Common use of Adjustments to Replacement Reserve Fund Clause in Contracts

Adjustments to Replacement Reserve Fund. If the initial term of the Loan is greater than 120 months, then the following provisions will apply: (i) Lender reserves the right to do each of the following, based on Xxxxxx’s assessment of the physical condition of the Mortgaged Property: (A) Adjust the amount of the Monthly Replacement Reserve Deposit (“Revised Monthly Replacement Reserve Deposit”). (B) Reinstate collection of Borrower’s Monthly Replacement Reserve Deposit or the Revised Monthly Replacement Reserve Deposit, as applicable, if a deferral was granted under Section 4.04(b). (C) Reserved (ii) Notwithstanding the foregoing, Lender will not make the changes described in Section 4.04(e)(i) prior to the date that is 120 months after the First Installment Due Date, nor more frequently than every 10 years thereafter during the term of the Loan. (iii) Borrower will pay Lender the cost of any assessment required pursuant to Section 4.04(e)(i) immediately after Notice from Lender to Borrower of such charge. (iv) Upon Notice from Lender, Borrower will begin paying the Monthly Replacement Reserve Deposit or Revised Monthly Replacement Reserve Deposit, as applicable, on the first Installment Due Date that is at least 30 days after the date of such Notice. If Lender does not provide Borrower with such Notice, Borrower will continue to pay the Monthly Replacement Reserve Deposit or the Revised Monthly Replacement Reserve Deposit then in effect, if applicable.

Adjustments to Replacement Reserve Fund. If the initial term of the Project Loan is greater than 120 months, then the following provisions will apply: (i) Funding Lender reserves the right to do each of the following, based on XxxxxxFunding Lender’s assessment of the physical condition of the Mortgaged Property: (A) Adjust the amount of the Monthly Replacement Reserve Deposit (“Revised Monthly Replacement Reserve Deposit”). (B) Reinstate collection of Borrower’s Monthly Replacement Reserve Deposit or the Revised Monthly Replacement Reserve Deposit, as applicable, if a deferral was granted under Section 4.04(b). (C) Reserved. (ii) Notwithstanding the foregoing, Funding Lender will not make the changes described in Section 4.04(e)(i) prior to the date that is 120 months after the First Installment Due Project Loan Payment Date, nor more frequently than every 10 years thereafter during the term of the Project Loan. (iii) Borrower will pay Funding Lender the cost of any assessment required pursuant to Section 4.04(e)(i) immediately after Notice from Funding Lender to Borrower of such charge. (iv) Upon Notice from Funding Lender, Borrower will begin paying the Monthly Replacement Reserve Deposit or Revised Monthly Replacement Reserve Deposit, as applicable, on the first Installment Due Project Loan Payment Date that is at least 30 days after the date of such Notice. If Funding Lender does not provide Borrower with such Notice, Borrower will continue to pay the Monthly Replacement Reserve Deposit or the Revised Monthly Replacement Reserve Deposit then in effect, if applicable.