Replacement Escrow Fund. Mortgagor shall pay to Mortgagee on the first day of each calendar month one-twelfth of four percent (4%) of the total revenues of Mortgagor arising out of or in connection with the Mortgaged Property during the preceding calendar year as the amount estimated by Mortgagee in its sole discretion to be due for replacements and capital repairs and repairs and replacements to furniture, fixtures and equipment required to be made to the Mortgaged Property during each calendar year (the "Replacement Escrow Fund"). Mortgagor hereby pledges to Mortgagee any and all monies now or hereafter deposited in the Replacement Escrow Fund as additional security for the payment of the Debt. Mortgagee may reassess its estimate of the amount necessary for the Replacement Escrow Fund from time to time in its sole discretion, and may adjust the monthly amounts required to be deposited into the Replacement Escrow Fund upon thirty (30) days notice to Mortgagor. Mortgagee shall make disbursements from the Replacement Escrow Fund as requested by Mortgagor, and approved by Mortgagee in its sole discretion, on a quarterly basis in increments of no less than $5,000.00 upon delivery by Mortgagor of Mortgagee's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Mortgagee, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Mortgagee may require an inspection of the Mortgaged Property at Mortgagor's expense prior to making a quarterly disbursement in order to verify completion of replacements and repairs for which reimbursement is sought. The Replacement Escrow Fund shall be held in an interest bearing account in Mortgagee's name at a financial institution selected by Mortgagee in its sole discretion and subject to an administrative fee determined by Mortgagee in its sole discretion. Upon the occurrence of an Event of Default, Mortgagee may apply any sums then present in the Replacement Escrow Fund to the payment of the Debt in any order in its sole discretion. Until expended or applied as above provided, the Replacement Escrow Fund shall constitute additional security for the Debt. The Replacement Escrow Fund shall not constitute a trust fund and may be commingled with other monies held by Mortgagee. All earnings or interest on the Replacement Escrow Fund shall be and become part of such Replacement Escrow Fund and shall be disbursed as provided in this pa...
Replacement Escrow Fund. (a) For the partial year period commencing on the date hereof, and for each calendar year thereafter, Borrower shall submit to Lender, as part of the Annual Budget required under this Agreement, a budget for fixtures, furniture and equipment and other replacements and repairs required to be made to the Properties during the calendar year (collectively, the "Replacements"). Such Annual Budget shall provide for Replacements equal to or greater than four percent (4%) of annual Operating Revenues on an aggregate basis for all Properties (the "Replacements Budget").
Replacement Escrow Fund. Upon the occurrence of a DSCR Event, Borrower shall deposit with Lender on each Payment Date, (i) four percent (4%) of gross revenues from the Property for the full month immediately preceding the month prior to the month during which such Payment Date occurs (the "Replacement Deposit") for replacements and repairs of the type required to be made to the Property during the calendar year (the "Replacement Escrow Fund"), and (ii) until the amount on deposit in the Replacement Escrow Fund is equal to the amount that would have been there on deposit in the Replacement Escrow Fund if the Replacement Deposit had been deposited in the Replacement Escrow Fund on each Payment Date since the Closing Date (deducting amounts that would have been disbursed pursuant to the terms hereof for replacements and repairs to the Property) all amounts remaining after payment of Debt Service and Operating Expenses, if any (the "Replacement Fund Recoupment Amount"), as determined pursuant to (A) the Annual Budget approved by Lender in its reasonable discretion until the first to occur of the Anticipated Payment Date or the amounts due as the Replacement Fund Recoupment Amount are on deposit in the Replacement Escrow Fund, or (B) the Approved Annual Budget following the Anticipated Payment Date. Such computation of gross revenue shall be based upon the actual gross revenue disclosed by the financial statements delivered to Lender in connection herewith.
