Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Deposit to Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day of each successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Note. A transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.
Deposits to Replacement Reserve Fund. During the continuance of any Cash Sweep Period, on each Payment Date, if and to the extent the amount then on deposit 171 in the Replacement Reserve Account is less than the Replacement Reserve Cap, Borrower shall pay to Lender the Replacement Reserve Monthly Deposit (or such lesser amount which would cause the amounts on deposit in the Replacement Reserve Account to equal the Replacement Reserve Cap), if any, which amounts shall be held by Lender in accordance with Section 7.11 hereof and disbursed to Borrower in accordance with Section 7.4.2 in respect of the costs reasonably estimated by Xxxxxx in its sole discretion to be due for replacements, and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Replacement Reserve Account”. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Xxxxxx and credited toward the future Replacement Reserve Monthly Deposits required by Xxxxxx hereunder in the event such Individual Property is released from the Lien of the related Mortgage in accordance with Section 2.6 hereof. Upon a Cash Sweep Cure Date and provided that a Cash Sweep Period shall not then otherwise exist, amounts in the Replacement Reserve Account shall be released to Borrower on the next Payment Date.
Deposits to Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date $3,789.41 (the “Replacement Reserve Monthly Deposit”) for replacements and repairs required to be made to the Properties (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Fund”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and, following such reassessment, may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Properties.
Deposits to Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date during a Trigger Period (other than a Trigger Period caused solely by a Rollover Shortfall Event), the amount of $5,924.25 (which amount shall be reduced pro-rata pursuant to the related Allocated Percentage if an Individual Property is released pursuant to Section 2.6.2 hereof) as a reserve for replacements and repairs required to be made to the Properties (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Fund”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time based upon the recommendations of a third-party engineer, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if such engineer determines that an increase is necessary to maintain the proper maintenance and operation of the Properties. Any Replacement Reserve Funds allocated for an Individual Property shall be retained by Lender and credited toward the future deposits to the Replacement Reserve Fund required by Lender hereunder in the event such Individual Property is released from the Lien of the Mortgage in accordance with Section 2.6 hereof.
Deposits to Replacement Reserve Fund. Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Replacement Reserve Account”) on each Payment Date $2,247.67 (the “Replacement Reserve Monthly Deposit”) for replacements and repairs required to be made to the Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Fund”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and, following such reassessment, may increase or decrease the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days’ notice to Borrower if Lender determines in its sole discretion that an increase or decrease is necessary to maintain the proper maintenance and operation of the Property. 7.3.2
Deposits to Replacement Reserve Fund. For each Individual Property where a Tenant pursuant to a Single Tenant Lease is not obligated to (and is not in default of its obligation to) undertake repairs and maintenance directly, Borrower shall pay to Lender on each Payment Date $16,086.10 (the “Replacement Reserve Monthly Deposit”) to be due for replacements and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Fund”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and, following such reassessment, may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Properties. In the event an Individual Property is released from the Lien of its related Security Instrument in accordance with Section 2.5 hereof, (a) any amount held in the Replacement Reserve Account and allocated for such Individual Property shall be returned to Borrower and (b) the Replacement Reserve Monthly Deposit shall be reduced by the monthly deposit allocated for such Individual Property as set forth on Schedule VII hereof.
