Loss of Right to Receive Replacement Reserve Disbursements and Repairs Disbursements. Upon the occurrence of an Event of Default under this Loan Agreement, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve/Escrow Accounts and any Collateral Accounts. Upon any such Event of Default, Lender may use the Reserve/Escrow Account Funds and any Collateral Account Funds (or any portion thereof) for any purpose, including:
Appears in 4 contracts
Samples: Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Loss of Right to Receive Replacement Reserve Disbursements and Repairs Disbursements. Upon the occurrence and during the continuance of an Event of Default under this Loan Agreement, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve/Escrow Accounts and any Collateral Accounts. Upon During the continuance of any such Event of Default, Lender may use the Reserve/Escrow Account Funds and any Collateral Account Funds (or any portion thereof) for any purpose, including:: ·
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Loss of Right to Receive Replacement Reserve Disbursements and Repairs Disbursements. Upon the occurrence of If an Event of Default under this Loan Agreementhas occurred and is continuing, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve/Escrow Accounts and any Collateral Accounts. Upon During the continuance of any such Event of Default, Lender may use the Reserve/Escrow Account Funds and any Collateral Account Funds (or any portion thereof) for any purpose, including:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
