Replacement Escrow Fund. So long as no Default or Event of Default exists hereunder, Administrative Agent shall credit for Borrowers' account interest at the interest rate actually available to Administrative Agent's servicer on the funds held in such account, as determined by Administrative Agent in its sole discretion. Borrowers hereby pledge to Administrative Agent for the benefit of the Lenders, and grant a security interest in, any and all monies now or hereafter deposited in the Replacement Escrow Fund as additional security for the payment of the Loan. Administrative Agent may reasonably reassess its estimate of the amount necessary for the Replacement Escrow Fund from time to time and may adjust the monthly amounts required to be deposited into the Replacement Escrow Fund upon thirty (30) days notice to Borrowers. Administrative Agent shall make disbursements from the Replacement Escrow Fund as requested by Borrowers, and approved by Administrative Agent in its reasonable discretion, on a quarterly basis in increments of no less than $5,000.00 upon delivery by Borrowers of Administrative Agent's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Administrative Agent for any draw request for an invoice exceeding $15,000.00, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Administrative Agent may require an inspection of the Borrowing Base Assets at Borrowers' expense prior to making a quarterly disbursement in order to verify completion of replacements and repairs for which reimbursement is sought. The Replacement Escrow Fund shall be held without interest in Administrative Agent's name and may be commingled with Administrative Agent's general funds at financial institutions selected by Administrative Agent in its reasonable discretion. Upon the occurrence of an Event of Default, Administrative Agent may apply any sums then present in the Replacement Escrow Fund to the payment of the Loan in any order in its reasonable discretion. Until expended or applied as above provided, the Replacement Escrow Fund shall constitute additional security for the Loan. Administrative Agent shall have no obligation to release any of the Replacement Escrow Fund while any Event of Default or Default exists. All costs and expenses incurred by Administrative Agent in the disbursement of any of the Replacement Escrow Fund shall be paid by Borrowers promptly upo...
Replacement Escrow Fund. Upon the occurrence of a DSCR Event, Borrower shall deposit with Lender on each Payment Date, (i) four percent (4%) of gross revenues from the Property for the full month immediately preceding the month prior to the month during which such Payment Date occurs (the "Replacement Deposit") for replacements and repairs of the type required to be made to the Property during the calendar year (the "Replacement Escrow Fund"), and (ii) until the amount on deposit in the Replacement Escrow Fund is equal to the amount that would have been there on deposit in the Replacement Escrow Fund if the Replacement Deposit had been deposited in the Replacement Escrow Fund on each Payment Date since the Closing Date (deducting amounts that would have been disbursed pursuant to the terms hereof for replacements and repairs to the Property) all amounts remaining after payment of Debt Service and Operating Expenses, if any (the "Replacement Fund Recoupment Amount"), as determined pursuant to (A) the Annual Budget approved by Lender in its reasonable discretion until the first to occur of the Anticipated Payment Date or the amounts due as the Replacement Fund Recoupment Amount are on deposit in the Replacement Escrow Fund, or (B) the Approved Annual Budget following the Anticipated Payment Date. Such computation of gross revenue shall be based upon the actual gross revenue disclosed by the financial statements delivered to Lender in connection herewith.
Replacement Escrow Fund. (a) For the partial year period commencing on the date hereof, and for each calendar year thereafter, Borrower shall submit to Lender, as part of the Annual Budget required under this Agreement, a budget for fixtures, furniture and equipment and other replacements and repairs required to be made to the Properties during the calendar year (collectively, the "Replacements"). Such Annual Budget shall provide for Replacements equal to or greater than four percent (4%) of annual Operating Revenues on an aggregate basis for all Properties (the "Replacements Budget").
