Reserve Fund for Replacements definition

Reserve Fund for Replacements means the reserve fund for replacements with respect to the Apartment Complex as established pursuant to the provisions of Section 8.18(a) of this Agreement.
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Reserve Fund for Replacements means cash funded reserve for replacements established by the Partnership pursuant to Section 8.20.
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Reserve Fund for Replacements means the Reserve Fund for Replacements so designated. “Reserve Fund for Replacements Requirement” means $[ ].
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Examples of Reserve Fund for Replacements in a sentence

  • The cost of each such PCNA report may be paid from the Reserve Fund for Replacements.

  • The amount of the annual deposits to the Reserve Fund for Replacements shall be subject to change in accordance with the requirements of HUD.

  • In addition to the per annum amount required to be accumulated monthly under the control of the Lender for the Reserve Fund for Replacements, there shall be an initial deposit in the amount of not less than $  made to the Reserve Fund for Replacements by the Borrower at the time of Initial Endorsement.

  • The amount of the annual deposits to the Reserve Fund for Replacements shall be subject to change in accordance with the requirements of the Secretary.

  • In addition, a schedule of funds in the bank must be attached showing each depository by name, account title, and balance, including funds held in the Reserve Fund for Replacements and the Residual Receipts Accounts whether these accounts are maintained by a mortgagee or by the mortgagor.

  • See Handbook 4350.1, Rev-1, Multifamily Asset Management and Project Servicing, Chapter 4, Reserve Fund for Replacements.

  • The Partnership Agreement also calls for the Partnership to establish a Reserve Fund for Replacements deposit account, to be funded by monthly deposits of $292 following Completion of the Project, and to be used to make capital improvements and repairs to the Project having useful lives of one year or more.

  • If the Project is subject to an operating lease, such lease must (a) incorporate subordination language approved by the Secretary, (b) provide for lease payments sufficient to cover monthly principal and interest payments under the Mortgage, escrows required under the Mortgage and deposits to the Reserve Fund for Replacements required by the Regulatory Agreement, and (c) otherwise comply with applicable requirements of the Secretary.

  • I/we have not authorized any other Distributor/Agents/Dealer etc.

  • HUD strongly encourages owners of all other projects to ask their mortgagees, including HUD when the mortgage is HUD-held, to invest a significant portion of the money held in the Reserve Fund for Replacements.


More Definitions of Reserve Fund for Replacements

Reserve Fund for Replacements means the reserve fund for replacements with respect to the Apartment Complex as is required by the Lenders pursuant to the Regulatory Agreement and the Loan Agreements, as described in Section 8.18(a) of this Agreement. "Revenues" means all cash receipts of the Partnership during any period, except for Capital Contributions, proceeds from the liquidation, sale or refinancing of Partnership property or of a Capital Transaction, or the proceeds of any loan to the Partnership. "Second Mortgage" means the mortgage, together with all amendments thereto, to be given by the Partnership at the Initial Closing to the Second Mortgage Lender, as maker of the Second Mortgage Loan, which will constitute a second lien on the Apartment Complex, subject and subordinate to the lien of the First Mortgage, and which will secure the Second Mortgage Loan. "Second Mortgage Lender" means the Agency, in its capacity as the maker of the Second Mortgage Loan, or its successor(s) and assign(s) in such capacity, acting through any authorized representative. "Second Mortgage Loan" means the nonrecourse construction/permanent second mortgage loan, in an original principal amount not to exceed $300,000, to be made to the Partnership with respect to the Apartment Complex by the Second Mortgage Lender on or before Initial Closing with funds from the Kentucky HOME Investment Partnerships Program. The Second Mortgage Loan is to bear interest at the rate of one per cent (1%) per annum, which interest shall be deferred until the maturity date of the Second Mortgage Loan. The outstanding principal balance, together with accrued and unpaid interest based on the aforesaid rate and a 25-year amortization schedule shall be due and payable twenty-five (25) years from the occurrence of Final Closing. "State" means the Commonwealth of Kentucky. "State Designation" means, with respect to the Apartment Complex, the final allocation by the Agency of LowIncome Housing Tax Credits, as evidenced by the receipt by the Partnership of IRS Form 8609s executed by the Agency as to all units in the Apartment Complex. "Subordinated Loan" means any loan made by the General Partner to the Partnership pursuant to Section 8.17. "Substantial Completion" means the date upon which the construction of the Apartment Complex has been completed, as evidenced by the Partnership's receipt of all necessary permanent certificates of occupancy from the applicable governmental jurisdiction(s) or authority(ies) for one hundred per...
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Related to Reserve Fund for Replacements

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Fund Requirement means (i) on any Payment Date other than a Payment Date described in clause (ii), an amount equal to 0.50% of the Aggregate Securitization Value of the 2011-1 Leases as of the Cutoff Date or (ii) on any Payment Date occurring on or after the date on which the Note Balance has been reduced to zero, zero.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $2,128,635.19 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0; provided, however, that the Reserve Fund Required Amount may not exceed the Note Balance.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Replacement Reserve As defined in Section 9.5.1.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Replacement Servicer has the meaning assigned to that term in Section 6.01(c).

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • REO Account The account or accounts maintained by the Master Servicer in respect of an REO Property pursuant to Section 3.23.