Common use of Replacement Reserves Clause in Contracts

Replacement Reserves. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in the Mortgage Replacement Reserve Agreement. (b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement and Mezzanine A Lender waives the requirements of Section 7.3 of the Mezzanine A Loan Agreement or (ii) the Mortgage Loan and the Mezzanine A Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that will operate in substantially the same way as the escrow required to be maintained under the Mortgage Replacement Reserve Agreement, but this sentence shall not be deemed to require Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement (or the applicable portion thereof) after Mortgage Borrower is no longer obligated to maintain same under the express provisions of the Mortgage Replacement Reserve Agreement.

Replacement Reserves. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in the Mortgage Replacement Reserve Agreement. (b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement and Mezzanine A Lender waives the requirements of Section 7.3 of the Mezzanine A Loan Agreement or (ii) the Mortgage Loan and the Mezzanine A Loan have has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that will operate in substantially the same way as the escrow required to be maintained under the Mortgage Replacement Reserve Agreement, but this sentence shall not be deemed to require Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement (or the applicable portion thereof) after Mortgage Borrower is no longer obligated to maintain same under the express provisions of the Mortgage Replacement Reserve Agreement.

Replacement Reserves. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 11.03 of the Mortgage Loan Agreement and any Replacement Reserve AgreementAgreement executed in accordance therewith. (b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain the escrow required Replacement Reserve pursuant to be maintained under the terms of Section 11.03 of the Mortgage Loan Agreement or any Replacement Reserve Agreement and Mezzanine A Lender waives the requirements of Section 7.3 of the Mezzanine A Loan Agreement executed in accordance therewith or (ii) the Mortgage Loan and the Mezzanine A Loan have has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that will operate in substantially the same way as the escrow required to be maintained under Replacement Reserve described in Section 11.03 of the Mortgage Loan Agreement and any Replacement Reserve AgreementAgreement executed in accordance therewith, but this sentence shall not be deemed to require Borrower to maintain the escrow required to be maintained under the Mortgage Replacement Reserve Agreement (or the applicable portion thereof) after Mortgage Borrower is no longer obligated to maintain same under the express provisions of the Mortgage Loan Agreement or any Replacement Reserve Agreement.Agreement executed in accordance therewith