Replacement Reserves. Borrower shall execute a Replacement Reserve Agreement for the Mortgaged Properties and shall (unless waived by Lender) make all deposits for replacement reserves in accordance with the terms of the Replacement Reserve Agreement.
Replacement Reserves. Borrower must make a contribution of not less than $250 per unit to the replacement reserve account each year to ensure that sufficient funds will be available for projected capital improvements anticipated over the next 20 years, as specified in Attachment C. Community Development staff will monitor this project each year to ensure that developer is making at least the minimum contribution to the replacement reserve account.
Replacement Reserves. The replacement reserve requirements with respect to each Mortgaged Property as set forth in the related Bond Documents and Bond Mortgage Loan Documents, are fully funded. All bond-level replacement reserves and tax and insurance escrows are held by the applicable Bond Trustee.
Replacement Reserves. The replacement reserve requirements with respect to each Mortgaged Property as set forth in the related Reimbursement Security Documents have been funded in accordance with the Reimbursement Security Documents.
Replacement Reserves. 71 ARTICLE XIV-A....................................................................................................71 14.01-A Cross-Guaranty...............................................................................71 14.02-A Waivers by Borrowers and Other Rights........................................................71 14.03-A No Impairment................................................................................73 14.04-A No Subrogation...............................................................................73 14.05-A [Reserved]...................................................................................74 14.06-A Election of Remedies.........................................................................74 14.07-A Subordination of Other Obligations...........................................................74 14.08-A Insolvency and Liability of Other Borrowers..................................................75 14.09-A Preferences, Fraudulent Conveyances, Etc.....................................................75 14.10-A Maximum Liability of Each Borrower...........................................................76 14.11-A Liability Cumulative.........................................................................76
Replacement Reserves. Each Collateral Pool Borrower has executed a Replacement Reserve Agreement for each of the Mortgaged Properties in the respective Collateral Pool and shall (unless waived by Fannie Mae) make all deposits for replacement reserves in accordance with the terms of the Replacement Reserve Agreement.
Replacement Reserves. Collection of monthly Replacement Reserve deposits will be required with respect to each Mortgage. Fxxxxxx Mac will determine in its discretion the amount of any initial deposit and the monthly deposits under each Replacement Reserve Agreement. The amount of any initial deposit and the monthly deposits under a Replacement Reserve Agreement shall be set forth in the Commitment for such Mortgage. Notwithstanding the foregoing, Fxxxxxx Mac will consider deferring collection of monthly Replacement Reserve deposits on a Loan by Loan basis, provided that such Loan meet Fxxxxxx Mac's then-current underwriting and credit requirements for deferrals of Replacement Reserve deposits. As a condition of any such deferral, the applicable Borrower will be obligated to make capital replacements to the applicable Property, on an annual basis, in an amount not less than the engineer’s recommended amount.
Replacement Reserves. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in the Mortgage Replacement Reserve Agreement.
(b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement and Mezzanine A Lender waives the requirements of Section 7.3 of the Mezzanine A Loan Agreement or (ii) the Mortgage Loan and the Mezzanine A Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that will operate in substantially the same way as the escrow required to be maintained under the Mortgage Replacement Reserve Agreement, but this sentence shall not be deemed to require Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement (or the applicable portion thereof) after Mortgage Borrower is no longer obligated to maintain same under the express provisions of the Mortgage Replacement Reserve Agreement.
Replacement Reserves. 48 ARTICLE 15
Replacement Reserves. On the first day of each month, Borrower shall deposit the Monthly Reserve Deposit with Lender. All such funds so deposited (the "Replacements Reserve Fund") shall be placed by Lender in an interest bearing money market account, shall be subject to the terms of the Pledge Agreement and shall be applied toward the payment of Replacements in the manner described below.
