Repair and replacement reserve definition

Repair and replacement reserve means a reserve fund maintained by the executive board of a condominium or cooperative solely for the repair and replacement of common elements, and for no other purpose, including operating budget shortfalls or other expenditures appropriately addressed by a contingency reserve.
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Repair and replacement reserve means a reserve fund maintained by the council solely for the repair and replacement of common elements, and for no other purpose (including operating budget shortfalls or other expenditures appropriate to a contingency reserve).
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Repair and replacement reserve means a reserve fund maintained by the council solely for the repair and
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Examples of Repair and replacement reserve in a sentence

  • Any funds remaining in the Repair and Replacement Reserve upon the expiration of the Leases shall be returned to LESSEES.

  • Any funds remaining in the Repair and Replacement Reserve upon the expiration of the lease shall be returned to LESSEE.

  • Commencing on the Sale Closing Date and on each January 1st thereafter, LESSEE will be required to make annual deposits into a repair and replacement reserve (the "Repair and Replacement Reserve"), at a financial institution of MPT's choosing, in an amount to be agreed upon by MPT and LESSEE.

  • Commencing on the date that construction has been completed and on each January 1st thereafter, LESSEE will be required to make annual deposits into a repair and replacement reserve (the 'Repair and Replacement Reserve"), at a financial institution of MPT's choosing, in the amount of Two Thousand Five Hundred Dollars ($2500) per bed, increasing each January 1st by Two and One-Half Percent (2.5%).

  • Any funds remaining in the Repair and Replacement Reserve upon the expiration of the Lease shall be returned to LESSEE.

  • LESSEES will be required to make annual deposits into a repair and replacement reserve (the "Repair and Replacement Reserve"), at a financial institution of MPT's choosing, in an amount to be agreed upon by MPT and LESSEES.

  • Until Lender assumes exclusive control, Borrower may issue instructions with respect to the disbursement and use of funds in the Repair and Replacement Reserve Account and the Mortgage Payment Reserve Account, provided that such instructions are in compliance with the provisions of this Agreement and the other Loan Documents.


More Definitions of Repair and replacement reserve

Repair and replacement reserve means a reserve fund maintained by the executive board of a condominium
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Repair and replacement reserve has the meaning given to it in Section 3.3.
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Related to Repair and replacement reserve

  • Repairs means the repairs to be made to the Mortgaged Property, as described on the Repair Schedule of Work (Exhibit C) or as otherwise required by Lender in accordance with this Loan Agreement.

  • Repair means to restore to proper operating condition a tank, pipe, spill prevention equipment, overfill prevention equipment, corrosion protection equipment, release detection equipment or other UST system component that has caused a release of product from the UST system or has failed to function properly.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.