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201302390 12 amount is established by HUD. At least every ten years, starting from the date of initial or initial /final endorsement of the Note, and more frequently at HUD's sole discretion, Borrower shall submit to HUD a written analysis of its use of the Reserve for Replacement during the prior ten years and the projected use of the Reserve for Replacement in accordance with Program Obligations. The amount of the monthly deposit may be increased or decreased from time to time at the written direction of HUD without a recorded amendment to this Agreement. c. Borrower shall carry the balance in this account on the financial records as a restricted asset. The Reserve for Replacement shall be invested in accordance with Program Obligations, and any interest earned on the investment shall be deposited in the Reserve for Replacement for use by the Project in accordance with this Section 10. d. Disbursements from the Reserve for Replacement shall only be made after consent, in writing, of HUD. In the event of a Declaration of Default under the terms of the Security Instrument, pursuant to which the Indebtedness has been accelerated, a written notification by HUD to Borrower of a violation of this Agreement or at such other times as determined solely by HUD, HUD may direct the application of the balance in such account to the amount due on the Indebtedness as accelerated or for such other purposes as may be determined solely by HUD. e. In the case of a transfer of the Mortgaged Property where the Project is already subject to a Security Instrument insured or held by HUD as of the date hereof, and this Agreement is now being executed by Borrower as of the date hereof, the Reserve for Replacement now to be established shall be equal to the amount due to be in such account under this Agreement, and payments hereunder shall begin with the first payment due on the Security Instrument after acquisition, unless some other method of establishing and maintaining the account is approved in writing by HUD. f. Upon Borrower's full satisfaction of all HUD obligations, Borrower shall receive any monies remaining in the Reserve for Replacement. 11. RESIDUAL RECEIPTS. Section 221(d)(3) and 231 Non - Profit, Public Body, and Limited Dividend Borrowers shall establish and maintain, in addition to the Reserve for Replacement, a Residual Receipts account by depositing with Lender the Residual Receipts within ninety (90) days after the end of the annual fiscal period within which such receipts are realized. Such account shall be held by Lender or by a safe and responsible depository designated by Lender in accordance with Program Obligations, in an interest - bearing account which shall be insured or guaranteed by a federal agency and in accordance with Program Obligations. The Residual Receipts shall be under the control of HUD, and shall be disbursed only on the direction of HUD, which shall have Previous editions are obsolete; Regulatory Agreement HUD- 92466M (Rev. 04/11) Replaces form HUD -92466 (11/02)