Common use of Establishment and Maintenance of Reserve Accounts Clause in Contracts

Establishment and Maintenance of Reserve Accounts. Borrower shall establish with Lender, or if Lender is not a depository institution or if Lender shall otherwise elect, a depository institution designated by Lender, the following subaccounts of the Deposit Account which shall be maintained on a ledger entry basis: (a) an account (the “Low NOI Reserve Account”), which shall be maintained in accordance with Section 9.2.3 hereof; (b) an account (the “Debt Service Reserve Account”), which shall be maintained in accordance with Section 9.2.7 hereof; and (c) an account (the “FF&E Reserve Account”), which shall be maintained in accordance with Section 9.2.8 hereof. (d) an account (the “Required Repairs Reserve Account”) into which the amount of $443,437.50 will be deposited by Borrower for the payment of the cost of completing the Required Repairs; which account shall be maintained in accordance with Section 9.2.2 hereof. (e) an account (the “Credit Line Account”), which shall be maintained in accordance with Section 9.2.4 hereof. (f) an account (the “Capital Expenditure Reserve Account”), which shall be maintained in accordance with Section 9.2.5 hereof.

Establishment and Maintenance of Reserve Accounts. Borrower shall establish with Lender, or if Lender is not a depository institution or if Lender shall otherwise elect, a depository institution designated by Lender, the following subaccounts of the Deposit Account which shall be maintained on a ledger entry basis: (a) an account (the “Low NOI Reserve Account”), which shall be maintained in accordance with Section 9.2.3 hereof; (b) a. an account (the “Debt Service Reserve Account”), which shall be maintained in accordance with Section 9.2.7 hereof; and; b. an account (c) the “Operating Expense Reserve Account”), which shall be maintained in accordance with Section 9.2.3 hereof; c. an account (the “FF&E Reserve Account”), which shall be maintained in accordance with Section 9.2.8 hereof.; d. an account (d) the “Seasonality Reserve Account”), which shall be maintained in accordance with Section 9.2.9 hereof; e. an account (the “Required Prepayment Reserve Account”), which shall be maintained in accordance with Section 9.2.6 hereof; and f. an account (the “Required Repairs Reserve Account”) into which the amount of $443,437.50 will be 5,781,562.50 was deposited by Borrower on the Closing Date for the payment of the cost of completing the Required Repairs; which account shall be maintained in accordance with Section 9.2.2 hereof. (e) an account (the “Credit Line Account”), which shall be maintained in accordance with Section 9.2.4 hereof. (f) an account (the “Capital Expenditure Reserve Account”), which shall be maintained in accordance with Section 9.2.5 hereof.