Capital Replacement Reserve means the greater of (i) an amount equal to 3.22% of each Fiscal Year's Gross Golf Revenue, to be accrued quarterly by Landlord as part of the Capital Replacement Fund, as provided in Section 12.4 hereof, based on the Officer's Certificate, or (ii) Fifty Thousand Dollars ($50,000) per Fiscal Year.
Capital Replacement Reserve has the meaning set forth in Section 2.4(d).
Capital Replacement Reserve means a separate reserve fund account to be established upon closing of the permanent Primary Loan for the applicable Project and maintained by Developer separately for each Project, which shall equal not less than Two Hundred Fifty Dollars ($250) per year for each Housing Unit (i.e. 54 units in the Manchester Project (54 times $250 equals $13,500) and 65 units in the Orangewood Project (65 times $250 equals $16,250)), to be used as the primary resource to fund capital improvements and replacement improvements for the Projects. The amount of $250 for each Housing Unit that is set aside by the partnership (or its Property Manager) shall be allocated from the gross rents received from the applicable portion of the Site and deposited into a separate interest bearing trust account for capital replacements to the applicable Site’s fixtures and equipment that are normally capitalized under generally accepted accounting principles and shall include common areas. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs and improvements and to continue to maintain the Projects in the manner prescribed herein. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director an accounting for the Capital Replacement Reserve for each Project. Capital repairs to and replacement of each Project shall include only those items with a long useful life, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; sewer line replacement; water line replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget for each Project to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account for each Project and exercise her sole, reasonable discre...
Examples of Capital Replacement Reserve in a sentence
The Town shall maintain control over the Capital Replacement Reserve account and will provide annual reporting on expenditures, per Section 6(3) of this Agreement.
For the years 2021 – 2025, the Parties agree to each contribute annually to the Capital Replacement Reserve in the amount of $50,000.
More Definitions of Capital Replacement Reserve
Capital Replacement Reserve means the capital replacement reserve account established by the Borrower to help fund major repairs, capital expenditures, and replacement of capital items on the Property in accordance with the Annual Budget.Commencing one (1) month following repayment of the Capital One Construction Loan and closing and funding of the VHDA Permanent Loan, and annually thereafter during the Term, the Borrower shall deposit, or cause to be deposited, into the Capital Replacement Reserve (on an annualized basis) an amount equal to Three-Hundred and 00/100 Dollars ($300.00) per residential apartment unit Berkeley I Apartments for each Fiscal Year.Payments into the Capital Replacement Reserve shall be deposited in an interest-bearing bank account. Interest earned on the Capital Replacement Reserve shall be added to the Capital Replacement Reserve. Monies held in the Capital Replacement Reserve shall onlybe expended for major repairs, capital expenditures, and replacement of capital items on the Property pursuant to the terms of each Annual Budget or as otherwise approved in writing by the County Manager or his designee, provided, however, that if the VHDA Permanent Loan is outstanding, the Borrower shall be permitted to make expenditures approved by VHDA with prior written notice to the County Manager or his designee. To the extent that the payments into the Capital Replacement Reserve exceed the amount budgeted in the Annual Budget, such excess payments shall not be included to calculate the Residual Receipts, unless specifically approved in writing by the County Manager or his designee (to be granted or withheld in her sole discretion).
Capital Replacement Reserve means the reserve described in Section 4.14, into which periodic contributions are paid pursuant to Section 4.15.
Capital Replacement Reserve means the reserve described in Section 4.12.
Capital Replacement Reserve means a reserve fund to be established by the Participant as a capital reserve in the amount of One Thousand Dollars ($1,000.00) per Year (for the first Year), which shall remain fixed for the first five Years and then shall increase by fifty dollars ($50.00) per unit annually, to a maximum of Five Hundred Dollars ($500.00) per unit annually. The Capital Replacement Reserve is more fully described in Section 3.3 of this Agreement.
Capital Replacement Reserve means the reserve described in ss. 4.14, into which periodic contributions are paid pursuant to ss. 4.15.
Capital Replacement Reserve means an amount equal to $1,076,850 for Fiscal Year 1997 (pro rated from the Closing Date), $2,000,000 for Fiscal Year 1998 and for each Fiscal Year thereafter such amount increased by 3% per annum, compounded annually, through 2001 and 4% per annum thereafter, or such lesser amount as may be mutually agreed to by Borrower and Lender. Such amount shall be deposited by Borrower quarterly as part of the Capital Replacement Fund, as provided in Section 9.1 hereof.
Capital Replacement Reserve means amounts held in the Capital Replacement Reserve Account by the Borrower as a reserve intended to fund Consolidated Capital Expenditures.