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

Recurring Replacement Reserve Sub-Account. Borrower hereby agrees to pay all Recurring Replacement Expenditures with respect to the 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 Lender has received written notice from Borrower at least five (5) Business Days prior to the due date of any payment, or requested reimbursement, relating to Recurring Replacement Expenditures and not more frequently than once each month and for not less than $50,000.00, and further, provided that no Event of Default has occurred (unless the same has been waived by Lender or cured by Xxxxxxxx, and such cure accepted by Lender), that there are sufficient funds available in the Recurring Replacement Reserve Escrow Account and Borrower shall have theretofore furnished Lender with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by 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 Property, Lender shall make such payments out of the Recurring Replacement Reserve Escrow Account. Provided that no Event of Default shall have occurred (unless the same is waived by Lender or cured by Borrower and such cure accepted by Lender), all funds deposited into the Recurring Replacement Reserve Escrow Account shall be held by Lender pursuant to the provisions of this Security Instrument and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur (until such time as the same is waived by Lender or cured by Borrower and such cure accepted by Lender), the sums on deposit in the Recurring Replacement Reserve Sub-Account and the Recurring Replacement Reserve Escrow Account may be applied by 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 Property, as 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 Xxxxxx as herein provided.

Recurring Replacement Reserve Sub-Account. Borrower Grantor hereby agrees to pay all Recurring Replacement Expenditures with respect to Grantor and the Trust 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 Lender Beneficiary has received written notice from Borrower Grantor at least five (5) Business Days prior to the due date of any payment, or requested reimbursement, payment relating to Recurring Replacement Expenditures and not more frequently than once each month and for not less than $50,000.00month, and further, further provided that no Event of Default has occurred (unless the same has been waived by Lender or cured by Xxxxxxxx, and such cure accepted by Lender)occurred, that there are sufficient funds available in the Recurring Replacement Reserve Escrow Sub-Account and Borrower Grantor shall have theretofore furnished Lender Beneficiary with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Lender 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 Trust Property, Lender Beneficiary shall make such payments out of the Recurring Replacement Reserve Escrow Sub-Account. Provided that no Event of Default shall have occurred (unless the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occurred, all funds deposited into the Central Account relating to Recurring Replacement Reserve Escrow Account Expenditures shall be held by Lender Beneficiary pursuant to the provisions of this Security Instrument Deed of Trust and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur (until such time as the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occur, the sums proceeds on deposit in the Recurring Replacement Reserve Sub-Account and the Recurring Replacement Reserve Escrow Account may be applied by Lender 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 PropertyCross-collateralized Properties, as Lender 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 Xxxxxx Beneficiary as herein provided.

Recurring Replacement Reserve Sub-Account. Borrower 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 or the Recurring Replacement Reserve Escrow Account). Provided that Lender Mortgagee has received written notice from Borrower Mortgagor at least five (5) Business Days prior to the due date of any payment, or requested reimbursement, payment relating to Recurring Replacement Expenditures and not more frequently than once each month and for not less than $50,000.00month, and further, further provided that no Event of Default has occurred (unless the same has been waived by Lender or cured by Xxxxxxxx, and such cure accepted by Lender)occurred, that there are sufficient funds available in the Recurring Replacement Reserve Escrow Sub-Account and Borrower Mortgagor shall have theretofore furnished Lender Mortgagee with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Lender 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, Lender Mortgagee shall make such payments out of the Recurring Replacement Reserve Escrow Sub-Account. Provided that no Event of Default shall have occurred (unless the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occurred, all funds deposited into the Central Account relating to Recurring Replacement Reserve Escrow Account Expenditures shall be held by Lender Mortgagee pursuant to the provisions of this Security Instrument Mortgage and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur (until such time as the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occur, the sums proceeds on deposit in the Recurring Replacement Reserve Sub-Account and the Recurring Replacement Reserve Escrow Account may be applied by Lender 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 PropertyCross-collateralized Properties, as Lender 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 Xxxxxx Mortgagee as herein provided.

Recurring Replacement Reserve Sub-Account. Borrower 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 or the Recurring Replacement Reserve Escrow Account). Provided that Lender Mortgagee has received written notice from Borrower Mortgagor at least five (5) Business Days prior to the due date of any payment, or requested reimbursement, payment relating to Recurring Replacement Expenditures and not more frequently than once each month and for not less than $50,000.00month, and further, further provided that no Event of Default has occurred (unless the same has been waived by Lender or cured by Xxxxxxxx, and such cure accepted by Lender)is continuing, that there are sufficient funds available in the Recurring Replacement Reserve Escrow Sub-Account and Borrower Mortgagor shall have theretofore furnished Lender Mortgagee with lien waivers, copies of bills, invoices and other reasonable documentation as may be required by Lender 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, Lender Mortgagee shall make such payments out of the Recurring Replacement Reserve Escrow Sub-Account. Provided that no Event of Default shall have occurred (unless the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occurred, all funds deposited into the Central Account relating to Recurring Replacement Reserve Escrow Account Expenditures shall be held by Lender Mortgagee pursuant to the provisions of this Security Instrument Mortgage and shall be applied in payment of Recurring Replacement Expenditures. Should an Event of Default occur (until such time as the same is waived by Lender or cured by Borrower and such cure accepted by Lender)occur, the sums proceeds on deposit in the Recurring Replacement Reserve Sub-Account and the Recurring Replacement Reserve Escrow Account may be applied by Lender 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 PropertyCross-collateralized Properties, as Lender 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 Xxxxxx Mortgagee as herein provided.