Required Repair Funds. 70 7.1.1 Deposits .................................................... 70 7.1.2 Release of Required Repair Funds ............................ 70 Section 7.2 Tax and Insurance Escrow Fund ............................ 71 Section 7.3 Replacements and Replacement Reserve .................... 72 7.3.1
Required Repair Funds. (a) Borrower shall, or shall cause Mortgage Borrower to, perform the Required Repairs in accordance with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement.
Required Repair Funds. Borrower shall perform the repairs at the Project that are listed on Schedule 2.6(c) hereto (such repairs hereinafter collectively referred to as “Required Repairs”). Borrower shall complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule 2.6(c). On the date hereof, Borrower shall deposit with Lender an amount equal to $76,987.50 to perform the Required Repairs. Amounts so deposited with Lender shall hereinafter be referred to as Borrower’s “Required Repair Fund.” Subject to the terms and conditions of this Agreement, the Required Repair Fund shall be advanced by Lender to Borrower to fund or reimburse Borrower for the cost of Required Repairs in accordance with the conditions for replacements, repairs and capital improvements advances under Schedule 2.6(a). Any such funding or reimbursement will, with respect to each individual Required Repair, equal no more than 125% of the actual cost of such Required Repair. While an Event of Default exists, Lender shall not be obligated to advance to Borrower any portion of the Required Repair Fund, and while an Event of Default exists, Lender shall be entitled, without notice to Borrower, to apply any funds in the Required Repair Fund to fund completion of the Required Repairs or to satisfy the Obligations in such order, proportion and priority as Lender may determine in its sole discretion. Xxxxxx’s right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. Upon completion of the Required Repairs in accordance herewith, Lender shall disburse to Borrower any then remaining Required Repair Funds in the Required Repair Reserve.
Required Repair Funds. 67 Section 7.2 Tax and Insurance Escrow Fund..............................68 Section 7.3 Replacements and Replacement Reserve.......................68 Section 7.4 Rollover Reserve...........................................73 -i- TABLE OF CONTENTS (continued) PAGE
Required Repair Funds. 70 Section 7.2 Tax and Insurance Escrow Fund.............................71 Section 7.3 Replacements and Replacement Reserve......................72 Section 7.4 Rollover Reserve..........................................77 Section 7.5 Earn Out Letter of Credit.................................78 Section 7.6 Reserve Funds, Generally..................................79 Section 7.7 Letter of Credit Rights...................................80 ARTICLE 8 - DEFAULTS.......................................................80 Section 8.1 Event of Default..........................................80 Section 8.2 Remedies..................................................82 Section 8.3 Remedies Cumulative; Waivers..............................84
Required Repair Funds. Section 7.2 Tax and Insurance Escrow Fund Section 7.3 Replacements and Replacement Reserve
Required Repair Funds. Borrower shall, or shall cause Mortgage Borrower to, perform the Required Repairs in accordance with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. In the event that the Required Repair Funds (as defined in the Mortgage Loan Agreement) are transferred to Lender pursuant to Section 7.7 of this Agreement and [Section 3.1(b)] of the Mezzanine Cash Management Agreement, the amounts so transferred shall be held by Lender and disbursed in accordance with the provisions of Section 7.1 of the Mortgage Loan Agreement, as in effect on the Closing Date. All such amounts so deposited shall hereinafter be referred to as the “Required Repair Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Required Repair Account”.
Required Repair Funds. Section 7.2 Tax and Insurance Escrow Fund Section 7.3 Replacements and Replacement Reserve Section 7.4 Intentionally Deleted Section 7.5 Intentionally Deleted Section 7.6 Intentionally Deleted Section 7.7 Reserve Funds, Generally
Required Repair Funds. 88 7.1.1 Deposits....................................................... 88 7.1.2 Release of Required Repair Funds............................... 89 SECTION 7.2 Tax and Insurance Escrow Fund.................................. 90 SECTION 7.3 Replacements and FF&E Reserve.................................. 91 7.3.1 FF&E Reserve Fund.............................................. 91 7.3.2 Disbursements from FF&E Reserve Account........................ 91 7.3.3 Performance of Replacements.................................... 92 7.3.4 Failure to Make Replacements................................... 94 7.3.5 Balance in the FF&E Reserve Account............................ 95 SECTION 7.4 PEP Reserve Funds.............................................. 95 7.4.1 Deposits....................................................... 95 7.4.2 Release of PEP Reserve Funds................................... 95 SECTION 7.5 [Reserved]..................................................... 97 SECTION 7.6 Low DSCR Reserve............................................... 97 SECTION 7.7 Reserve Funds, Generally....................................... 97
Required Repair Funds. Borrower shall perform the repairs at the Project that are listed on Schedule 2.6(c) hereto (such repairs hereinafter collectively referred to as “Required Repairs”). Borrower shall complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule 2.6(c). On the date hereof, Borrower shall deposit with Lender an amount equal to $723,932.50 to perform the Required Repairs. Amounts so deposited with Lender shall hereinafter be referred to as Borrower’s “