Replacement Escrow Fund. Borrower shall pay to Lender on the eleventh day of each calendar month an amount equal to one-twelfth of the annual amount listed for each Individual Property on Schedule 13.B, being the amount estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to each Individual Property during each calendar (the "REPLACEMENT ESCROW FUND"). Beginning January 11, 1999, and every January 11th thereafter for the term of the Loan, Borrower shall pay Lender an amount equal to one twelfth of 102.5% of the previously required annual Replacement Escrow Fund amount for each Individual Property on each monthly payment date for one year (or until the Loan is defeased in full with respect to each such Individual Property pursuant to Paragraph 2.F hereof). Notwithstanding the foregoing, Lender may reassess its estimate of the amount necessary for the Replacement Escrow Fund for any one or more or all of the Individual Properties from time-to-time and in its reasonable discretion, and may adjust the monthly amounts required to be deposited into the Replacement Escrow Fund after giving 30 days notice to Borrower. If an adjustment is made, Borrower shall be required to pay the adjusted monthly amount until January 11th following one year from the date the first adjusted monthly payment is made. Commencing at that time, and every January 11th thereafter for the term of the Loan, Borrower shall pay Lender an amount equal to one twelfth of 102.5% of the previously required annual Replacement Escrow Fund amount on each monthly payment date for one year. Provided that no Event of Default shall exist and remain uncured, Lender shall make disbursements from the Replacement Escrow Fund as requested, in writing, by Borrower, and approved by Lender in its sole discretion, on a one-time-each monthly basis with respect to all Properties in increments of no less than $1,000.00 upon delivery by Borrower of copies of paid invoices (or with respect to requests in excess of $10,000.00 (regardless of whether applicable to one or more Individual Properties), unpaid invoices) for the amounts requested, a certification from Borrower stating: (a) the nature and type of the related replacement or repair, (b) that the related replacement or repair has been
Replacement Escrow Fund. Borrower shall deposit ----------------------- with Lender on each Payment Date one-twelfth of five percent (5%) of the gross revenue derived from the Properties for replacements and repairs required to be made to the Properties and the furniture, fixtures and equipment located thereon during the calendar year (the "REPLACEMENT ESCROW FUND"). Such computation shall be based upon the gross revenue derived from the Properties for the prior calendar year, as reasonably determined by Lender, and shall be subject to adjustment by Lender from time to time in its reasonable discretion to reflect actual gross revenue derived from the Properties for the current calendar year. (c)
Replacement Escrow Fund. (a) For the partial year period commencing on the date hereof, and for each calendar year thereafter, Borrower shall submit to Lender, as part of the Annual Budget required under this Agreement, a budget for fixtures, furniture and equipment and other replacements and repairs required to be made to the Properties during the calendar year (collectively, the "Replacements"). Such Annual Budget shall provide for Replacements equal to or greater than four percent (4%) of annual Operating Revenues as calculated both on an aggregate basis for all of the Properties (the "Replacements Budget") and on an individual basis for each Individual Property in order to determine the pro-rata percentage that the Operating Revenues from each Individual Property bears to the aggregate Operating Revenues from all of the Properties (the "Pro-Rata Percentage").
Replacement Escrow Fund. 42 C. Rollover Escrow Fund......................................................................43 D. Post-Closing Repair Escrow Fund...........................................................45 E.
Replacement Escrow Fund. Mortgagor shall pay to Mortgagee during each calendar year the aggregate amount of $325.00 per residential unit per calendar year for replacements and capital repairs required to be made to the Mortgaged Property, payable in twelve equal installments each on the tenth day of each calendar month (the "Replacement Escrow Fund"); provided, however, collection of monthly escrow deposits for such purpose shall be limited to $250.00 per unit per calendar year so long as Mortgagee is satisfied as to all of the following:
Replacement Escrow Fund. Borrower shall deposit with Administrative Agent on each Payment Date, the product of Three Hundred Dollars ($300) multiplied by the number of Residential Units in the Project, divided by twelve, which shall be held by Administrative Agent for replacements and repairs required to be made to the Project during the term of the Loan (the “Replacement Escrow Fund”). Administrative Agent shall make disbursements from the Replacement Escrow Fund as requested by Borrower, and approved by Administrative Agent in its reasonable discretion, on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Administrative Agent’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by LOAN AGREEMENT – Page 24[Summit Pxxxxxxxxx] Administrative Agent, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Administrative Agent may require an inspection of the Project at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs for which reimbursement is sought.
Replacement Escrow Fund. So long as no Default or Event of Default exists hereunder, Administrative Agent shall credit for Borrowers' account interest at the interest rate actually available to Administrative Agent's servicer on the funds held in such account, as determined by Administrative Agent in its sole discretion. Borrowers hereby pledge to Administrative Agent for the benefit of the Lenders, and grant a security interest in, any and all monies now or hereafter deposited in the Replacement Escrow Fund as additional security for the payment of the Loan. Administrative Agent may reasonably reassess its estimate of the amount necessary for the Replacement Escrow Fund from time to time and may adjust the monthly amounts required to be deposited into the Replacement Escrow Fund upon thirty (30) days notice to Borrowers. Administrative Agent shall make disbursements from the Replacement Escrow Fund as requested by Borrowers, and approved by Administrative Agent in its reasonable discretion, on a quarterly basis in increments of no less than $5,000.00 upon delivery by Borrowers of Administrative Agent's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Administrative Agent for any draw request for an invoice exceeding $15,000.00, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Administrative Agent may require an inspection of the Borrowing Base Assets at Borrowers' expense prior to making a quarterly disbursement in order to verify completion of replacements and repairs for which reimbursement is sought. The Replacement Escrow Fund shall be held without interest in Administrative Agent's name and may be commingled with Administrative Agent's general funds at financial institutions selected by Administrative Agent in its reasonable discretion. Upon the occurrence of an Event of Default, Administrative Agent may apply any sums then present in the Replacement Escrow Fund to the payment of the Loan in any order in its reasonable discretion. Until expended or applied as above provided, the Replacement Escrow Fund shall constitute additional security for the Loan. Administrative Agent shall have no obligation to release any of the Replacement Escrow Fund while any Event of Default or Default exists. All costs and expenses incurred by Administrative Agent in the disbursement of any of the Replacement Escrow Fund shall be paid by Borrowers promptly upo...
