Common use of Recurring Replacement Reserve Sub-Account Clause in Contracts

Recurring Replacement Reserve Sub-Account. Mortgagor hereby agrees to pay all Recurring Replacement Expenditures with respect to Mortgagor and the Mortgaged Property (without regard to the amount of money then available in the Recurring Replacement Reserve Sub-Account). Provided that Mortgagee has received written notice from Mortgagor at least five (5) Business Days prior to the due date of any payment relating to Recurring Replacement Expenditures and not more frequently than once each month, and further provided that no Event of Default has occurred and is continuing, that there are sufficient funds available in the Recurring Replacement Reserve Sub-Account and Mortgagor shall have theretofore furnished Mortgagee with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Mortgagee to establish that the Recurring Replacement Expenditures which are the subject of such request represent amounts due for completed or partially completed capital work and improvements performed at the Mortgaged Property, Mortgagee shall make such payments out of the Recurring Replacement Reserve Sub-Account. Provided that no Event of Default shall have occurred, all funds deposited into the Central Account relating to Recurring Replacement Expenditures shall be held by Mortgagee pursuant to the provisions of this Mortgage and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur, the proceeds on deposit in the Recurring Replacement Reserve Sub-Account may be applied by Mortgagee in payment of any Recurring Replacement Expenditures or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross-collateralized Properties, as Mortgagee in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Mortgagee as herein provided.

Recurring Replacement Reserve Sub-Account. Mortgagor Grantor hereby agrees to pay all Recurring Replacement Expenditures with respect to Mortgagor Grantor and the Mortgaged Trust Property (without regard to the amount of money then available in the Recurring Replacement Reserve Sub-Account). Provided that Mortgagee Beneficiary has received written notice from Mortgagor Grantor at least five (5) Business Days prior to the due date of any payment relating to Recurring Replacement Expenditures and not more frequently than once each month, and further provided that no Event of Default has occurred and is continuingoccurred, that there are sufficient funds available in the Recurring Replacement Reserve Sub-Account and Mortgagor Grantor shall have theretofore furnished Mortgagee Beneficiary with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Mortgagee Beneficiary to establish that the Recurring Replacement Expenditures which are the subject of such request represent amounts due for completed or partially completed capital work and improvements performed at the Mortgaged Trust Property, Mortgagee Beneficiary shall make such payments out of the Recurring Replacement Reserve Sub-Account. Provided that no Event of Default shall have occurred, all funds deposited into the Central Account relating to Recurring Replacement Expenditures shall be held by Mortgagee Beneficiary pursuant to the provisions of this Mortgage Deed of Trust and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur, the proceeds on deposit in the Recurring Replacement Reserve Sub-Account may be applied by Mortgagee Beneficiary in payment of any Recurring Replacement Expenditures or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross-collateralized Properties, as Mortgagee Beneficiary in its sole discretion may determine; providedPROVIDED, howeverHOWEVER, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Mortgagee Beneficiary as herein provided.

Recurring Replacement Reserve Sub-Account. Mortgagor Borrower hereby agrees to pay all Recurring Replacement Expenditures with respect to Mortgagor and the Mortgaged Property (without regard to the amount of money then available in the Recurring Replacement Reserve Sub-Account or the Recurring Replacement Reserve Escrow Account). Provided that Mortgagee Lender has received written notice from Mortgagor Borrower at least five (5) Business Days prior to the due date of any payment payment, or requested reimbursement, relating to Recurring Replacement Expenditures and not more frequently than once each monthmonth and for not less than $50,000.00, and further further, provided that no Event of Default has occurred (unless the same has been waived by Lender or cured by Xxxxxxxx, and is continuingsuch cure accepted by Lender), that there are sufficient funds available in the Recurring Replacement Reserve Sub-Escrow Account and Mortgagor Borrower shall have theretofore furnished Mortgagee Lender with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Mortgagee Lender to establish that the Recurring Replacement Expenditures which are the subject of such request represent amounts due for completed or partially completed capital work and improvements performed at the Mortgaged Property, Mortgagee Lender shall make such payments out of the Recurring Replacement Reserve Sub-Escrow Account. Provided that no Event of Default shall have occurredoccurred (unless the same is waived by Lender or cured by Borrower and such cure accepted by Lender), all funds deposited into the Central Account relating to Recurring Replacement Expenditures Reserve Escrow Account shall be held by Mortgagee Lender pursuant to the provisions of this Mortgage Security Instrument and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occuroccur (until such time as the same is waived by Lender or cured by Borrower and such cure accepted by Lender), the proceeds sums on deposit in the Recurring Replacement Reserve Sub-Account and the Recurring Replacement Reserve Escrow Account may be applied by Mortgagee Lender in payment of any Recurring Replacement Expenditures or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross-collateralized PropertiesProperty, as Mortgagee Lender in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Mortgagee Xxxxxx as herein provided.

Recurring Replacement Reserve Sub-Account. Mortgagor Mxxxxxxxx hereby agrees to pay all Recurring Replacement Expenditures with respect to Mortgagor and the Mortgaged Property (without regard to the amount of money then available in the Recurring Replacement Reserve Sub-Account). Provided that Mortgagee has received written notice from Mortgagor at least five (5) Business Days prior to the due date of any payment relating to Recurring Replacement Expenditures and not more frequently than once each month, and further provided that no Event of Default has occurred and is continuingoccurred, that there are sufficient funds available in the Recurring Replacement Reserve Sub-Account and Mortgagor shall have theretofore furnished Mortgagee with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Mortgagee to establish that the Recurring Replacement Expenditures which are the subject of such request represent amounts due for completed or partially completed capital work and improvements performed at the Mortgaged Property, Mortgagee shall make such payments out of the Recurring Replacement Reserve Sub-Account. Provided that no Event of Default shall have occurred, all funds deposited into the Central Account relating to Recurring Replacement Expenditures shall be held by Mortgagee pursuant to the provisions of this Mortgage and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur, the proceeds on deposit in the Recurring Replacement Reserve Sub-Account may be applied by Mortgagee in payment of any Recurring Replacement Expenditures or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross-collateralized Properties, as Mortgagee in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Mortgagee as herein provided.