Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Deposit to Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day of each successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Note. A transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.
Appears in 95 contracts
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.), Multifamily Loan and Security Agreement (Strategic Student & Senior Housing Trust, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Deposit to Funding Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Project Note and continuing on the same day of each successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Funding Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Project Note. A transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.
Appears in 3 contracts
Samples: Continuing Covenant Agreement, Continuing Covenant Agreement, Continuing Covenant Agreement
Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Deposit to Funding Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Project Note and continuing on the same day of each successive month until the Project Loan is paid in full, Borrower will pay the Monthly Deposit to Funding Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Project Note. A transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.
Appears in 1 contract
Samples: Continuing Covenant Agreement
Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Deposit to Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day of each successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Note. A transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.. (b)
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
