Common use of Capital Reserve Clause in Contracts

Capital Reserve. Commencing upon Substantial Completion of the Project, Tenant shall, on the first day of each month during the Term, make monthly deposits to a capital reserve fund (the “Maintenance Capital Reserve”) in an amount equal to $350.00/Residential Unit per annum, escalating each year by the increase in the Consumer Price Index for the year in question; provided, however, that the FCRHA (i) may agree in its sole discretion, upon the reasonable request of a Mortgagee in connection with its Mortgage, to a lesser Maintenance Capital Reserve amount and (ii) shall, upon the reasonable request of a Mortgagee in connection with its Mortgage, not require the Consumer Price Index escalator with respect to the Maintenance Capital Reserve Amount; provided, further, however, that the FCRHA shall have the right to reinstate the original Maintenance Capital Reserve amount as provided herein and the Consumer Price Index escalator upon the discharge of any such requesting Mortgagee’s Mortgage.

Capital Reserve. Commencing upon Substantial Completion of the Project, Tenant shall, on the first day of each month during the Term, make monthly deposits to a capital reserve fund (the “Maintenance Capital Reserve”) in an amount equal to $350.00300.00/Residential Unit per annum, escalating each year by the increase in the Consumer Price Index for the year in question; provided, however, that the FCRHA (i) may agree in its sole discretion, upon the reasonable request of a Mortgagee in connection with its Mortgage, to a lesser Maintenance Capital Reserve amount and (ii) shall, upon the reasonable request of a Mortgagee in connection with its Mortgage, not require the Consumer Price Index escalator with respect to the Maintenance Capital Reserve Amount; provided, further, however, that the FCRHA shall have the right to reinstate the original Maintenance Capital Reserve amount as provided herein and the Consumer Price Index escalator upon the discharge of any such requesting Mortgagee’s Mortgage.

Capital Reserve. Commencing upon Substantial Completion of the Project, Tenant shall, on the first day of each month during the Term, make monthly deposits to a capital reserve fund (the “Maintenance Capital Reserve”) in an amount equal to $350.00/Residential Unit per annum, annum,8 escalating each year by the increase in the Consumer Price Index for the year in question; provided, however, that the FCRHA (i) may agree in its sole discretion, upon the reasonable request of a Mortgagee in connection with its Mortgage, to a lesser Maintenance Capital Reserve amount and (ii) shall, upon the reasonable request of a Mortgagee in connection with its Mortgage, not require the Consumer Price Index escalator with respect to the Maintenance Capital Reserve Amount; provided, further, however, that the FCRHA shall have the right to reinstate the original Maintenance Capital Reserve amount as provided herein and the Consumer Price Index escalator upon the discharge of any such requesting Mortgagee’s Mortgage.