, and detailed instructions relative to the payee, place, amount and required manner of any payment of taxes based on a larger parcel shall be paid by the Impositions and/or insurance premiums referenced above Borrower, the deposits to be made hereunder shall be based on the larger tax parcel and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account Borrower shall expeditiously cause a tax subdivision to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursementbe made.

Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiumsImpositions, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow Account. Upon the occurrence of any Event of DefaultDefault and during the continuation thereof, Landlord or any Facility Mortgagee may may, but shall not be obligated to, apply any funds held in the Escrow Account to cure such Event of Default pay any amounts due under this Lease or on account any damages suffered or incurred by Landlord in connection therewith. Relative to Any amounts so applied as a result of an Event of Default shall be replenished by Tenant within 10 Business Days after Landlord makes a demand therefor, so that the foregoing, provided funds on deposit in the Escrow Account are in the amount otherwise required under this Section 3.3. Provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) 20 days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement. Tenant hereby grants to Landlord a first priority security interest in the Escrow Account and all funds from time to time on deposit therein or otherwise deposited or paid to Landlord pursuant to this Section 3.3.