Common use of Capital Reserve Requirements Clause in Contracts

Capital Reserve Requirements. Developer shall annually set aside and fund the Capital Replacement Reserve amounts defined and required under this Agreement (two percent (2%) of Annual Project Revenues) or shall cause the Property Manager to do so. The Capital Replacement Reserve deposits shall be allocated from the gross rents received from the Site and shall be deposited into a separate interest-bearing trust account. Funds in the Capital Replacement Reserve shall be used for capital replacements to the fixtures and equipment on the Site (including common areas) that are normally capitalized under generally accepted accounting principles and shall include the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs, showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Developer of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Site and all common areas and common improvements in the manner prescribed herein.

Capital Reserve Requirements. Developer The DEVELOPER shall annually set aside and fund the Capital Replacement Reserve amounts defined and required under this Agreement (two percent (2%) of Annual Project Revenues) also, or shall cause the Property Manager to do so. The Capital Replacement Reserve deposits shall to, annually set aside such amount as may be allocated from required by the gross rents received from the Site and shall be deposited Housing Project lenders into a separate interest-bearing trust accountaccount in the name of the DEVELOPER (the “Capital Replacement Reserve”). Funds in the Capital Replacement Reserve shall be used for capital replacements to the Housing Project fixtures and equipment on the Site (including common areas) that equipment, which are normally capitalized under generally accepted accounting principles principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve the DEVELOPER of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Housing Project in the manner prescribed herein. Capital repairs to and replacement of the Housing Project shall include only those items with a long useful life, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs, tubs and showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Developer of the obligation , and uninsured losses due to undertake necessary capital repairs and improvements and to continue to maintain the Site and all common areas and common improvements in the manner prescribed hereincasualties such as earthquakes.

Capital Reserve Requirements. Developer shall annually set aside and fund the Capital Replacement Reserve amounts defined and required under this Agreement (two percent Four Hundred Dollars (2$400.000) per year for each Housing Unit, increased annually by 3%) of Annual Project Revenues) or shall cause the Property Manager to do so. The amount in the Capital Replacement Reserve will not be required to be greater than Twenty Thousand Dollars ($20,000.00). The Capital Replacement Reserve deposits shall be allocated from the gross rents received from the Site and shall be deposited into a separate interest-bearing trust account. Funds in the Capital Replacement Reserve shall be used for capital replacements to the fixtures and equipment on the Site (including common areas) that are normally capitalized under generally accepted accounting principles and shall include the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs, showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. The non-non­ availability of funds in the Capital Replacement Reserve does not in any manner relieve Developer of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Site and all common areas and common improvements in the manner prescribed herein.

Capital Reserve Requirements. Developer The DEVELOPER shall annually set aside and fund the Capital Replacement Reserve amounts defined and required under this Agreement (two percent (2%) of Annual Project Revenues) also, or shall cause the Property Manager to do so. The Capital Replacement Reserve deposits shall to, annually set aside such amount as may be allocated from required by the gross rents received from the Site and shall be deposited Housing Project lenders into a separate interest-bearing trust accountaccount in the name of the DEVELOPER (the “Capital Replacement Reserve”). Funds in the Capital Replacement Reserve shall be used for capital replacements to the Housing Project fixtures and equipment on the Site (including common areas) that equipment, which are normally capitalized under generally accepted accounting principles principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve the DEVELOPER of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Housing Project in the manner prescribed herein. Capital repairs to and replacement of the Housing Project shall include only those items with a long useful life, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs, tubs and showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Developer of the obligation to undertake necessary capital repairs , and improvements and to continue to maintain the Site and all common areas and common improvements in the manner prescribed herein.uninsured losses due