Common use of Mortgagee and Reserves Clause in Contracts

Mortgagee and Reserves. Notwithstanding anything in Section 12.02 and Section 12.03 to the contrary, in the event that a Mortgagee (provided such Mortgagee be an Institutional Lender) shall require Tenant to deposit funds for maintaining and replacing Capital Improvements, any amount so deposited by Tenant with such Mortgagee shall be credited against the amount, if any, which Tenant would otherwise be required to deposit in the Capital Maintenance Reserve; provided further, Tenant shall send notice to the FCRHA of such requirement with evidence reasonably satisfactory to the FCRHA of Tenant’s compliance with such requirement.

Mortgagee and Reserves. Notwithstanding anything in Section 12.02 and Section 12.03 to the contrary, in the event that if a Mortgagee (provided such Mortgagee be an Institutional Lender) shall will require Tenant to deposit funds for maintaining and replacing Capital Improvements, any amount so deposited by Tenant with such Mortgagee shall will be credited against the amount, if any, which Tenant would otherwise be required to deposit in the Maintenance Capital Maintenance Reserve; , provided further, that Tenant shall will send notice to the FCRHA Landlord of such requirement with evidence reasonably satisfactory to the FCRHA Landlord of Tenant’s compliance with such requirement.