Examples of Required Repair Account in a sentence
Upon the occurrence and during the continuance of such an Event of Default, Lender, at its option, may withdraw the Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.
Amounts so deposited shall hereinafter be referred to as Borrower’s “Required Repair Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Required Repair Account.” For the avoidance of doubt, if the amount specified in this Section 7.1.1 is $0.00, then no reserves or guaranty in respect of Required Repairs shall be required and the Required Repair Account shall not be maintained.
From time to time, Lender (or its Servicer) shall instruct Cash Management Bank to disburse funds on deposit in the Required Repair Account for the purposes set forth in and in accordance with Section 7.1 of this Agreement.
Provided no Event of Default then exists, Lender shall, following receipt of written request from Xxxxxxxx, disburse to Borrower the remaining Required Repair Funds relating to each Individual Property from the Required Repair Account upon completion of all Required Repairs with respect to such Individual Property.
On the Closing Date, $0.00 shall be deposited into the Required Repair Account.