Examples of Repair Reserve Deposit in a sentence
Borrower may except from the certificate described in the preceding sentence any claim(s) that Borrower intends to contest, provided that any such claim is described in Borrower’s certificate and Borrower certifies to Funding Lender that the money in the Repair Reserve Fund from the applicable Repair Reserve Deposit is sufficient to make payment of the full amount which might in any event be payable in order to satisfy such claim(s).
Borrower may except from the certificate described in the preceding sentence any claim(s) that Borrower intends to contest, provided that any such claim is described in Borrower’s certificate and Borrower certifies to Lender that the money in the Repair Reserve Fund from the applicable Repair Reserve Deposit is sufficient to make payment of the full amount which might in any event be payable in order to satisfy such claim(s).
Remaining Reserve Funds Deposit Type Amount Deposited into Replacement Reserve Fund Returned to Borrower ☐ Repair Reserve Deposit $________________ ☐ ☐ ☐ Radon Remediation Deposit $________________ ☐ ☐ ☐ Green Repair Reserve Deposit $________________ ☐ ☐ ☐ Other: [describe] $________________ ☐ ☐ Disbursement requests under Section 4.03(g) are limited to once every __ days and a minimum aggregate amount of $_________ during such period (“Repair Disbursement Timing and Amount Limitations”).
If the Green Repair Reserve Deposit is checked in the Summary, then the Green Repair Reserve Deposit must be used solely for the Green Improvements.
If a Green Repair Reserve Deposit is marked required in Section 1.03, then on the Closing Date, Borrower will deposit the amount set forth in Section 1.03 into the Repair Reserve Fund to be used for Green Improvements.