CIGNA Property FF&E Replacement Reserve Clause Samples

CIGNA Property FF&E Replacement Reserve. (a) On an ongoing basis throughout the term of the Loan, Borrower shall cause CIGNA Mortgage Loan Borrower to make, or cause Manager to make, FF&E Replacements necessary to keep each CIGNA Mortgage Loan Property in good order and repair and in a good marketable condition and to prevent deterioration of the applicable CIGNA Mortgage Loan Property and to keep each CIGNA Mortgage Loan Property in compliance with any Management Agreement, Franchise Agreement and the applicable CIGNA Mortgage Loan Documents, all as evidenced to Lender’s reasonable satisfaction. Borrower shall cause Mortgage Loan Borrower and Maryland Owner to complete all such FF&E Replacements in a good and workmanlike manner as soon as commercially reasonable after commencing to make each such Replacement. (b) Borrower shall establish on the Closing Date an interest bearing account (which may be a sub-account of the Mezzanine Cash Management Account or may be a commingled account with one or more of the other Reserve Accounts) (the “CIGNA Property FF&E Replacement Reserve Account”) with Lender, Cash Management Bank or Lender’s agent to fund the FF&E Replacements at each CIGNA Mortgage Loan Property (the “CIGNA Property FF&E Replacement Reserve Account” collectively with the CIGNA Property Capital Replacement Reserve Account the “CIGNA Property Replacement Reserve Accounts” and each individually as a “CIGNA Property Replacement Reserve Account”). Borrower shall deposit, on or before each Payment Date during the term of the Loan, an amount (the “CIGNA Property