RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or Xxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.
Appears in 5 contracts
Samples: omb.report, www.hud.gov, Healthcare Regulatory Agreement (Adcare Health Systems, Inc)
RESERVE FOR REPLACEMENT. (a) a. Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or Xxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.
Appears in 3 contracts
Samples: Healthcare Regulatory Agreement, Healthcare Regulatory Agreement, Healthcare Regulatory Agreement
RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or XxxxxxLxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.
Appears in 3 contracts
Samples: Healthcare Regulatory Agreement (Summit Healthcare REIT, Inc), Healthcare Regulatory Agreement – Borrower (Summit Healthcare REIT, Inc), Regulatory Agreement (Summit Healthcare REIT, Inc)
RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or Xxxxxx’s Lender 's designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.. Previous versions obsolete Page 9 of 35 form HUD-92466-0RCF (Rev. 03/13)
Appears in 1 contract
Samples: Healthcare Regulatory Agreement
RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or Xxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.. Previous versions obsolete Page 10 of 31 form HUD-92466-ORCF (06/2019)
Appears in 1 contract
RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or XxxxxxLxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.. Previous versions obsolete Page 9 of 35 form HUD-92466-ORCF (06/2014)
Appears in 1 contract
Samples: Healthcare Regulatory Agreement (Summit Healthcare REIT, Inc)
RESERVE FOR REPLACEMENT. (a) Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs for replacing major structural elements and mechanical equipment of the Project or for any other purpose. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Such funds shall at all times remain under the control of Lender or Xxxxxx’s Lxxxxx 's designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.. Previous versions obsolete Page 9 of 35 form HUD-92466-0RCF (Rev. 03/13)
Appears in 1 contract
Samples: Healthcare Regulatory Agreement (Summit Healthcare REIT, Inc)