Common use of Debt Service Reserve Funds Clause in Contracts

Debt Service Reserve Funds. Borrower shall deposit with Lender on the Closing Date the sum of $118,900.00 (the “Debt Service Reserve”). Amounts so deposited shall hereinafter be referred to as the “Debt Service Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

Debt Service Reserve Funds. Borrower shall deposit with Lender on the Closing Date the sum of $118,900.00 79,950.00 (the “Debt Service Reserve”). Amounts so deposited shall hereinafter be referred to as the “Debt Service Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

Debt Service Reserve Funds. Borrower shall deposit with Lender on the Closing Date the sum of $118,900.00 246,000.00 (the “Debt Service Reserve”). Amounts so deposited shall hereinafter be referred to as the “Debt Service Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

Debt Service Reserve Funds. Borrower shall deposit with Lender on the Closing Date the sum of $118,900.00 272,650.00 (the “Debt Service Reserve”). Amounts so deposited shall hereinafter be referred to as the “Debt Service Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.