Examples of Monthly Deposit in a sentence
Capital Replacement and Repair Reserve Monthly Deposit of $________.___ is ☐ Collected or ☐ Deferred ☐ One Time Capital Replacement Deposit of $__________ is required for Additional Capital Replacements.
If the Capital Replacement and Repair Reserve Monthly Deposit is shown as collected in Article I, then on each Payment Date under the Note, Borrower will pay to Lender the Capital Replacement and Repair Reserve Monthly Deposit amount shown in Article I (“Capital Replacement and Repair Reserve Fund”).
Notwithstanding the deferral of the Monthly Deposit, Borrower will be obligated to make the Required Capital Expenditures starting from the Mortgage origination date and continuing every year until the Indebtedness is paid in full.
Borrower will begin paying this revised Capital Replacement and Repair Reserve Monthly Deposit on the next Payment Date following its receipt of the Notice from Lender.
Commencing on the date the first installment of principal and/or interest is due under the Project Note and continuing on the same day of each successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Funding Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Project Note.