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. Attachment B Durham-Chapel Hill, NC MSA 2014 Income Limits Adjusted for Family Size Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50% AMI $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400 60% AMI $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080 80% AMI $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400 Based on U.S. Department of Housing and Urban Development Income Limits for Section 8 Programs and Median Family Income for
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. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 11.03 of the Mortgage Loan Agreement and any Replacement Reserve Agreement executed in accordance therewith.
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. 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. SCHEDULE B
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. 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. Borrower shall establish and maintain a reserve ("Replacement Reserve") for the payment of costs and expenses incurred by Borrower in connection with fixtures, furniture and equipment, capital improvements, repairs and replacements performed at the Project, including but not limited to, the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, carpets, appliances, fixtures, elevators, and mechanical and HVAC equipment and the replacement of furnishings, fixtures and equipment in the rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, parking facilities and other public areas accessible by the public or tenants for regular use, and such other items as Lender may approve from time to time in its reasonable discretion (collectively, the "Repairs"). Prior to the release of the Loan retainage (the final payment of Loan proceeds), Borrower must produce evidence that Borrower has deposited $1,000 per unit into the Replacement Reserve as an initial deposit. Commencing on the first month in which the Project is placed in service, and continuing thereafter or the 1st of each month every year of the Project’s operation during the term of this Agreement, Borrower shall deposit to the Replacement Reserve $600 per unit per month, or a total of $[ ] per year. So long as no Event of Default has occurred and is continuing and no circumstance exists, which with the giving of notice, or passage of time, or both, would constitute an Event of Default, all sums in the Replacement Reserve shall be held in the Replacement Reserve to pay and/or reimburse Borrower for the costs and expenses of Repairs. As part of its annual Surplus Cash audit, Borrower shall provide an accounting of the initial balance of the Replacement Reserve, all withdrawals and deposits made during such fiscal year, and the ending balance, and after review, LHC shall notify Borrower whether it approves any amounts withdrawn from the Replacement Reserve. If LHC disallows any withdrawal from the Replacement Reserve, it shall provide notice of the amount disallowed and Borrower shall reimburse the Replacement Reserve for such amount within thirty (30) days of such notice. In the event that the amounts on deposit or available in the Replacement Reserve are inadequate to pay the cost of any Repairs, Borrower shall pay the amount of such deficiency.
Replacement Reserves. 48 ARTICLE 15
