Establish Reserve. The Homeowner agrees to establish a reserve for the purpose of funding expenses on the Property as and when required. The minimum reserve amount is Three Thousand Dollar ($3,000) and will be based on the estimated dollar value of two (2) to three (3) months of operating expenses for the Property as recommended. (the “Reserve”). Homeowner agrees that Homeowner shall pay Xxxx for deposit into Reserve the amount, as calculated upon execution of this agreement. In addition, Homeowner agrees the Net Income (as defined in Section 2(k) below) shall remain in Reserve. This will establish the minimum amount to be held in Reserve for the Property during the term of this Agreement (the “Minimum Reserve”). Together with the Minimum Reserve, Homeowner shall deposit into the Reserve the actual or estimated cost (depending on whether the work has been completed) of the Initial Prep. In the event the Initial Prep has not yet been completed prior to funding of the Escrow, Homeowner shall deposit into Reserve the amount of the estimate of the cost of such work, as determined in Section 2(a)(i) above. In the event the actual cost of the Initial Prep is higher than such estimate, Homeowner shall within five (5) business days following Xxxx’x delivery of an invoice(s) for the completed Initial Prep showing such cost, deposit into the Reserve the amount necessary to fully pay for the Initial Prep. If the Property becomes vacant during the Term of the Agreement, Xxxx shall use the Reserve to pay for the Home Expenses.
Establish Reserve. The Homeowner agrees to establish a reserve for the purpose of funding expenses on the Property as and when required and as calculated based on the estimated dollar value of three (3) months of operating expenses for the Property (the “Reserve”). Homeowner agrees that Homeowner shall pay Xxxx for deposit into Reserve the amount, as calculated upon execution of this agreement. In addition, Homeowner agrees the Net Income (as defined in Section 2(k) below) shall remain in Reserve. This will establish the minimum amount to be held in Reserve for the Property during the term of this Agreement (the “Minimum Reserve”). Together with the Minimum Reserve, Homeowner shall deposit into the Reserve the actual or estimated cost (depending on whether the work has been completed) of the Initial Prep. In the event the Initial Prep has not yet been completed prior to funding of the Escrow, Homeowner shall deposit into Reserve the amount of the estimate of the cost of such work, as determined in Section 2(a)(i) above. In the event the actual cost of the Initial Prep is higher than such estimate, Homeowner shall within five (5) business days following Xxxx’x delivery of an invoice(s) for the completed Initial Prep showing such cost, deposit into the Reserve the amount necessary to fully pay for the Initial Prep. If the Property becomes vacant during the Term of the Agreement, Xxxx shall use the Reserve to pay for the Home Expenses.
