Common use of Deposits of Capital Expenditure Funds Clause in Contracts

Deposits of Capital Expenditure Funds. Borrower shall deposit to the Capital Expenditure Account established under the Cash Management Agreement on each Monthly Payment Date, an amount equal to Fourteen Thousand Four Hundred Eighty-Seven and 69/100 Dollars ($14,487.69) for annual Capital Expenditures payable to Persons unaffiliated with Borrower approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds.” Lender may reassess its estimate of the amount necessary for capital expenditures from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.

Deposits of Capital Expenditure Funds. Borrower shall deposit to the Capital Expenditure Account established under the Cash Management Agreement with Lender on each Monthly Payment Date, Date an amount equal to Fourteen Four Thousand Four Six Hundred Eighty-Seven Sixty Six and 69/100 67/100 Dollars ($14,487.694,666.67) for annual Capital Expenditures payable to Persons unaffiliated with Borrower approved by Lender, which approval shall not be unreasonably withheld or delayed, provided, however, such monthly deposit or a portion thereof will not be required to the extent if after giving effect thereto, the amount or balance would exceed $40,000. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds.” ”. Lender may reassess its estimate of the amount necessary for capital expenditures from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.