Common use of Replacement Reserve Fund Clause in Contracts

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. (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 (ii)(A) 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 and (B) First Mezzanine Lender waives the requirements of First Mezzanine Borrowers to maintain the Replacement Reserve Fund and the Replacement Reserve Account pursuant to the terms of Section 7.3 of the First Mezzanine Loan Agreement, ; or (ii) the Mortgage Loan has and the First Mezzanine Loan have 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.