Deferred Maintenance Deposit definition
Examples of Deferred Maintenance Deposit in a sentence
The Deferred Maintenance Deposit shall be used solely for the payment of the actual costs of the Scheduled Repairs.
All conditions, covenants and agreements set forth herein with respect to a disbursement from the Replacement Account shall apply to the disbursements from the Deferred Maintenance Deposit.
Upon completion of the Scheduled Repairs in accordance with the requirements hereof, the portion of the Deferred Maintenance Deposit remaining undisbursed, if any, shall be disbursed to Borrower.
The Deferred Maintenance Deposit shall be applied as provided in Section 4.1 of this Exhibit B.
If Lender determines that any Punch List Work or Deferred Maintenance Condition exists, the Punch List and Deferred Maintenance Deposit has been made, if Lender determines that the deposits are required to the Operating Reserve Account, the Operating Reserve Deposit has been made, and all other deposits to the Reserve Funds required by this Agreement have been made.
The insufficiency of any balance in the Reserve or the Deferred Maintenance Deposit shall not abrogate Borrower’s agreement to fulfill its obligations contained in this Security Instrument.
Borrower shall furnish such financial statements, invoices, records, papers and documents relating to the Property as Lender may reasonably require from time to time to make the determinations permitted or required to be made by Lender with respect to disbursements of the Deferred Maintenance Deposit and/or the Reserve.
In the event Lender determines that (i) the balance in the Reserve is less than the current estimated cost to complete the Work and pay the Leasing Commissions which Borrower, in the prudent operation of the Property can reasonably be anticipated to incur during the succeeding twenty four (24) months, or (ii) the balance of the Deferred Maintenance Deposit is less than the amount necessary to complete the Scheduled Repairs, Borrower shall deposit the shortage within ten (10) days of request by Lender.
The Deferred Maintenance Deposit shall be applied as provided in Section 4.1 hereof.
In the event that the Borrower shall not complete the Scheduled Repairs within such period of time the Borrower shall pay to the servicer administering the Deferred Maintenance Deposit the sum of $150.00 per month until the Scheduled Repairs are completed and approved.