Accumulations. At Closing and monthly thereafter, Borrower shall, pursuant to an agreement reasonably acceptable to Lender, deposit reserves for taxes and assessments against the Property with Lender or Lender’s designated agent in such amounts as Lender or its designated agent reasonably estimates to be necessary to permit Lender or its designated agent to pay such taxes and assessments as and when they are due during the Term. Any funds remaining in the account upon the expiration of the Term or permitted prepayment of the Loan will be returned to Borrower.
Accumulations. All full time teachers will be credited with 3 days of Discretionary Leave at the beginning of each school year. Any unused leave from previous years shall be accrued in that person’s sick leave to a maximum total which does not exceed 30 days. Discretionary Leave shall be prorated for any teacher who is contracted for less than full time or who begins employment after the beginning of the normal contract year or ends employment prior to the end of the contract year.
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time to receive, hold and disburse the Accumulations in accordance with this Section (the "ACCUMULATIONS DEPOSITARY"). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to one-twelfth (1/12) of the annual Taxes and Assessments as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender and Xxxxxxx Financial Services, Ltd. (the "TAX AGREEMENT") relating to the Property. At least 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
Accumulations. (a) Grantor made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time to receive, hold and disburse the Accumulations in accordance with this Section (the "ACCUMULATIONS DEPOSITORY") and in accordance with the Pledge and Security Agreement (the "Pledge and Security Agreement") to be entered into among Grantor, Lender and a pledge agent for the Accumulations Depository. On the first day of each calendar month during the Term Grantor will deposit with the Accumulations Depository an amount equal to one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee. At least 30 days before each Imposition Penalty Date, Grantor will deliver to the Accumulations Depository any bills and other documents that are necessary to pay the Taxes and Assessments.
Accumulations. (a) In accordance with the Tax Pledge, Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Xxxxxx as Xxxxxx’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12th of the annual Real Estate Taxes as determined by Lender or its agent. Except as otherwise required by the Tax Pledge, at least 30 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Real Estate Taxes.
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Xxxxxx as Xxxxxx’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 of the annual Taxes and Assessments as determined by Lender or its designee. At least 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee based upon the last ascertainable tax bill, unless otherwise provided in an agreement among Borrower, Lender and Accumulations Depository. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time (the "Accumulations Depositary") to receive, hold and disburse the ------------------------ Accumulations in accordance with this Section and a Real Estate Tax Escrow and Security Agreement and Notice to Depositary of Security Interest of even date herewith (the "Impound Agreement"). On the first Business Day of each calendar ----------------- month commencing on the date specified in Section 1(a)(i) of the Related Note, Borrower will deposit with the Accumulations Depositary an amount equal to one- twelfth of the annual Taxes and Assessments as determined by Lender or its designee. Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments, and will do so sufficiently in advance of the Imposition Penalty Date that the payments will be made timely as required by this Deed of Trust. Borrower will deliver to Lender copies of all bills for Taxes and/or Assessments within 30 days of Borrower's receipt thereof.
Accumulations. At the beginning of each school year each teacher shall be credited with 12 days of sick leave allowance to be used for absences caused by illness or disability of the teacher. Four of the 12 days can be used for immediate family members. The unused portion of such allowance shall accumulate from year to year to a maximum of 75 days. At the end of the school year the School Board shall furnish a written statement to each teacher setting forth the teacher's total unused sick leave credit.
Accumulations. Allowable industrial accident or illness leave shall not be accumulated from year to year.
