Insurance Premiums definition
Examples of Insurance Premiums in a sentence
In order to insure payment when due and before delinquency of any or all Real Property Taxes (see Section 10) and/or Insurance (See Section 8.1), Lessor reserves the right, at Lessor’s option, to estimate the current Real Property Taxes and/or Insurance Premiums applicable to the Premises one time only at the beginning of each calendar year during the Term, and to require such current year’s increases to be paid in advance to Lessor by Lessee monthly in advance with the payment of the Base Rent.
If at any time during which Borrower is required to make payments of Tax and Insurance Reserve Funds pursuant to this Section 8.6, the amount on deposit in the Tax Account and/or the Insurance Account shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 4.5 and 7.1 hereof, Lender shall, in its discretion, disburse any excess to the Restricted Account or credit such excess against future payments to be made to the Tax and Insurance Funds.
B▇▇▇▇▇▇▇ agrees to notify L▇▇▇▇▇ immediately of any changes to the amounts, schedules and instructions for payment of any Taxes and Insurance Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain the bills for Taxes directly from the appropriate taxing authority.
Provided there are sufficient amounts in the Tax Account and Insurance Account, respectively, and no Event of Default exists, Lender shall be obligated to pay the Taxes and Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Tax and Insurance Funds to the payment of such Taxes and Insurance Premiums.
In the event a Trigger Period occurs, Borrower shall make a True Up Payment with respect to Insurance Premiums (other than Tenant Paid Insurance Premiums) and Taxes (other than Tenant Paid Taxes) into the applicable Reserve Account.