Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lenders and BCCC, Inc. The Partnership shall make deposits into the Reserve Fund equal to $8,960 annually for so long as the balance in the Reserve Fund for Replacements shall be less than $50,000 (the "Required Deposit") or such greater amount as shall be required by the Lenders; such deposits may be suspended only as approved by the Lenders and/or BCCC, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Lenders; provided, however, if such Consent of the Lenders is not required, such withdrawals may be made only with the Consent, or upon the direction, of BCCC, Inc.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make deposits into the Reserve Fund equal to $7,600.00 annually commencing in 1998 with a pro rata share to be paid for 1997 (the "Required Deposit"); such deposits may be suspended in any period during which such account has a balance of $76,000, as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the General Partner and BCTC 94, Inc. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Lender; provided, however, if such Consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.
Reserve Fund for Replacements. The following is hereby added to the end of the first subparagraph of paragraph 2(a) of the Agreement: The amount of the monthly deposits to the reserve fund for replacements shall be subject to change in accordance with the requirements of the Secretary, but such change can be accomplished by a letter from HUD to the Owner and will not necessitate an amendment to the Agreement. In connection therewith, every ten (10) years, the mortgagee shall obtain a physical and capital needs assessment report for the Secretary to evaluate. The cost of such report may be paid from the reserve fund for replacements. In addition to the required monthly deposits to the said reserve fund, Original Borrower made an initial deposit in an amount not less than $255,000.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Letter of Credit Issuer and BCTC 94, Inc. The Partnership shall make deposits into the Reserve Fund at the rate of $3,633 per month commencing on the first day of the month following the Debt Service Coverage Date (as defined in the Letter of Credit and Reimbursement Agreement); such deposits may be suspended only as approved by the Letter of Credit Issuer and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall be maintained in an account established with the Letter of Credit Issuer and shall remain under the joint control of the General Partner and BCTC 94, Inc. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Letter of Credit Issuer, the General Partners and BCTC 94, Inc.
Reserve Fund for Replacements. On or before Final Closing, the Partnership shall establish and maintain a Reserve Fund for Replacements as a separate special account as required by the Second Mortgage Lender and/or BCTC 94. The Partnership shall make monthly deposits into the Reserve Fund for Replacements in the amount of $334, or such greater amount as shall be required by the Second Mortgage Lender. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Second Mortgage Lender; provided, however, that if such consent of the Second Mortgage Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of BCTC 94.
Reserve Fund for Replacements. Upon the earlier of: (i) the Final Closing, or (ii) the date four (4) months from and after the occurrence of Substantial Completion, the General Partners shall satisfy BCTC 94's requirements by establishing the Reserve Fund for Replacements as a separate interest-bearing account in an FDIC-insured financial institution. Thereafter, the General Partners shall cause deposits to be made into the Reserve Fund for Replacements in an annual amount of $22,400, to be paid in monthly installments of not less than $1,866.66; provided, however, that the parties hereto acknowledge and agree that if, upon the occurrence of the Final Closing, the Lender shall require deposits into the Reserve Fund for Replacements in amounts greater than those set forth above in this Section 8.18(a) and/or other changes in the terms and conditions applicable to the funding, maintenance, and/or employment of the Reserve Fund for Replacements, such requirements of the Lender shall control. Funds in the Reserve Fund for Replacements are intended to be employed only for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature, and not for any items considered normal operating expenses. All interest earnings on the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. Withdrawals from the Reserve Fund for Replacements shall: (i) be made not more frequently than quarterly, unless specifically Consented to by BCTC 94; (ii) be reported to BCTC 94 by written Notice within two (2) business days of their making; and (iii) be made only with the Consent of BCTC 94 in the event that the aggregate amount of such withdrawals (excluding withdrawals in accordance with a budget approved pursuant to Section 8.19 below) exceeds $2,500 in any calendar quarter.
Reserve Fund for Replacements. The following is hereby added to the end of the first subparagraph of paragraph 2(a) of the Agreement: The amount of the monthly deposits to the reserve fund for replacements shall be subject to change in accordance with the requirements of the Secretary, but such change can be accomplished by a letter from HUD to the Owner and will not necessitate an amendment to the Agreement. In connection therewith, every ten (10) years, the mortgagee shall obtain a physical and capital needs assessment report for the Secretary to evaluate. The cost of such report may be paid from the reserve fund for replacements. In addition to the required monthly deposits to the said reserve fund, Owners shall make an initial deposit in an amount not less than $__________. In addition to the required monthly deposits to the said reserve fund, the balance in the replacement reserve fund existing with respect to the project under FHA Project No. _____________ [old project number] shall be transferred to the replacement reserve fund to be established pursuant to this Agreement under FHA Project No. _____________ [new project number].
Reserve Fund for Replacements. The Reserve Fund for Replacements has been established by the Seller pursuant to the requirements of the Lender with respect to the Apartment Complex, and shall remain in existence subsequent to the Initial Closing, and continue to be governed by the provisions of the Regulatory Agreement. The Reserve Fund for Replacements is expected to have a balance of approximately $400,000 as of the Initial Closing; such balance will be reduced to approximately $200,000 at the Initial Closing as a result of the Replacement Reserve Withdrawal. From and after the Initial Closing, the Partnership shall satisfy the Lender's requirements as to the Reserve Fund for Replacements as to the Apartment Complex by making monthly deposits into the Reserve Fund for Replacements in an amount equal to $3,300 per month, or such other amount as the Lender shall require pursuant to the Project Documents. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. Proposals or requisitions for withdrawals from the Reserve Fund for Replacements shall be submitted to the Lender by the General Partner only with the Consent, or upon the direction, of BCTC 94; withdrawals from the Reserve Fund for Replacements shall be made only with the Consent of the Lender.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Special Limited Partner The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $1,600 from the proceeds of the First Installment funded under Section 5.01(c)(i) and shall make subsequent deposits into the Reserve Fund for Replacements equal to $4,800 annually commencing in 1999; such deposits may be suspended only as approved by the Special Limited Partner. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacements shall remain under the control of the Special Limited Partner. Withdrawals from the Reserve Fund for Replacements shall be made only upon the direction of the General Partner and the Special Limited Partner.
