Common use of Replacement Reserve Account Clause in Contracts

Replacement Reserve Account. The Sponsor shall establish a replacement reserve account in accordance with UMR Section 8309. The replacement reserve account shall be funded by monthly deposits from operating income, or a combination of operating income and development sources, as indicated in the regulatory agreement. The amount of the monthly deposits may be adjusted, as determined by the Department, in its sole and absolute discretion, based on reserve studies performed by an independent third party at the Sponsor’s expense as requested by the Department or as based on other reliable indicators of future reserve needs.

Replacement Reserve Account. The Sponsor shall establish a replacement reserve account in accordance with UMR Section 83098309 of the UMRs. The replacement reserve account shall be funded by monthly deposits from operating income, income or a combination of operating income and development sources, sources as indicated in the regulatory agreementRegulatory Agreement. The amount of the monthly deposits may be adjusted, as determined by the Department, in its sole and absolute discretion, based on reserve studies performed by an independent third party at the Sponsor’s expense as requested by the Department or as based on other reliable indicators of future reserve needs.

Replacement Reserve Account. The Sponsor shall establish a replacement reserve account in accordance with UMR Section 83098309 of the UMRs. The replacement reserve account shall be funded by monthly deposits from operating income, or a combination of operating income and development sources, sources as indicated in the regulatory agreementRegulatory Agreement. The amount of the monthly deposits may be adjusted, as determined by the Department, in its sole and absolute discretion, based on reserve studies performed by an independent third party at the Sponsor’s expense as requested by the Department or as based on other reliable indicators of future reserve needs.

Replacement Reserve Account. The Sponsor shall establish a replacement reserve account in accordance with UMR Section 83098309 of the UMRs. The replacement reserve account shall be funded by monthly deposits from operating income, income or a combination of operating income and development sources, sources as indicated in the regulatory agreementRegulatory Agreement. The amount of the monthly deposits may be adjusted, as determined by the Department, in its sole and absolute discretion, based on reserve studies performed by an independent third party at the Sponsor’s 's expense as requested by the Department or as based on other reliable indicators of future reserve needs.