Common use of Operating and Maintenance Reserve and Replacement Reserve Account Clause in Contracts

Operating and Maintenance Reserve and Replacement Reserve Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance reserve account and replacement reserve account and shall deposit thereinto an annual amount equal to $228 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in these accounts at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.

Operating and Maintenance Reserve and Replacement Reserve Account. The General Partner, on behalf of the Partnership, Partnership shall establish an operating and maintenance reserve account and a replacement reserve account and shall deposit thereinto there into an annual amount equal to $228 200.00 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in these accounts at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.

Operating and Maintenance Reserve and Replacement Reserve Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance reserve account and replacement reserve account and shall deposit thereinto an annual amount equal to $228 300 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in these accounts at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.

Operating and Maintenance Reserve and Replacement Reserve Account. The General Partner, on behalf of the Partnership, Partnership shall establish an operating and maintenance reserve account and a replacement reserve account and shall deposit thereinto an annual amount equal to $228 8,299 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in these accounts at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.