Maintenance Reserve Fund. 5.1 The Scheme Operator has established and will maintain in the Maintenance Reserve Fund and hold amounts to contribute on trust for the benefit of the Residents in a trust account pursuant to the requirements of the Act.
Maintenance Reserve Fund. The Scheme Operator will establish and keep the Maintenance Reserve Fund and hold the monies standing to the credit of the fund on trust solely for the benefit of Residents in a trust account that is established and kept for that purpose.
Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’).
Maintenance Reserve Fund. The Board shall establish and maintain a Maintenance Reserve Fund by the assessment of any payment by all apartment owners in equal monthly installments of their respective proportionate shares of such reasonable annual amount as the Board may estimate as adequate to cover each apartment owner’s obligations to provide for utilities, insurance, maintenance, and repair of the common elements and other expenses of administration of the project, which shall be deemed conclusively to be a common expense of the project. The Board may include reserves for contingencies in such assessment, and such
Maintenance Reserve Fund. The Maintenance Reserve Fund shall be held by and be for the sole benefit of the Authority and shall not be subject to the lien of this Agreement or to the claim of any other Person, including without limitation the Bondholders, and monies in such Fund shall not be commingled with moneys in any other Fund or Account established under this Agreement. A portion of the Revenues remaining after application thereof by the Trustee as provided in Section 6.03(b) shall be deposited by the Authority to the Maintenance Reserve Fund as provided in each Lease. All interest earned on moneys and investments held within the Maintenance Reserve Fund shall be credited to such Fund. The Maintenance Reserve Fund shall be disbursed by the Authority; in the Authority's discretion, in accordance with the Leases.
Maintenance Reserve Fund. The Board shall establish and maintain a Maintenance Reserve Fund by the assessment of and payment by all the apartment owners in periodic installments of their respective proportionate shares of such reasonable annual amount as the Board may estimate as adequate to provide for utilities, insurance, maintenance, and repair of the common elements, and other expenses of administration of the Project, which shall be deemed conclusively to be a common expense of the Project. The Board may include reserve for contingencies in such assessments, and such assessment may from time to time be increased or reduced at the discretion of the Board. The proportionate interest of each apartment owner in said Fund cannot be withdrawn or separately assigned, but shall be deemed to be transferred with such apartment even though not expressly mentioned or described in the conveyance thereof. In case the horizontal property regime hereby created shall be terminated or waived, any part of the said Fund remaining after full payment of all common expenses of the Council, shall be distributed to all apartment owners in their respective proportionate shares except for the owners of any apartments then reconstituted as a new horizontal property regime.
Maintenance Reserve Fund. Prior to Opening Date, Tenant will establish a repair and maintenance reserve fund (the “Maintenance Reserve Fund”) which will equal the annual estimated “Recurring Repair and Maintenance Expenditures” (as defined below) for the portion of the Land Based Project to be completed by the Opening Date. The Maintenance Reserve Fund will be adjusted yearly to the prior year’s Recurring Repair and Maintenance Expenditures for the portion of the Land Based Project completed on the first day of the prior year plus an amount equal to the reasonable annual estimated Recurring Repair and Maintenance Expenditures for any other portion of the Land Based Project to be used during the then commencing year. Tenant will each year deposit additional funds into the Maintenance Reserve Fund as needed to bring the balance of the Maintenance Reserve Fund to the level required for the year commencing. The Maintenance Reserve Fund will be held by the City, as landlord, in an interest bearing account with all interest to be paid to Tenant, and may be used by the City if Tenant defaults in its repair or maintenance obligations under the Project Documents or if this Lease and/or the Master Agreement terminates. As used herein, “Recurring Repair and Maintenance Expenditures” means expenditures, whether or not capitalized, for repair and maintenance in the ordinary course of operation of the Land Based Project: (i) of the improvements at the Land Based Project, and (ii) of the landscaping at the Project Site. Recurring Repair and Maintenance Expenditures shall not include, however: (a) costs of snow removal, lawn mowing, janitorial services and other routine operating expenses, or (b) the amount of any extraordinary capital expenditures by Tenant for major replacement of or additions to the landscaping at the Project Site or the improvements at the Land Based Project.
Maintenance Reserve Fund. There is created a special fund, known as the “Maintenance Reserve Fund”, which shall be held by the Trustee, in trust, until applied as herein provided. On or before November 20 of each of the Fiscal Years set forth below, after all transfers cur- rently required to be made from the Clearing Fund pursuant to Sections 5.02, 5.03 and 5.04, respectively, shall have been made, the Trustee, without further direction from the Authority, shall withdraw from the Clearing Fund and deposit in the Maintenance Reserve Fund the following sums: Fiscal Year Ending Amount December 31, 1973 ..................................... $ 393.75 December 31, 1974 ......................................... 393.75 December 31, 1975 ......................................... 393.75 December 31, 1976 ......................................... 393.75 December 31, 1977 ......................................... 518.75 December 31, 1978 ......................................... 868.75 December 31, 1979 ......................................... 218.75 December 31, 1980 ......................................... 568.75 December 31, 1981 ......................................... 243.75 December 31, 1982 5,968.75 December 31, 1983 ........................................... 37.50 or such other sum as shall be required to establish the Maintenance Reserve Fund at $10,000. TOTAL $10,000 If for any reason the amount on deposit in the Maintenance Reserve Fund on November 20, 1983, or on any date thereafter, shall be less than the amount of $10,000, or such other amount as at the time shall be required, then and in that event, on or before November 20 of each Fiscal Year, after all trans- fers currently required to be made from the Clearing Fund pursuant to Sections 5.02, 5.03 and 5.04, respec- tively, shall have been made, the Trustee, without further direction from the Authority, shall withdraw from the Clearing Fund and deposit in the Maintenance Reserve Fund the balance then remaining in the Clearing Fund or so much thereof as shall be necessary to increase the Maintenance Reserve Fund to the amount of $10,000, or such other amount as at the time shall be required. Moneys (and investments) in the Maintenance Reserve Fund shall be held by the Trustee, in trust, for benefit of Holders of Bonds and coupons appertaining thereunto and for their further security until disbursed as herein provided. Moneys in the Maintenance Reserve Fund shall be held for the purposes of paying or xxxx- xxxxxxx the Author...
