Replacement Reserve Funds Sample Clauses
The Replacement Reserve Funds clause establishes a financial reserve set aside specifically for the repair or replacement of major property components, such as roofs, HVAC systems, or elevators. Typically, a portion of rental income or association dues is regularly deposited into this fund, and withdrawals are permitted only for qualifying capital expenditures. This clause ensures that sufficient funds are available to address significant maintenance needs, thereby protecting the property's value and preventing unexpected financial burdens on owners or tenants.
Replacement Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Replacement Reserve Account”) on each Monthly Payment Date an amount equal to $3,550 (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.2 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time (but not more than one (1) time in any twelve (12) month period) and may require Borrower to increase the monthly deposits required pursuant to this Section 8.2 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
(b) Lender shall disburse Replacement Reserve Funds only for Replacements. Lender shall disburse to Borrower the Replacement Reserve Funds upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Replacements to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Replacements, (B) stating that all Replacements at the Property to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Replacements, (C) identifying each Person that supplied materials or labor in connection with the Replacements to be funded by the requested disbursement and (D) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, if the cost of any individual Replacement exceeds $25,000, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of any individual Replacement exceeds $25,0...
Replacement Reserve Funds. Subject to Section 7.3.4 hereof, Borrower shall pay to Lender on each Payment Date the amount reasonably estimated by Lender in its sole discretion (the “Replacement Reserve Monthly Deposit”) to be due 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 Borrower’s “Replacement Reserve Funds” 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 Funds from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Account upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to properly maintain and operate the Property.
Replacement Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Residential Replacement Reserve Account”) on each Monthly Payment Date an amount equal to $562.50 (the “Residential Replacement Reserve Monthly Deposit”) for the Replacements required in connection with the residential units (“Residential Replacements”).
(b) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Office Replacement Reserve Account”) on each Monthly Payment Date an amount equal to $4,431.07 (the “Office Replacement Reserve Monthly Deposit” and the amounts deposited in the Office Replacement Reserve Account being herein referred to as the “Office Replacement Reserve Funds”) for the Replacements required in connection with the office space and common area space (“Office Replacements”), until such time as the amount deposited in the Office Replacement Reserve account is equal to $159,518.40 (the “Office Replacement Reserve Threshold”). Borrower shall replenish the Office Replacement Reserve Account (up to the Office Replacement Reserve Threshold) with Office Replacement Monthly Deposits if Borrower draws down the Office Replacement Reserve Account after the Office Replacement Reserve Threshold is met.
(c) Amounts deposited pursuant to this Section 8.2 are collectively referred to herein as the “Replacement Reserve Funds.” Lender may reassess its estimate of the amount necessary for Replacements from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 8.2 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
(d) Lender shall disburse Replacement Reserve Funds deposited in the Residential Replacement Reserve Account only for Residential Replacements, and shall disburse Replacement Reserve Funds deposited in the Office Replacement Reserve Account only for Office Replacements. Lender shall disburse to Borrower the applicable Replacement Reserve Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Replacements to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have ...
Replacement Reserve Funds. (a) Borrower shall deposit (to the extent not deposited pursuant to Section 9.3(f) hereof) into an Eligible Account held by Lender or Servicer (the “Replacement Reserve Account”) on each Monthly Payment Date an amount equal to the sum of (A)(i) one-twelfth (1/12th) of the aggregate square footage of each Medical Office Building that is not a Waived Replacement Reserve Property multiplied by thirty cents $0.30, (ii) one-twelfth (1/12th) of $421 multiplied by the Licensed Bed Capacity with respect to each Assisted Living Facility that is not a Waived Replacement Reserve Property, (iii) one-twelfth (1/12th) of $500 multiplied by the Licensed Bed Capacity with respect to each Skilled Nursing Facility that is not a Waived Replacement Reserve Property and (iv) one-twelfth (1/12th) of $1,000 multiplied by the Licensed Bed Capacity with respect to each Long-Term Acute Care Hospital that is not a Waived Replacement Reserve Property and (B) (A)(i) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of the aggregate square footage of each Medical Office Building with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period multiplied by thirty cents $0.30, (ii) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $421 multiplied by the Licensed Bed Capacity with respect to each Assisted Living Facility with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period, (iii) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $500 multiplied by the Licensed Bed Capacity with respect to each Skilled Nursing Facility with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period and (iv) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $1,000 multiplied by the Licensed Bed Capacity with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.2 and pursuant to Section 9.3(f) hereof are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time and, and may require Borrower to incr...
Replacement Reserve Funds. Section 8.3.
Replacement Reserve Funds. Borrower shall pay to Lender on each Payment Date an amount equal to the Replacement Reserve Monthly Deposit to fund the cost of Replacements; provided, however, that Replacements shall not include expense items that otherwise would be expensed in the operating statements of the Property pursuant to the Uniform System of Accounts and provided, further, that, for so long as Borrower and Operating Lessee maintain the Property in accordance with the Management Agreement, the Replacement Reserve Monthly Deposit shall be reduced on a dollar-for-dollar basis by any amounts either (x) deposited into the FF&E Account for the applicable calendar month as set forth in the Annual Budget and required pursuant to the terms of the Management Agreement if Borrower delivers evidence reasonably satisfactory to Lender that such deposit has been made or (y) otherwise accounted for pursuant to the Working Capital Peg Balance held in either Operating Account if Borrower delivers evidence reasonably satisfactory to Lender that the Working Capital Peg Balance sufficiently cover such amounts. Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”.
Replacement Reserve Funds. Subject to subsection 8.4(c) below, Borrowers shall deposit with Lender on each Monthly Payment Date an amount equal to $21,647.00 (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.4 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time (but not more than once per year) and, and may require Borrowers to increase the monthly deposits required pursuant to this Section 8.4 upon thirty
Replacement Reserve Funds. Upon the occurrence of a Cash Sweep Period, Borrower shall pay to Lender, on each Payment Date during the continuance of such Cash Sweep Period, one-twelfth (1/12th) of the product of $0.25 multiplied by the total number of aggregate rentable square feet comprising all of the Properties then subject to the lien of the Security Instruments (the “Replacement Reserve Monthly Deposit”), which amounts are reasonably estimated by Lender to be due for replacements, capital expenditures in accordance with any Approved Annual Budget, and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Any amount remaining in the Replacement Reserve Account (a) after the Debt has been paid in full shall be disbursed in accordance with Section 7.7(e) below, (b) after the Cash Sweep Period has ended shall be disbursed in accordance with Section 7.6.2 below, or (c) that is related to a Release Property pursuant to Section 2.5.2 or a Replaced Property pursuant to Section 2.5.3 shall be disbursed in accordance with Section 2.5.2 or Section 2.5.3, as applicable.
Replacement Reserve Funds. Borrower shall pay to Lender on each Payment Date Three Thousand One Hundred Thirteen and No/100 Dollars ($3,113.00) (the “Replacement Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for replacements and repairs that Lender has reasonably estimated, in its sole discretion, will be required to be made at the Property during the calendar year (collectively with the Required Repairs, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Funds” and the Subaccount in which such amounts are held shall hereinafter be referred to as Borrower’s “
Replacement Reserve Funds. (a) During the existence of a Reserve Trigger Period, Borrower shall deposit into an Eligible Account held by Administrative Agent, for the benefit of Lenders (the “Replacement Reserve Account”) on each Monthly Payment Date during such Reserve Trigger Period an amount equal to one-twelfth of $0.25 per rentable square foot per annum (the