Common use of Deposits of Ordinary Capital Expenditures Funds Clause in Contracts

Deposits of Ordinary Capital Expenditures Funds. Borrower shall deposit with Lender on each Monthly Payment Date with respect to each Property constituting collateral for the Loan on such Monthly Payment Date an amount (the "MONTHLY ORDINARY CAPITAL EXPENDITURES DEPOSIT") equal to one-twelfth of the product of (x) $50.00 multiplied by (y) the number of manufactured home sites located at such Property (such amounts so deposited shall hereinafter be referred to as the "ORDINARY CAPITAL EXPENDITURES FUNDS"), provided, however, Borrower shall not be required to make a Monthly Ordinary Capital Expenditure Deposit with respect to a particular Property if on the Monthly Payment Date, the balance held in the Ordinary Capital Expenditures Account with respect to such Property is equal to or in excess of $25.00 multiplied by the number of manufactured home sites located at such Property. Lender may reassess its estimate of the amount necessary for Capital Work from time to time, and may require Borrower to amend the Ordinary Capital Expenditures Budget and to increase the Monthly Ordinary Capital Expenditures Deposit upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Properties.