Replacement Reserve

Requirements

You must determine whether to require monthly deposits to the Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property..  If you do not require funding, then you and the BorrowerBorrowerPerson who is the obligor under the Note. must execute either

• the appropriate Modifications to Multifamily Loan and Security Agreement (Replacement Reserve – Partially or Fully Waived) (Form 6620 series), or
• the Modifications to Multifamily Loan and Security Agreement (Replacement Reserve – Alternative Funding) (Form 6221 series).