Common use of Replacement Reserve Fund Clause in Contracts

Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date one-twelfth (1/12) of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties during the calendar year in order to maintain the Properties in a first class condition (collectively, the "REPLACEMENTS"). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as 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 notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Properties. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lender and credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Mortgage in accordance with Section 2.5 hereof.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $5,030.00 and (b) on each Payment Date one-twelfth (1/12) of the amount thereafter $5,030.00 (the "REPLACEMENT RESERVE MONTHLY DEPOSIT"“Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties any Individual Property during the calendar year in order to maintain the Properties in a first class condition (collectively, the "REPLACEMENTS"“Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" ’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT’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 PropertiesProperty (or any portion thereof). Any amount held in Lender agrees that all interest upon the Replacement Reserve Account and allocated for an Individual Property Fund shall be retained by Lender added to and credited toward become a part of the future Replacement Reserves Monthly Deposits required by Lender hereunder in Reserve Fund for the event such Individual Property is released from the Lien benefit of its related Mortgage in accordance with Section 2.5 hereofBorrower.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $8,009.00 and (b) on each Payment Date one-twelfth (1/12) of the amount thereafter $8,009.00 (the "REPLACEMENT RESERVE MONTHLY DEPOSIT"“Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties any Individual Property during the calendar year in order to maintain the Properties in a first class condition (collectively, the "REPLACEMENTS"“Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" ’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT’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 notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the PropertiesProperty (or any portion thereof). Any amount held in Lender agrees that all interest upon the Replacement Reserve Account and allocated for an Individual Property Fund shall be retained by Lender added to and credited toward become a part of the future Replacement Reserves Monthly Deposits required by Lender hereunder in Reserve Fund for the event such Individual Property is released from the Lien benefit of its related Mortgage in accordance with Section 2.5 hereofBorrower.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 and (b) on each Payment Date one-twelfth (1/12) of the amount thereafter $7,730.00 (the "REPLACEMENT RESERVE MONTHLY DEPOSIT"“Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties any Individual Property during the calendar year in order to maintain the Properties in a first class condition (collectively, the "REPLACEMENTS"“Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" ’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT." ’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 notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the PropertiesProperty (or any portion thereof). Any amount held in Lender agrees that all interest upon the Replacement Reserve Account and allocated for an Individual Property Fund shall be retained by Lender added to and credited toward become a part of the future Replacement Reserves Monthly Deposits required by Lender hereunder in Reserve Fund for the event such Individual Property is released from the Lien benefit of its related Mortgage in accordance with Section 2.5 hereofBorrower.

Replacement Reserve Fund. Borrower shall pay to Lender on each Payment Date date a payment of interest on the Loan is due one-twelfth (1/12) of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSITReplacement Reserve Monthly Deposit") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Individual Properties during the calendar year in order to maintain the Individual Properties in a first class condition (collectively, the "REPLACEMENTSReplacements"). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUNDReplacement Reserve Fund" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNTReplacement 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 notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Individual Properties. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lender and credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Mortgage in accordance with Section 2.5 hereofthe Loan Documents.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $3,392.00 and (b) on each Payment Date one-twelfth (1/12) of the amount thereafter $3,392.00 (the "REPLACEMENT RESERVE MONTHLY DEPOSIT"“Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties Property during the calendar year in order to maintain the Properties in a first class condition (collectively, the "REPLACEMENTS"“Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" ’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT’s “Replacement Reserve Account." ” Lender may reasonably 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 PropertiesProperty. Any amount held interest earned on the amounts on deposit in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lender added to and credited toward become a part of the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Mortgage in accordance with Section 2.5 hereofReserve Fund.