Repair Reserve Sample Clauses
Repair Reserve. (a) To secure Borrowers' obligation to complete the Repairs, and to establish a fund for reimbursement to Borrowers or direct payment in respect of the Repairs, Borrowers have deposited with Lender, and Lender hereby acknowledges receipt of, the Deposit, to be held in the Repair Escrow Account and disbursed in accordance herewith.
(b) All earnings or interest on the Repair Escrow Account shall be and become part of the Repair Escrow Account and shall be disbursed as provided in Section 4.
Repair Reserve. On the Closing Date, Borrower shall deposit with Lender the sum of Sixty-Five Thousand and No/100 Dollars ($65,000.00) (the "Repair Deposit"). The Repair Deposit may be commingled with the general funds of Lender, and such sum shall not be deemed to be held in trust for Borrower. No interest shall be due Borrower with respect to the Repair Deposit. Borrower shall cause the repairs described on Exhibit F attached hereto to be completed promptly (taking into account the nature of the matter) after the Closing Date. Upon completion of such required repairs, and confirmation thereof satisfactory to Lender, Lender shall, so long as no Event of Default is then continuing, disburse the Repair Deposit to Borrower. If any such funds are being held by Lender on the Maturity Date, then Lender may, at its option, apply such funds to the Indebtedness, or so long as no Event of Default is continuing, return such funds to Borrower. In addition to the repairs described on Exhibit F, Borrower shall, at Borrower's expense, (i) have additional testing for radon gas performed by EMG at the Property located in Reedsville, Pennsylvania, such testing to be completed and copies of all test results and reports thereof to be delivered to Lender within thirty (30) days after the date hereof, and (ii) follow the recommendations of EMG attached hereto as Exhibit G with respect to radon gas at such Property, as EMG may modify its recommendations after taking into account subsequent testing.
Repair Reserve. Upon commencement of this Agreement, OWNER agrees to remit to AGENT a deposit in the sum of $ , per property, as operating reserve to cover minor repairs, grounds maintenance, cleaning/painting, (if deemed necessary) and other fees associated with maintaining the property. This reserve deposit is NOT subject to any type of compensation or withdrawals due to ACCENT OF FLORIDA, INC., and at all times, the OWNER’s account shall maintain this minimum amount ($ ). If this Agreement is terminated, the deposit, less any final repairs/expenses (if any), will be returned to OWNER within 30 days following receipt, posting and payment of final repairs/expenses.