Reserve for Replacements. The Partnership shall fund, establish and maintain a reserve account in an amount required by the FmHA Loan Agreement which funds shall be used in accordance with FmHA Regulation 7 CFR Part 1930-C, or any successor thereof, as evidenced by the FmHA Loan Agreement.
Reserve for Replacements. 26 8.3 Tax and Insurance Account....................... 26 8.4
Reserve for Replacements. The Partnership shall fund, establish and maintain a reserve account in an amount required by the RD Loan Agreement which funds shall be used in accordance with RD Regulation 7 CFR Part 1930-C, or any successor thereof, as evidenced by the RD Loan Agreement.
Reserve for Replacements. Commencing on the earlier of the first day of the calendar month commencing after Completion or Final Endorsement, the Partnership shall fund the Reserve For Replacements in an amount equal to $350.00 per apartment per year, increasing by 3% per year. The annual amount of contributions to the Reserve For Replacements shall be funded in 12 equal monthly payments, provided that the General Partner shall increase the minimum funding of the Reserve For Replacements if necessary to comply with sound asset management principles. With the Consent of AHF, the General Partner may make withdrawals from the Reserve For Replacements solely for the purpose of paying the cost of capital items, which shall consist of the acquisition or replacement of property expected to have a useful life of ten years or more and the cost of repairs to property that will extend the useful life of such property by ten years or more. Examples of such capital items and repairs are outlined in Exhibit L attached hereto. If the Project Loan Documents impose stricter requirements regarding the funding and/or use of Reserve For Replacements, such stricter requirements shall apply.
Reserve for Replacements. The Project Owner shall establish a Reserve for Replacements, disbursements from which will be governed by the HAP Contract. No later than the date specified on the first page of this Agreement, unless such date is extended in writing by HUD, the Project Owner shall make an Initial Deposit to the Reserve for Replacements. If “Substantial Completion” is used in lieu of a specific date on the first page of this Agreement, “Substantial Completion” shall mean the date thirty (30) days following completion of those portions of the Work which represent 95% of the dollar amount of the Work, as such dollar amount may be adjusted by any change orders necessary to complete the Work. The Initial Deposit to the Reserve for Replacements shall be in an amount equal to the greater of the amount set forth on the first page of this Agreement and the amount set forth in the Sources and Uses attached as Exhibit A. In addition, the Project Owner shall make monthly deposits into the Reserve for Replacements, each of which shall be equal to the greater of the amount set forth on the first page of this Agreement and the amount set forth in the HAP Contract, which monthly deposits shall commence no later than the date specified on the first page of this Agreement. After twelve months of monthly payments into the Reserve for Replacements, the monthly deposit shall be governed exclusively by the HAP Contract and shall be adjusted annually in accordance with the HAP Contract and Program Requirements.
Reserve for Replacements. The escrow fund established under the regulatory agreement for the purpose of ensuring the availability of funds for needed re- pair and replacement costs. Resident Council. Any incorporated nonprofit organization or association in which membership is available to all the tenants, and only the tenants, of a particular project and—
Reserve for Replacements. The escrow fund established under the regulatory agreement for the purpose of ensuring the availability of funds for needed re- pair and replacement costs.
Reserve for Replacements. The General Partner shall cause the Partnership, out of funds available to the Partnership, to fund, establish and maintain a reserve account in an amount required by the FmHA Loan Agreement which funds shall be used in accordance with FmHA Regulation 7 CFR Part 1930-C, or any successor thereof, as evidenced by the FmHA Loan Agreement.
Reserve for Replacements. The General Partner shall cause Autumn Ridge, Pontiac and Xxxxxxx, out of funds available to the Partnership only and not out of funds of the General Partner individually, to fund, establish and maintain a reserve account for Autumn Ridge, Pontiac and Xxxxxxx in an amount required by the FmHA Loan Agreement which funds shall be used in accordance with FmHA Regulation 7 CFR Part 1930-C, or any successor thereof, as evidenced by the FmHA Loan Agreement.
Reserve for Replacements. The Partnership shall fund, establish and maintain a reserve account in an amount required by the Mortgage lenders, or any successor thereof.
