Annual Reserve Requirements. a. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent. b. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into a Replacement Reserve Account an amount equal to $ .00 per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount.]
Appears in 4 contracts
Samples: Regulatory Agreement, Regulatory Agreement, Regulatory Agreement
Annual Reserve Requirements. a. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent.
b. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into a Replacement Reserve Account an amount equal to $ .00 per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount.]
Appears in 3 contracts
Samples: Extended Low Income Housing Commitment and Regulatory Agreement, Regulatory Agreement, Regulatory Agreement
Annual Reserve Requirements. a. Commencing the first full month after the Placed in Service Datedate, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent.
b. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into a Replacement Reserve Account an amount equal to $ .00 per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount.]
Appears in 2 contracts
Samples: Extended Low Income Housing Commitment and Regulatory Agreement, Extended Low Income Housing Commitment and Regulatory Agreement
