Property Reserves. Borrower has agreed to deposit with Lender a letter of credit(s) (if more than one, collectively if the context so requires the "Letter of Credit") as detailed below to be held by Lender to reimburse Borrower for the costs of certain capital improvements to the Premises as described in Schedule 1 hereto and such other capital improvements to the Premises that Lender determines, in its sole discretion, provide a material benefit/improvement to the Premises upon completion thereof (i.e. roof replacement/repair, new decks, rehabilitation of individual units) ("Capital Improvements"). The Letter of Credit and any renewal or replacement thereof and any proceeds therefrom shall be held by Lender as additional security for the Loan and are hereafter referred to as the "Property Reserves". The term "
Appears in 7 contracts
Samples: Property Reserves Agreement (VMS National Properties Joint Venture), Property Reserves Agreement (VMS National Properties Joint Venture), Property Reserves Agreement (VMS National Properties Joint Venture)
