Common use of Project Condition Report; Alterations to Project Clause in Contracts

Project Condition Report; Alterations to Project. (a) Beginning on August 1, 2026, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August December 1, 2026, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August 1, 2026202_, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August _ 1, 202620 , and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder’s determination. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August September 1, 2026, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August [September 1, 2026], and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August December 1, 20262025, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder’s determination. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August [ 1, 202620 ], and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.

Project Condition Report; Alterations to Project. (a) Beginning on August January 1, 20262027, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder. (b) The Borrower shall be entitled to withdraw or to direct the application of funds held by the Trustee in the Replacement Reserve Fund under the Indenture to pay for or reimburse the Borrower for (i) costs of capital improvements and replacements for the Project, and (ii) for costs of capital improvements, replacements and maintenance for the Project, as recommended in the Project Condition Report, provided that, Borrower shall submit a requisition therefor to the Trustee, with the approval of the Servicer, accompanied by invoices, bills or purchase orders relating thereto. (c) If the Borrower fails to maintain the Project, or make repairs in accordance with the Project Condition Report, the Servicer shall be entitled but not obligated to withdraw or direct the application of funds held by the Trustee in the Replacement Reserve Fund.