Common use of Initial Deposit and Contingency Reserve Clause in Contracts

Initial Deposit and Contingency Reserve. Immediately upon commencement of this Agreement, Owner shall remit to Agent the sum of $ to be deposited in the Operating (and/or) Reserve Account(s) as an initial deposit representing the estimated disbursements to be made in the first month following the commencement of this Agreement, plus an additional sum of $ as a contingency reserve. Owner agrees to maintain the contingency reserve stated above at all times in Operating (and/or) Reserve Account(s) to enable Agent to pay the obligations of Owner under this Agreement as they become due. Owner and Agent shall review the amount of the contingency reserve from time to time and shall agree in writing on a new contingency reserve amount when such is required.

Initial Deposit and Contingency Reserve. Immediately upon commencement of this Agreement, Owner shall remit to Agent the sum of $ all security deposits currently held to be deposited in the into an Operating (and/or) Reserve (and/or) Trust Account(s) as an initial deposit representing the estimated disbursements to be made in the first month following the commencement of this Agreementdeposit, plus an additional sum of $ N/A as a contingency reserve. Owner agrees to maintain the contingency reserve stated above at all times in the Operating (an/or) Reserve (and/or) Reserve Account(sTrust Accounts(s) to enable the Agent to pay the obligations of Owner under this Agreement as they become due. Owner and Agent shall review the amount of the contingency reserve from time to time and shall agree in writing on a new contingency reserve amount when such is requiredif it shall be required to ensure the Agent can operate the property and pay the obligations of Owner under this Agreement.