Replacement Reserve. (a) The Mortgaged Property is currently managed by Residence Inn by Marriott, Inc. (“Marriott”), pursuant to that certain Amended and Restated Management Agreement dated as of August 28, 2002, as amended by that First Amendment to Amended and Restated Management Agreement dated November 10, 2004, between AHM RES II Limited Partnership and Marriott (together, the “Marriott Management Agreement”). If the Marriott Management Agreement is terminated, then, as additional security for the Debt, Mortgagor shall establish and maintain a repair and replacement reserve (the “Replacement Reserve”) with Mortgagee for payment of costs and expenses incurred by Mortgagor in connection with the repair, replacement and maintenance of the furniture, fixtures and equipment at the Mortgaged Property and the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, carpets, appliances, fixtures, furnishings, elevators and mechanical and HVAC equipment and such other work as Mortgagor deems necessary or appropriate (collectively, the “Repairs”). Upon the termination of the Marriott Management Agreement, all funds held by Marriott thereunder in the Repairs and Equipment Reserve (as defined in the Marriott Management Agreement) and attributable to the Mortgaged Property shall be immediately assigned to Mortgagee and deposited into the Replacement Reserve. The Replacement Reserve shall be maintained for so long as this Mortgage continues in effect after the termination of the Marriott Management Agreement; provided, however, no monthly deposits will be required to the Replacement Reserve if and for so long as the Mortgaged Property is managed pursuant to a Management Agreement (as hereinafter defined) subsequently entered into in accordance with the provisions of Section 1.30 hereof. If deposits to the Replacement Reserve are required hereunder, deposits shall be made on each monthly Payment Date under the Note, concurrently with and in addition to the monthly payments due under the Note. Deposits to the Replacement Reserve, when required, shall be in an amount equal to five percent (5.0%) of the gross revenues of the Mortgaged Property based upon the most recent annual balance sheets and statement of operations for the Mortgaged Property. Notwithstanding the foregoing, if a Management Agreement reserves funds for Repairs in an amount less than five percent (5%...
Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest and, if applicable, principal, due under the Notes, Borrowers shall pay to Lender an amount equal to Thirty and No/100 Dollars ($30.00) per unit in the Projects (the "REPLACEMENT RESERVE"). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' account interest in such funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by Lender. On the Maturity Date (as it may be extended), the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to Borrowers. So long as there is no Event of Default, Borrowers may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase orders, lien waivers and other evidence reasonably required by Lender. 5.9.
Replacement Reserve. As provided in the Article 12 of the EUL, Xxxxxxxx agrees to notify VA as required thereunder that in lieu of a Funded Maintenance Account, a Replacement Reserve Account shall be maintained as to the Premises. Landlord and Xxxxxx agree to cooperate to insure that the Premises comply with Article 12 of the EUL; provided, that, the parties specifically agree to cooperate to insure that (i) the provisions of Article 12, Section F shall be applicable to the Premises and (ii) that compliance with the funded maintenance or replacement reserve provisions of the VA Sublease shall constitute compliance with Article 12 of the EUL.
Replacement Reserve. At the time of and in addition to the monthly installments of interest due under the Notes, Borrower shall pay to Lender, an amount equal to the product of Twenty-Five and No/100 Dollars ($25.00) multiplied by the number of units in the Project (the "REPLACEMENT RESERVE"). The Replacement Reserve funds shall be placed in an interest bearing account, with all interest earned to be credited to Borrower. On the Maturity Date, the monies then remaining on deposit with Lender shall be applied against the Indebtedness or if all Indebtedness has been indefeasibly paid in full, returned to Borrower. So long as no Event of Default is then continuing, Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at the Property which Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices, lien waivers and other evidence reasonably required by Lender.
