Replacement Reserve Fund. Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.
Replacement Reserve Fund. See Rider.
Replacement Reserve Fund. Immediate Deposits
Replacement Reserve Fund. Borrower Owner shall pay to Lender on the Closing Date the sum of Two Million Six Hundred Seventeen Thousand Three Hundred Two and 00/100 Dollars ($2,617,302.00) and on each Payment Date thereafter the sum of One Hundred Nine Thousand Fifty-Four and 27/100 Dollars ($109,054.27) (the “Replacement Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender to be due for replacements and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Notwithstanding the preceding sentence, the amount of Replacement Reserve Funds on deposit in the Replacement Reserve Account at any given time shall not exceed Two Million Six Hundred Seventeen Thousand Three Hundred Two and No/100 Dollars ($2,617,302.00) in the aggregate (the “Replacement Reserve Cap”) and, accordingly, to the extent a Replacement Reserve Monthly Deposit would result in the aggregate amount of Replacement Reserve Funds in the Replacement Reserve Account to exceed the Replacement Reserve Cap, such Replacement Reserve Monthly Deposit shall be decreased by an amount equal to such excess. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Properties.
Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date the Replacement Reserve Monthly Deposit for replacements and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Properties. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lender and credited toward the future Replacement Reserve Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Security Instrument in accordance with Section 2.5 hereof.
Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date, the Replacement Reserve Monthly Deposit for Capital Expenditures required to be made to the Properties during the calendar year, as may be necessary to maintain and operate first class, reputable hotels in the manner and quality of the hotels operated at the Properties on the date hereof (collectively, the "Replacements"). Amounts so deposited shall hereinafter be referred to as Borrower's "Replacement Reserve Fund".
Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 and (b) on each Payment Date thereafter $7,730.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any Individual Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof). Lender agrees that all interest upon the Replacement Reserve Fund shall be added to and become a part of the Replacement Reserve Fund for the benefit of Borrower.
Replacement Reserve Fund. The Mortgagor shall establish and maintain a Replacement Reserve Fund by depositing monthly installments with the Authority, beginning with the Mortgage Cutoff Date, as determined by the Authority. For the first year, the annual payment to the Replacement Reserve Fund shall be $***, payable in monthly installments of $***. Subsequent to the first year of operation, monthly installments shall increase to an amount which is the greater of 3% higher than the deposit for the prior year be made based upon or an amount equal to 1/12 of ***% of the gross annual rent potential (including tenant contributions and subsidies) for the Development as indicated in the most recent annual budget prepared by the management agent of the Mortgagor and approved by the Authority's Director of Asset Management ("Gross Rent Potential"), unless a different payment schedule or amount is approved or directed in writing by an Authorized Officer of the Authority. The Authority agrees to consult with the Mortgagor regarding any increase in the funding of the Replacement Reserve Fund which is higher than the required funding formula specified in this Agreement; provided, however, that the decision concerning any increase in the funding shall be solely within the discretion of the Authority. Funds on deposit in the Replacement Reserve Fund shall be invested and reinvested by the Authority's Office of Finance in accordance with the Act, and shall at all times be under the control of the Authority. Interest earned on this Fund, if any, shall become a part of this Fund and shall be treated and disbursed in the same way as any other deposits to the Fund, in accordance with the Authority's policy regarding the use of Replacement Reserve Funds. Disbursements from this Fund shall be made only for the replacement of eligible items which have exhausted their useful life, or in emergency situations to protect the health, safety and welfare of the tenants residing at the Development, and all disbursements shall be made in accordance with the Authority's written Replacement Reserve Fund policy, as amended from time to time, and only upon the written direction of an Authorized Officer of the Authority. . In the event that the Section 1602 Loan is accelerated after a default in the terms of the in the terms of the Section 1602 Regulations and other Section 1602 requirements resulting in the Mortgagor becoming liable for a Recapture Obligation pursuant to section 31 below, the Authority may, in its so...
Replacement Reserve Fund. (a) Borrowers shall cause Mortgage Borrowers to comply with all of the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrowers to maintain the Replacement Reserve Fund and the Replacement Reserve Account pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, or (ii) the Mortgage Loan has been repaid in full (without a prepayment of the Loan in full), Lender shall have the right to require Borrowers to establish and maintain an escrow that would operate in the same manner as the Replacement Reserve Fund and the Replacement Reserve Account in Section 7.3 of the Mortgage Loan Agreement and the provisions of Section 7.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference; provided, however, that all references to “Borrowers,” “Lender” and “Event of Default” therein shall be deemed references to Borrowers, Lender and Event of Default as defined herein.
Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Funding Date an initial deposit in the amount of $0.00 and (b) on each Payment Date thereafter an amount equal to $0.20 per square foot for each Individual Property in the aggregate (the “Replacement Reserve Monthly Deposit”) which amounts (excluding amounts for any such replacements and repairs required to be performed by a Tenant under its Lease so long as such Tenant is not in monetary or material non-monetary default under its Lease) are reasonably estimated by Lender to be due for replacements and repairs required to be made to the Properties during the calendar year by Borrower (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account.” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion, based on updated property condition reports, that an increase is necessary to maintain the proper maintenance and operation of the Properties. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lxxxxx and credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Mortgage in accordance with Section 2.5 hereof.
