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200804831 Collateral except as permitted by sections 3.1, 4.12, 5.4 and 5.6 or with the prior written consent of the Bank as provided in this Deed of Trust. 4.4 Payment of Taxes. (a) Property Taxes. Borrower will pay, before delinquency, all taxes and assessments, including without limitation, general, special and metropolitan district taxes, water charges, sewer service charges (collectively, the "Impositions"), which may be levied or imposed at any time against Borrower's interest and estate in the Property or the Collateral. Such payment shall be made by depositing the required amounts with Bank pursuant to subsection (b), or by any other method approved in writing by Bank. Within ten (10) days after request by Bank, Borrower will deliver to Bank an official receipt for such payment or other evidence that such payment has been made. (b) Deposit for Taxes. With each monthly payment under the Note, Borrower will deposit with Bank an amount equal to 1/12th of the amount which Bank estimates to be the total annual amount of Impositions (adjusted, if necessary, depending on the Closing Date, the date of the first monthly payment, and the date of the next installment of Impositions). The purpose of these provisions is to provide Bank with sufficient funds on hand to pay all such Imposition charges 30 days before the date on which they become past due. Provided no default exists hereunder, Bank will apply the amounts so deposited to the payment of such Imposition when due, but in no event will Bank be liable for any interest on any amount so deposited, and the money so received may be held and commingled with Bank's own funds. If the funds so deposited are insufficient to pay the Impositions for any year when the same shall become due and payable or the next installment of such Impositions, the Borrower shall, within ten (10) days after receipt of demand therefor, deposit such additional funds as may be necessary to pay such Impositions in full. (c) Intangible Taxes. If by reason of any statutory or constitutional amendment or judicial decision adopted or rendered after the date hereof, any tax, assessment, or similar charge is imposed against the Note, against Bank arising directly from Bank's interests in the Loan Documents (other than a tax based on Bank's income), or against any security interest of Bank in the Property, Borrower will pay such tax, assessment, or other charge before delinquency and will indemnify Bank against all loss, expense, or diminution of income in connection therewith. In the event Borrower is unable to do so, either for economic reasons or because the legal provisions or decisions creating such tax, assessment or charge forbid Borrower from doing so, then the Note will, at Bank's option, become due and payable in full upon thirty (30) days' notice to Borrower. (d) Right to Contest. Notwithstanding any other provision of this section, Borrower will not be deemed to be in default solely by reason of Borrower's failure to pay any Impositions so long as, in Bank's judgment, each of the following conditions is satisfied: (i) Borrower is engaged in and diligently pursuing in good faith administrative or judicial proceedings appropriate to contest the validity or amount of such Impositions; and I03209-60617-957802v5 8 us Bank / Riverbend Apartments Phase I Deed of Trust