Deferred Maintenance Reserve Sample Clauses

Deferred Maintenance Reserve. At Closing, Borrower shall reserve ---------------------------- from the proceeds of the Loan and shall deposit with Lender (or such agent of Lender as Lender may designate in writing from time to time), an amount (said funds, together with any interest thereon and additions thereto, the "Deferred -------- Maintenance Reserve") equal to one hundred fifteen percent (115%) of the ------------------- estimated cost as reasonably determined by Lender of the deferred maintenance items and required repairs at the Properties as indicated in the property condition reports for the Property prepared and delivered in connection with the Closing as more particularly described on Schedule 6.7 (the "Required Repairs"). ------------ ---------------- Within six (6) months after the Closing (except as set forth on Schedule 6.7 and ------------ subject to reasonable delays for Force Majeure), Borrower shall complete or cause Lessee to complete such Required Repairs. The funds contained in the Deferred Maintenance Reserve shall be utilized by Borrower solely for payment of the cost of such Required Repairs and shall not be used by Borrower for purposes for which any other Reserve is established. Within ten (10) days after written request from Borrower, Lender shall direct the Central Account Bank to disburse funds from the Deferred Maintenance Reserve to pay for costs that have been incurred by Borrower or Lessee for such Required Repairs, provided that (i) no Section 7.3 Master Lease Event of Default has occurred and is continuing, (ii) Borrower or Lessee shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the requirement for and entitlement to such disbursement, (iii) Borrower or Lessee shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion and lien-free status, all as may be reasonably requested by Lender and (iv) Borrower or Lessee shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in such Reserve shall be sufficient to pay for the remainder of the work for which the Reserve was established. Subject to the foregoing conditions, Borrower shall be entitled to draw any remaining balance in the Deferred Maintenance Reserve when all of the applicable Required Repairs have been completed to Lender's reasonable satisfaction and paid for.

Deferred Maintenance Reserve. (a) Funds on deposit in the Deferred Maintenance Reserve are to be applied to the cost of those repairs and replacements designated on Schedule 7 in accordance with the provisions hereinafter set forth. (b) The Borrowers may submit an application requesting that the Administrative Agent make a disbursement from the Deferred Maintenance Reserve to pay for expenses incurred in connection with such deferred maintenance items. If the applicable deferred maintenance item is in the Approved Budget or is approved by the Administrative Agent, the Administrative Agent shall disburse funds from the Deferred Maintenance Reserve to or for the benefit of the Borrowers for such amounts if each of the following conditions is met: (i) The Borrowers shall make such request via delivery of the Administrative Agent’s standard form of draw request accompanied by invoices for the amounts requested, together with (as applicable) paid receipts for all costs that were the subject of any prior disbursements from the Deferred Maintenance Reserve and lien waivers and releases from all parties furnishing materials and/or services in connection with such prior disbursements. The Administrative Agent may issue joint checks payable to the applicable Borrowers and the supplier, materialmen, mechanic, subcontractor or other party to whom payment is due. The Administrative Agent may require an inspection of the applicable Individual Property at the Borrowers’ expense prior to making a disbursement related thereto. (ii) Requests may be submitted no more frequently than on a monthly basis for any of the Properties unless reasonably necessary under the circumstances. (iii) The Administrative Agent shall have no obligation to make disbursements from the Deferred Maintenance Reserve while any Event of Default exists.

Deferred Maintenance Reserve a. The annual contribution to the Deferred Maintenance Reserve shall be determined each year during development and approval by the Board of the operating budget for the following year. The contribution will take into account the existing Deferred Maintenance Reserve balance, the number of years remaining before periodic maintenance will be needed, and the estimated cost of such maintenance. b. Deferred maintenance items shall be limited to those items which require repetitive periodic maintenance, such as painting, staining and wood replacement, but which fail to qualify as items to be included in the Capital Replacement Reserve.

Deferred Maintenance Reserve. On the Original Closing Date, the Borrowers deposited with the Administrative Agent the sum of $416,600.00 (the “Deferred Maintenance Reserve”).

Deferred Maintenance Reserve. The Borrowers shall on the date hereof deposit with the Administrative Agent (or, at the election of the Administrative Agent, with a financial institution approved by the Administrative Agent and in an account in the name of the Administrative Agent) the sum of $416,600.00, which represents the amount that the Administrative Agent estimates will be required to complete the repairs and replacements for the Properties as specified on Schedule 7, in the event that such repairs or replacements are required during the term of the Loans (the “Deferred Maintenance Reserve”).