Common use of Replacement and Reserve Account Clause in Contracts

Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $799 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signature of the Special Limited Partner and RD for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to the General Partner and 25% to the Limited Partner.

Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $799 400 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installmentsinstallments commencing with Construction Completion. The Replacement and Reserve Account shall require the joint signature of the Special Limited Partner and RD for any withdrawals, which shall not be unreasonably withheld. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to equally between the General Partner and 25% to the Limited Partner.

Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $799 833 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signature of the Special Limited Partner and RD for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to the General Partner and 25% to the Limited Partner.

Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $799 250 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signature of the General Partner and the Special Limited Partner and RD for any withdrawals. The aggregate annual deposit into the Replacement and Reserve Account shall increase annually by an amount equal to 3%. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 7580% to the General Partner and 2520% to the Limited Partner.