Capital Expenditure Funds. Section 6.5 Special Insurance Reserve Account
Capital Expenditure Funds. 140 SECTION 6.6 Rollover Funds.............................................................................142 SECTION 6.7
Capital Expenditure Funds. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.4 of the Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Capital Expenditure Account pursuant to the terms of Section 6.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) Lender shall have the right to require Borrower to promptly establish and maintain a reserve account that would operate in the same manner as the Capital Expenditure Account pursuant to Section 6.4 of the Mortgage Loan Agreement, and (B) the provisions of Section 6.4 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Capital Expenditure Funds. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect.
Capital Expenditure Funds. 6.5.1 DEPOSITS OF CAPITAL EXPENDITURE FUNDS. On each Monthly Payment Date, (i) Horizon Xxxxxxxx shall deposit with Lender the amount of Four Thousand Two Hundred Seventy Nine and 98/100 Dollars ($4,279.98) for annual Capital Expenditures in respect of the Xxxxxxxx Property, (ii) Horizon Medford shall deposit with Lender the amount of Three Thousand Seven Hundred Thirty Two and 67/100 Dollars ($3,732.67) for annual Capital Expenditures in respect of the Medford Property, and (iii) Horizon Warrenton shall deposit with Lender the amount of Three Thousand Three Hundred Thirty Two and 72/100 Dollars ($3,332.72) for annual Capital Expenditures in respect of the Warrenton Property, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the "CAPITAL EXPENDITURE ACCOUNT"). Amounts deposited from 140 time to time into the Capital Expenditure Account pursuant to this SECTION 6.5.1 are referred to herein as the "CAPITAL EXPENDITURE FUNDS". Lender may reasonably reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrowers to increase the monthly deposits required pursuant to this SECTION 6.5.1 upon thirty (30) days notice to Borrowers if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Properties.
Capital Expenditure Funds. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.5 of the Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Capital Expenditure Account pursuant to the terms of Section 6.5 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Capital Expenditure Account pursuant to Section 6.5 of the Mortgage Loan Agreement and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section 6.5 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Capital Expenditure Funds. 47 6.4.1 Deposits of Capital Expenditure Funds................................47 6.4.2 Release of Capital Expenditure Funds.................................47 Section 6.5 Rollover Funds.......................................................49 6.5.1 Deposits of Rollover Funds...........................................49 6.5.2 Release of Rollover Funds............................................49 6.5.3 Release of Genzyme and Millennium Rollover Funds.....................50 Section 6.6
Capital Expenditure Funds. 60 6.4.1 Deposits of Capital Expenditure Funds...........................60 6.4.2 Release of Capital Expenditure Funds............................61 Section 6.5 Borrower Cash Collateral Funds..................................63 6.5.1 Deposits of Borrower Cash Collateral Funds......................63 6.5.2 Release of Borrower Cash Collateral Funds.......................63 Section 6.6 Operating Company Cash Collateral Funds.........................63 6.6.1 Deposits of Operating Company Cash Collateral Funds.............63 6.6.2 Release of Operating Company Cash Collateral Funds..............63 Section 6.7
Capital Expenditure Funds. Borrower shall deposit with Lender on each Payment Date, an amount equal to the sum of the amounts set forth on Schedule V for each Property, which amounts shall be transferred into a Subaccount (the “Capital Expenditure Subaccount”). Amounts deposited in the Capital Expenditure Subaccount are referred to herein as the “Capital Expenditure Funds”. Provided no Event of Default is continuing, Lender shall release Capital Expenditure Funds to reimburse Borrower for completed work constituting Capital Expenditures actually paid for by Borrower, subject to the satisfaction or waiver by Lender of the following conditions: (i) the disbursement shall not exceed the Capital Expenditure Funds on deposit with Lender for the applicable Property, (ii) Borrower shall have complied with Section 3.10 if applicable to the work for which the release is sought, (iii) the request for disbursement shall be accompanied by an Expenditures Certificate reasonably satisfactory to Lender and (iv) Lender shall have completed a Property inspection reasonably satisfactory to Lender. Borrower shall not be entitled to Capital Expenditure Funds for work as to which Borrower is entitled to reimbursement from any security deposit, Insurance Proceeds or Awards.
Capital Expenditure Funds. Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.5 of the Mortgage Loan Agreement.
