Initial Deposit by Developer Clause Samples

Initial Deposit by Developer. Simultaneously with the execution of this Agreement, Developer or its Affiliate has deposited Seven Hundred Thousand Dollars ($700,000) into the Central Account. Such sum shall be applied by Manager toward the repair of those items noted into Property Condition Assessments obtained by Owners prior to the date hereof (the “PCA Repair Items”) and/or the remaining items to be repaired per the 2003 budgets. To the extent that any PCA Repair Items are not rectified prior to November 15, 2003, Manager shall be obligated to include outstanding such items in the proposed budgets for fiscal year 2004.