Common use of Capital Reserve Requirements Clause in Contracts

Capital Reserve Requirements. Commencing upon the closing for the permanent Primary Loan for Phase I, Developer shall annually set aside an amount of not less than Three Hundred Dollars ($300.00) per Housing Unit (16 Housing Units times $300 equals $4,800) or such increased amount required by TCAC or the Partnership Agreement or the Lender under the Primary Loan for Phase I) from the gross rents received from Phase I, into a separate interest-bearing trust account defined as the Capital Replacement Reserve. Funds in the Capital Replacement Reserve shall be used only for capital repairs, improvements and replacements to Phase I, including fixtures and equipment, which are normally capitalized under generally accepted accounting principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs, improvements, or replacements and to continue to maintain Phase I in the manner prescribed herein for Phase I. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director an accounting for the Capital Replacement Reserve for Phase I. Capital improvements and repairs to, and replacements at Phase I shall include only those items with a long useful life, including without limitation the following: carpet and drapery replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including 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; sewer line replacement; water line replacement; gas line replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget for Phase I to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise his/her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve account are adequate to provide for necessary capital repairs and improvement for Phase I (provided that required annual deposits thereto are not required to exceed $300/per Housing Unit).

Capital Reserve Requirements. Commencing upon the closing for the permanent Primary Permanent Loan for Phase Ithe Development, Developer shall annually set aside an amount of not less than Three Two Hundred Fifty Dollars ($300.00250.00) per Housing Unit dwelling unit (16 Housing Units 72 dwelling units times $300 250.00 equals $4,80018,000) or such increased amount required by TCAC or the Partnership Agreement or the Lender under the Primary Permanent Loan for Phase Ithe Development) from the gross rents received from Phase Ithe Development, into a separate interest-interest bearing trust account defined as the Capital Replacement Reserve. Funds in the Capital Replacement Reserve shall be used only for capital repairs, improvements and replacements to Phase Ithe Development, including fixtures and equipment, which are normally capitalized under generally accepted accounting principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs, improvements, or replacements and to continue to maintain Phase I the Development in the manner prescribed herein for Phase I. the Development. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director the City Manager an accounting for the Capital Replacement Reserve for Phase I. the Development. Capital improvements and repairs to, and replacements at Phase I the Development shall include only those items with a long useful life, including without limitation the following: carpet and drapery replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including 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; sewer line replacement; water line replacement; gas line replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget for Phase I the Development to Executive Director City Manager by Developer, Executive Director City Manager will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise his/her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve account are adequate to provide for necessary capital repairs and improvement for Phase I (provided that required annual deposits thereto are not required the Development. Notwithstanding the foregoing portion of this Section 5, in the event TCAC prescribes particular amounts to exceed $300/per Housing Unit)be set aside as a capital replacement reserve, compliance therewith shall be deemed to comply with this Section 5.

Capital Reserve Requirements. Commencing upon the closing for the permanent Primary Loan for Phase III, Developer shall annually set aside an amount of not less than Three Hundred Dollars ($300.00) per Housing Unit (16 21 Housing Units times $300 equals $4,8006,300) or such increased amount required by TCAC or the Partnership Agreement or the Lender under the Primary Loan for Phase III) from the gross rents received from Phase III, into a separate interest-bearing trust account defined as the Capital Replacement Reserve. Funds in the Capital Replacement Reserve shall be used only for capital repairs, improvements and replacements to Phase III, including fixtures and equipment, which are normally capitalized under generally accepted accounting principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs, improvements, or replacements and to continue to maintain Phase I II in the manner prescribed herein for Phase I. II. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director an accounting for the Capital Replacement Reserve for Phase I. II. Capital improvements and repairs to, and replacements at Phase I II shall include only those items with a long useful life, including without limitation the following: carpet and drapery replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including 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; sewer line replacement; water line replacement; gas line replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget for Phase I II to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise his/her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve account are adequate to provide for necessary capital repairs and improvement for Phase I II (provided that required annual deposits thereto are not required to exceed $300/per Housing Unit).

Capital Reserve Requirements. Commencing upon the closing for the permanent Primary Loan for Phase Ithe Project, Developer shall annually set aside an amount of not less than Three Two Hundred Fifty Dollars ($300.00250.00) per Housing Unit (16 92 Housing Units times $300 250 equals $4,80023,000) or such increased amount required by TCAC or the Partnership Agreement or the Lender under the Primary Loan for Phase Ithe Project) from the gross rents received from Phase Ithe Project, into a separate interest-bearing trust account defined as the Capital Replacement Reserve. Funds in the Capital Replacement Reserve shall be used only for capital repairs, improvements and replacements to Phase Ithe Project, including fixtures and equipment, which are normally capitalized under generally accepted accounting principles. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs, improvements, or replacements and to continue to maintain Phase I the Project in the manner prescribed herein for Phase I. the Project. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director an accounting for the Capital Replacement Reserve for Phase I. the Project. Capital improvements and repairs to, and replacements at Phase I the Project shall include only those items with a long useful life, including without limitation the following: carpet and drapery replacement; ding exterior trim; hot wa appliance replacement; exterior painting, including exterior trim; hot water heater replacement; inclu plumbing fixtures replacement, including tubs and ter heater replacement; showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coatingr ; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; sewer line replacement; water line replacement; gas line replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget for Phase I to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise his/her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve account are adequate to provide for necessary capital repairs and improvement for Phase I (provided that required annual deposits thereto are not required to exceed $300/per Housing Unit).roofing