Common use of Replacement Reserve Fund Clause in Contracts

Replacement Reserve Fund. Borrower shall pay to Lender on the date hereof and each Payment Date an amount equal to $9,626.17 (the "Replacement Reserve Monthly Deposit") for replacements and repairs required to be made to the Property during the calendar year (collectively, the "Replacements"). Amounts so deposited shall hereinafter be referred to as the "Replacement Reserve Fund" and the account in which such amounts are held shall hereinafter be referred to as the "Replacement Reserve Account". Lender may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the date hereof Closing Date an initial deposit of $0 and (b) on each Payment Date an amount equal to $9,626.17 (thereafter the "Replacement Reserve Monthly Deposit") Deposit for replacements and repairs required expenses with respect to be made to Replacement incurred after the Property during the calendar year (collectively, the "Replacements")date hereof. Amounts so deposited shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Fund" ” and the account in which such amounts are held shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Account". .” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

Replacement Reserve Fund. Borrower shall pay to deposit with Lender on $0.00 for the date hereof and each Payment Date an amount equal to $9,626.17 (the "Replacement Reserve Monthly Deposit") for replacements and repairs required to be made to the Property during the calendar year (collectively, the "“Replacements"”) and Lender shall transfer such amount into a Subaccount (the “Replacement Reserve Subaccount”). Amounts so deposited shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Fund" and ”. Lender may reassess its estimate of the account in which such amounts are held shall hereinafter be referred to as amount necessary for the "Replacement Reserve Account". Lender Fund from time to time, and, following such reassessment, may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

Replacement Reserve Fund. Borrower shall pay to Lender on the date hereof and each Payment Date an amount equal to $9,626.17 (the "Replacement Reserve Monthly Deposit") Deposit for replacements and repairs required expenses with respect to be made to Replacement incurred after the Property during the calendar year (collectively, the "Replacements")date hereof. Amounts so deposited shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Fund" ” and the account in which such amounts are held shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Account". .” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

Replacement Reserve Fund. Borrower shall pay to Lender on the date hereof and each Payment Date an amount equal to $9,626.17 5,170.78 (the "Replacement Reserve Monthly Deposit") for replacements and repairs required to be made to the Property during the calendar year (collectively, the "Replacements"). Amounts so deposited shall hereinafter be referred to as the "Replacement Reserve Fund" and the account in which such amounts are held shall hereinafter be referred to as the "Replacement Reserve Account". Lender may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the date hereof Closing Date an initial deposit of $16,759 and (b) on each Payment Date an amount equal to $9,626.17 (thereafter the "Replacement Reserve Monthly Deposit") Deposit for replacements and repairs required expenses with respect to be made to Replacement incurred after the Property during the calendar year (collectively, the "Replacements")date hereof. Amounts so deposited shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Fund" ” and the account in which such amounts are held shall hereinafter be referred to as the "Borrower’s “Replacement Reserve Account". .” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.