Replacements and Replacement Reserve. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain any Replacement Reserve Fund (or to make deposits therein) pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement or (ii) the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same way as the applicable Replacement Reserve Fund described in Section 7.3 of the Mortgage Loan Agreement.
Appears in 2 contracts
Sources: Mezzanine Loan Agreement (Meristar Hospitality Operating Partnership Lp), Mezzanine Loan Agreement (Meristar Hospitality Corp)