Common use of Replacement Reserve Fund Clause in Contracts

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.

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 Xxxxxx 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.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Funding Closing 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 Deposit to fund the cost of Replacements; provided, however, that Replacements shall not include expense items that otherwise would be expensed in the operating statements of the Property pursuant to the Uniform System of Accounts, and provided further, that for any such replacements and repairs required to be performed by a Tenant under its Lease so long as such Tenant Borrower is not or is causing Operating Lessee to maintain the Property in monetary accordance with the Management Agreement, the Replacement Reserve Monthly Deposit shall be reduced on a dollar-for-dollar basis by any amounts deposited into the Manager FF&E Reserve Account for Replacements or material non-monetary default under its Lease) are reasonably estimated by Lender to be due PIP for replacements the applicable calendar month as set forth in the Annual Budget and repairs required to be made pursuant to the Properties during Management Agreement, to the calendar year by Borrower (collectively, the “Replacements”)extent that Lender shall have received evidence reasonably satisfactory to Lender that such deposit has been made. 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, 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 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 hereofProperty.

Replacement Reserve Fund. Commencing on the Payment Date occurring in February 2006 and on each Payment Date thereafter, Borrower shall pay to Lender (a) on the Funding Date an initial deposit in one twelfth of 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 "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 in its sole discretion to be due for replacements and repairs required to be made to the Properties Property during the calendar year by Borrower (collectively, the “Replacements”"REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.20 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” 's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve 's "REPLACEMENT RESERVE Account.” ". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to timetime based upon an updated engineering report of the Property, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days’ days notice to Borrower if Lender determines in its reasonable discretion, based on updated property condition reports, discretion that an increase is necessary to maintain the proper maintenance and operation of the PropertiesProperty. Any amount held No Replacement Reserve Monthly Deposit shall be required prior to the Payment Date occurring in February 2006; provided, however, that on the date hereof Borrower shall make an initial Replacement Reserve Deposit 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 amount of its related Mortgage in accordance with Section 2.5 hereof$4,802.92.

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”Deposit to fund the cost of Replacements; provided, however, that Replacements shall not include expense items that would otherwise be expensed in the operating statements of the Property pursuant to the Uniform System of Accounts (unless such expense items are unanticipated repair and maintenance expenses in connection with Replacements not contemplated by the Annual Budget) which amounts (excluding amounts and provided, further, that, for any such replacements and repairs required to be performed by a Tenant under its Lease so long as such Tenant is not Borrower maintains the Brand Managed Properties in monetary accordance with the applicable Management Agreement, the Replacement Reserve Monthly Deposit shall be reduced on a dollar-for-dollar basis by any amounts deposited into the applicable Manager Account for Replacements or material non-monetary default under its Lease) are reasonably estimated by Lender to be due Project Improvement Plans for replacements the applicable calendar month as set forth in the Annual Budget and repairs required to be made pursuant to the Properties during terms of the calendar year by applicable Management Agreement if Borrower (collectively, the “Replacements”)delivers evidence reasonably satisfactory to Lender that such deposit has been made. 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.