Common use of Replacement Reserve Account Clause in Contracts

Replacement Reserve Account. Borrower shall establish and maintain an account that is available for capital expenditures for repairs and replacement necessary to maintain the Property in the condition required by the Loan Documents (the "Replacement Reserve Account"). Borrower shall make annual deposits to the Replacement Reserve Account in the amount of Six Hundred Dollars ($600). In no event shall the annual amount deposited in the Replacement Reserve Account exceed Five Thousand Dollars ($5,000) per unit, increasing by the applicable consumer price index every five (5) years, or such greater amount approved by the County.

Replacement Reserve Account. Borrower shall establish and maintain an account that is available for capital expenditures for repairs and replacement necessary to maintain the Property in the condition required by the Loan Documents (the "Replacement Reserve Account"). Borrower shall make annual deposits to the Replacement Reserve Account in the amount of Six Hundred Dollars ($600)amounts . In no event shall the annual amount deposited in the Replacement Reserve Account exceed Five Thousand Dollars ($5,000) per unit, increasing by the applicable consumer price index every five (5) years, or such greater amount approved by the County.

Replacement Reserve Account. Borrower Developer shall establish and maintain an account that is available for capital expenditures for repairs and replacement necessary to maintain the Property Development in the condition required by the Loan County Documents (the "Replacement Reserve Account"). Borrower Developer shall make annual deposits to the Replacement Reserve Account in the amount of Six Hundred Dollars ($600)amounts required in the documents evidencing the Senior Loan. In no event shall the annual amount deposited in the Replacement Reserve Account exceed Five Thousand Six Hundred Dollars ($5,000600) per unit, increasing by the applicable consumer price index every five (5) years, or such greater amount approved by the County.five