Replacement Reserve. As additional security for the Debt, Borrower shall establish and maintain at all times while this Mortgage continues in effect a repair reserve (the “Replacement Reserve”) with Lender for payment of costs and expenses incurred by Borrower in connection with the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, elevators and mechanical and HVAC equipment (collectively, the “Repairs”). Commencing on the first monthly Payment Date under the Note and continuing thereafter on each monthly Payment Date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, a deposit to the Replacement Reserve in an amount equal to $545.64 per month and shall continue in that amount until the balance of the Replacement Reserve equals or exceeds $19,643.10 (the “Capped Amount”). At such time as the balance of the Replacement Reserve equals or exceeds the Capped Amount, Borrower may cease making monthly deposits to the Replacement Reserve; provided, however, if at any time the balance of the Replacement Reserve falls below the Capped Amount, Borrower shall recommence making the monthly deposit until such time as the balance of the Replacement Reserve again equals or exceeds the Capped Amount. So long as no Event of Default exists, all sums in the Replacement Reserve shall be held by Lender in the Replacement Reserve to pay the costs and expenses of Repairs. So long as no Event of Default exists, Lender shall, to the extent funds are available for such purpose in the Replacement Reserve, disburse to Borrower the amount paid or incurred by Borrower in performing such Repairs within ten (10) days following: (a) the receipt by Lender of a written request from Borrower for disbursement from the Replacement Reserve and a certification by Borrower in a form approved in writing by Lender that the applicable item of Repair has been completed; (b) the delivery to Lender of invoices, receipts or other evidence satisfactory to Lender, verifying the cost of performing the Repairs; (c) for disbursement requests in excess of $25,000.00, the delivery to Lender of affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or comm...
Replacement Reserve. (Not applicable to Partially-assisted projects.)
(1) The Owner shall establish and maintain a replacement reserve in an interest-bearing account to aid in funding extraordinary maintenance and repair and replacement of capital items in accordance with applicable regulations.
(i) The obligation of the Owner to deposit into the replacement reserve shall commence upon the effective date of the Contract. For staged projects, the obligation shall commence on a pro rata basis for units in each stage on the effective date of the Contract for that stage. The amount of the deposit to the replacement reserve will be adjusted each year by the amount of the automatic annual adjustment factor. See 24 CFR Part 888.
(ii) The reserve must be built up to and maintained at a level determined by HUD to be sufficient to meet projected requirements. Should the reserve achieve that level, the rate of deposit to the reserve may be reduced with the approval of HUD.
(iii) All earnings including interest on the reserve must be added to the reserve.
(iv) Funds will be held by the mortgagee or trustee for the bondholders, and may be drawn from the reserve and used only in accordance with HUD guidelines and with the approval of, or as directed by, HUD.
(v) In the event the project is not subject to any financing, funds will be held by the Owner, and may be drawn from the reserve account and used only in accordance with HUD guidelines and with the approval of, or as directed by, HUD.
(vi) The Owner shall not fund extraordinary maintenance and repair and/or replacement of capital items out of project funds without the prior written consent of HUD.
(2) In the case of HUD-insured projects, the provisions of this paragraph (c) will apply instead of the otherwise applicable mortgage insurance requirements, except in the case of Partially-assisted projects, which are subject to the applicable mortgage insurance requirements.
Replacement Reserve. The Executing Subsidiaries shall maintain the Replacement Reserves for each Mortgaged Property.
Replacement Reserve i. The Owner shall maintain a replacement reserve in accordance with the Section 202 Use Agreement in an interest-bearing account to aid in funding extraordinary maintenance and repair and replacement of capital items in accordance with all applicable HUD regulations. The Owner must ensure that all SPRAC Units are covered by the Replacement Reserve.
1. The obligation of the Owner to deposit into the replacement reserve shall commence upon the effective date of this SPRAC. The reserve must be maintained at a level determined by HUD to be sufficient to meet projected requirements. Should the reserve achieve that level, the rate of deposit to the reserve may be reduced with the approval of HUD.
2. All earnings including interest on the reserve must be added to the reserve.
3. Funds will be held by the mortgagee, and may be drawn from the reserve and used only in accordance with HUD guidelines and with the prior written approval of, or as directed by, HUD.
ii. In the case of HUD-insured projects, the provisions of this paragraph (b) will apply instead of the otherwise applicable mortgage insurance requirements.
Replacement Reserve. New Borrower and Noteholder agree that a Replacement Reserve Fund will be established with Servicer with payments to be made by New Borrower to such account in the amount of Six Thousand Five Hundred and 00/100 Dollars ($6,500.00) per month, in accordance with the terms and provisions of the Replacement Reserve Agreement to be executed by New Borrower and Noteholder on the same date as this Agreement.
Replacement Reserve. With respect to any Real Estate owned or leased by Borrower, an amount equal to twenty cents ($.20) per annum multiplied by the Net Rentable Area of such Real Estate, and (ii) with respect to any Real Estate that is subject to an EPR Senior First Mortgage, an amount equal to twenty cents ($.20) per annum multiplied by Borrower’s reasonable good faith estimate of what the “Net Rentable Area” of such Real Estate would have been had such Real Estate been subject to a Lease rather than an EPR Senior First Mortgage.
