200800520 - Laserfiche WebLink

Browse

200800520 2ok~2 sum under any provision of law or any instrument or document creating any lien or other interest prior or superior to the lien of this Deed of Trust, or Grantor or any other Person pays any such sum with the proceeds of the loans secured hereby, Beneficiary shall have and be entitled to a lien or other interest on the Collateral equal in priority to the lien or other interest discharged and Beneficiary shall be subrogated to, and receive and enjoy all rights and liens possessed, held or enjoyed by, the holder of such lien, which shall remain in existence and benefit Beneficiary in securing the Secured Obligations. 1.19 Reserve for Taxes. Assessments and Insurance. Upon the occurrence and during the continuance of an Event of Default, upon request by Beneficiary, Grantor covenants and agrees to pay to Beneficiary (or Beneficiary's agent) monthly until the Loan and all of the other Secured Obligations have been paid in full, a sum equal to real estate taxes and assessments and insurance premiums next due upon the Premises (all as reasonably estimated by Beneficiary or its agent) divided by the number of months to elapse before one month prior to the date when such taxes, and assessments and insurance premiums will become due and payable, such sums to be held by Beneficiary without interest accruing thereon (except to the extent, if any, required by applicable law), to pay each of the said items. All payments described above in this Section 1.19 shall be paid by Grantor each month in a single payment to be applied by Beneficiary (or its agent) to the foregoing items in such order as Bencficiary shall elect in its sole but reasonable discretion. Grantor shall also pay to Beneficiary, at lcast thirty (30) days prior to the due date of any taxes, and assessments levied on, against or with respect to the Premises, or any insurance premium due with respect to the Premises, such additional amount as may be necessary to provide Beneficiary (or its agent) with sufficient funds to pay any such tax, assessment, and insurance premiums under this Section 1.19 at least thirty (30) days in advance of the due date thereof. Beneficiary (or its agent) shall, within twenty (20) days of receipt from Grantor of a written request therefor together with such supporting documentation as Beneficiary (or its agent) may reasonably require (including, without limitation, official tax bills or, as applicable, statements for insurance premiums), cause proper amounts to be withdrawn from such account and paid directly to the appropriate tax collecting authority or insurer. Even though Grantor may have made all appropriate payments to Beneficiary (or its agent) as required by this Deed of Trust, Grantor shall neverthelcss have full and sole responsibility at all times to cause all taxes, assessments and insurance premiums to be fully and timely paid, and Beneficiary (or its agent) shall have no responsibility or obligation of any kind with respect thereto except with respect to payments required to be made by Grantor hereunder for which Beneficiary (or its agent) has received funds to cover such payments in full and all statements, invoices, reports or other materials necessary to make such payments, all not less than thirty (30) days prior to the deadline for any such payment. If at any time the funds so held by Beneficiary (or its agent) shall be insufficient to cover the full amount of all taxes, assessments and insurance premiums then accrued (as estimated by Beneficiary or its agent) with respect to the then-current twelve-month period, Grantor shall, within ten (10) days after receipt of notice thereof from Beneficiary (or its agent) deposit with Beneficiary (or its agent) such additional funds as may be necessary to remove the deficiency. If the Premises are sold under foreclosure or are otherwise acquired by Beneficiary, accumulations 14 NEWY I \8176568,2