RESERVE FOR REPLACEMENTS ESCROW Sample Clauses

RESERVE FOR REPLACEMENTS ESCROW. Mortgagor shall, on demand and concurrently therewith, in addition to the monthly installments of principal and interest under the terms of the Note, pay to the Mortgagee monthly during the Amortization Period (as such term is defined in the Permanent Loan Note), or at such other time as may be determined by the Mortgagee in its sole discretion, an amount of [$ ], or such other amount as may be determined by the Mortgagee in its sole discretion (the “Reserve Fund Escrow Funds”). The Reserve Fund Escrow Funds, plus any interest or other earnings thereon, shall at all times be under the sole control of the Mortgagee, and shall be subject to annual adjustment. The Reserve Fund Escrow Funds shall be held in escrow and Mortgagee shall permit disbursements from the Reserve Fund Escrow only for the purpose of effecting replacement of structural elements and mechanical equipment of the Development or for improvements thereto or for other purposes related to the Development as determined by the President-Executive Director of the Mortgagee. Such disbursements shall only be made upon the written direction or consent of the Mortgagee. The Mortgagee shall have no liability for deficiencies in the Reserve Fund Escrow arising from Mortgagor’s failure to timely or adequately fund deposits therein.
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Related to RESERVE FOR REPLACEMENTS ESCROW

  • Maintenance, Repair and Replacement Subject to the provisions of Article 10.00 and payment by the Tenant of Rent, the Landlord shall operate, maintain, repair and replace the systems, facilities and equipment necessary for the proper operation of the Project and for provision of the Landlord's Services set out in Section 6.02 (except as may be installed by or be the property of the Tenant) and shall maintain and repair the foundations, structure and roof of the Building and repair damage to the Building which the Landlord is obligated to insure against under Article 9.00, provided that:

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • FILOT Payments on Replacement Property If the Company or any Sponsor Affiliate elects to replace any Removed Components and to substitute such Removed Components with Replacement Property as a part of the Economic Development Property, or the Company or any Sponsor Affiliate otherwise utilizes Replacement Property, then, pursuant and subject to the provisions of Section 12-44-60 of the FILOT Act, the Company or such Sponsor Affiliate shall make statutory payments in lieu of ad valorem taxes with regard to such Replacement Property in accordance with the following:

  • Reserve Funds Section 7.1.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Deposits into Escrow Account The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account:

  • Maintenance & Repairs 5.1 Lessee shall at all times be responsible for maintaining at its own expense the leased premises in a clean, orderly and safety condition, except as hereinafter provided. Lessee shall be responsible, at its own expense, to clean and maintain all trade fixtures, machinery and equipment furnished by Lessee within the leased premises. Lessee shall be responsible to deposit normal office waste and rubbish at a location at the Central School as designated by Lessor.

  • MAINTENANCE & REPAIR Tenant agrees that if there is any delay in maintenance or repairs for reasons beyond Landlord's control, this shall have no effect on Tenant's obligations under this lease.

  • Requirements to Establish Escrow Accounts 11.10.1 To be acceptable, the Third Party escrow agent must meet all of the following criteria:

  • Repair and Replacement Subject to obtaining prior written permission of the Authority and any instructions/specifications issued by the Authority, the Operator may if need so arises, replace or install any equipment or accessory for beyond the specifications inside or on the outside of the Contracted Buses. In the event the Operator replaces or installs any equipment or accessory in accordance with this provision, it shall ensure that such additional equipment or accessory is compatible with the existing bus components, parts, software, accessories, or equipment.

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