Common use of Replacement Reserves Clause in Contracts

Replacement Reserves. Collection of monthly Replacement Reserve deposits will be required with respect to each Mortgage. F▇▇▇▇▇▇ Mac will determine in its discretion the amount of any initial deposit and the monthly deposits under each Replacement Reserve Agreement. The amount of any initial deposit and the monthly deposits under a Replacement Reserve Agreement shall be set forth in the Commitment for such Mortgage. Notwithstanding the foregoing, F▇▇▇▇▇▇ Mac will consider deferring collection of monthly Replacement Reserve deposits on a Loan by Loan basis, provided that such Loan meet F▇▇▇▇▇▇ Mac's then-current underwriting and credit requirements for deferrals of Replacement Reserve deposits. As a condition of any such deferral, the applicable Borrower will be obligated to make capital replacements to the applicable Property, on an annual basis, in an amount not less than the engineer’s recommended amount.

Replacement Reserves. Collection of monthly Replacement Reserve deposits will be required with respect to each Mortgage. F▇▇▇▇▇▇▇ Mac will determine in its discretion the amount of any initial deposit and the monthly deposits under each Replacement Reserve Agreement. The amount of any initial deposit and the monthly deposits under a Replacement Reserve Agreement shall be set forth in the Commitment for such Mortgage. Notwithstanding the foregoing, F▇▇▇▇▇▇▇ Mac will consider deferring collection of monthly Replacement Reserve deposits on a Loan by Loan basis, provided that such Loan meet F▇▇▇▇▇▇▇ Mac's then-current underwriting and credit requirements for deferrals of Replacement Reserve deposits. As a condition of any such deferral, the applicable Borrower will be obligated to make capital replacements to the applicable Property, on an annual basis, in an amount not less than the engineer’s recommended amount.