Replacement Escrow Fund. Mortgagor shall pay to Mortgagee during each calendar year the aggregate amount of $325.00 per residential unit per calendar year for replacements and capital repairs required to be made to the Mortgaged Property, payable in twelve equal installments each on the tenth day of each calendar month (the "Replacement Escrow Fund"); provided, however, collection of monthly escrow deposits for such purpose shall be limited to $250.00 per unit per calendar year so long as Mortgagee is satisfied as to all of the following:
Replacement Escrow Fund. Borrower shall deposit ----------------------- with Lender on each Payment Date one-twelfth of five percent (5%) of the gross revenue derived from the Properties for replacements and repairs required to be made to the Properties and the furniture, fixtures and equipment located thereon during the calendar year (the "REPLACEMENT ESCROW FUND"). Such computation shall be based upon the gross revenue derived from the Properties for the prior calendar year, as reasonably determined by Lender, and shall be subject to adjustment by Lender from time to time in its reasonable discretion to reflect actual gross revenue derived from the Properties for the current calendar year. (c)
Replacement Escrow Fund. At Closing, Borrower shall reserve from the proceeds of the Loan an amount equal to $15,548.00. Borrower shall also pay to Lender on the Payment Date in each calendar month an amount equal to $15,548.00 which shall be deposited with and held by Lender in an interest-bearing account for the purposes specified in this Subsection. Funds paid to Lender pursuant to this Subsection, together with any interest thereon and additions thereto, may be referred to herein as the "
Replacement Escrow Fund. Borrower's obligation to pay the monthly amount for deposit into the Replacement Escrow Fund shall be suspended during any time when the balance in the Replacement Escrow Fund equals or exceeds $554,583.00. At such time as the balance is less than $554,583.00, then Borrower's obligation to make such monthly payments shall resume, subject to subsequent suspension and resumption in accordance with the foregoing. Borrower shall utilize funds drawn from the Replacement Escrow Fund for the purchase, replacement and repairs of furnishings, fixtures and equipment required to be made to the Security Property and for any other work reasonably approved by Lender, provided such costs and expenses (i) are not incurred for routine MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 10 maintenance at the Security Property, (ii) are not for items as to which other Reserves are established hereunder, and (iii) are categorized under generally accepted accounting principles as capital costs and not as operating expense. By means of example and not as a limitation, the Replacement Escrow Fund may be used for the following replacements: roofing, HVAC systems, window systems, flooring, landscaping, paving and appliances. Upon written application of Borrower, Borrower shall be entitled to draw upon the Replacement Escrow Fund to pay for costs for which such Reserve has been established after such costs shall have been incurred by Borrower and invoiced, provided that the Disbursement Conditions shall have been satisfied.
Replacement Escrow Fund. Borrower shall deposit with Administrative Agent on each Payment Date, the product of Three Hundred Dollars ($300) multiplied by the number of Residential Units in the Project, divided by twelve, which shall be held by Administrative Agent for replacements and repairs required to be made to the Project during the term of the Loan (the “Replacement Escrow Fund”). Administrative Agent shall make disbursements from the Replacement Escrow Fund as requested by Borrower, and approved by Administrative Agent in its reasonable discretion, on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Administrative Agent’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by LOAN AGREEMENT – Page 24[Summit Pxxxxxxxxx] Administrative Agent, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Administrative Agent may require an inspection of the Project at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs for which reimbursement is sought.
Replacement Escrow Fund. 42 C. Rollover Escrow Fund......................................................................43 D. Post-Closing Repair Escrow Fund...........................................................45 E.
Replacement Escrow Fund. (a) For the partial year period commencing on the date hereof, and for each calendar year thereafter, Borrower shall submit to Lender, as part of the Annual Budget required under this Agreement, a budget for fixtures, furniture and equipment and other replacements and repairs required to be made to the Properties during the calendar year (collectively, the "Replacements"). Such Annual Budget shall provide for Replacements equal to or greater than four percent (4%) of annual Operating Revenues as calculated both on an aggregate basis for all of the Properties (the "Replacements Budget") and on an individual basis for each Individual Property in order to determine the pro-rata percentage that the Operating Revenues from each Individual Property bears to the aggregate Operating Revenues from all of the Properties (the "Pro-Rata Percentage").
