Common use of Replacement Reserve Clause in Contracts

Replacement Reserve. At the time of and in addition to the monthly installments of interest due under the Notes, Borrower shall pay to Lender, an amount equal to the product of Twenty-Five and No/100 Dollars ($25.00) multiplied by the number of units in the Project (the "REPLACEMENT RESERVE"). The Replacement Reserve funds shall be placed in an interest bearing account, with all interest earned to be credited to Borrower. On the Maturity Date, the monies then remaining on deposit with Lender shall be applied against the Indebtedness or if all Indebtedness has been indefeasibly paid in full, returned to Borrower. So long as no Event of Default is then continuing, Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at the Property which Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices, lien waivers and other evidence reasonably required by Lender.

Replacement Reserve. At Commencing on February 1, 2004, at the time of and in addition to the monthly installments of interest and principal due under the Notes, Borrower Borrowers shall pay to LenderAgent, for the benefit of Lenders, an amount equal to one twelfth of the product sum of Twenty-Five and No/100 Dollars ($25.00) multiplied by the number of units 360 per unit in the Project Projects (the "REPLACEMENT RESERVE"). The Replacement Reserve funds shall be placed in an interest bearing account, with all interest earned to be credited to BorrowerBorrowers. On the Maturity Date, the monies then remaining on deposit with Lender Agent shall be applied against the Indebtedness or if all Indebtedness has been indefeasibly paid in full, returned to BorrowerBorrowers. So long as no Event of Default is then continuing, Borrower Borrowers may request Lender to not more than once per calendar month that Agent disburse funds equal to at least $5,000.00 per request (in aggregate for all Borrowers) from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at the Property Projects which Borrower intends Borrowers intend to pay for with such funds), which request shall not be unreasonably denied by LenderAgent. If requested by LenderAgent, each disbursement request will be accompanied by copies of purchase orders, invoices, and lien waivers and other evidence reasonably required by LenderAgent.

Replacement Reserve. At the time of and in addition to the monthly ------------------- installments of interest due under the Notes, Borrower shall pay to LenderAgent, for the benefit of Lenders, an amount equal to the product of Twenty-Five and No/100 Dollars ($25.00) multiplied by the number of units in the Project (the "REPLACEMENT RESERVEReplacement Reserve"). The Replacement Reserve funds shall be placed in an interest bearing account, with all interest earned to be credited to Borrower. On the Maturity DateDate (as it may be extended), the monies then remaining on deposit with Lender Agent shall be applied against the Indebtedness or if all Indebtedness has been indefeasibly paid in full, returned to Borrower. So long as no Event of Default is then continuing, Borrower may request Lender Agent to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at the Property which Borrower intends to pay for with such funds), which request shall not be unreasonably denied by LenderAgent. If requested by LenderAgent, each disbursement request will be accompanied by copies of invoices, lien waivers and other evidence reasonably required by LenderAgent.