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��14�1�� 11 set forth there�n. Th� �xcess �f project income ��r property d�sburs�m�nts, as determin�d by HUD, shall b� treated as a re��ery of�onstruction c�st, ex��t as otherw�se allawed in Program �bligations. III. FiNAN�IAL iVIANA�ENlENT 9. PAYI�IENTS. �orr�wer sha�l make promptfy a�� payments due under the Nate, Se�u rity I nstrument, and th is Agr�ement. '�O.RESERVE F�R REPLACEI�IIENT. Barrower shal! �stablish and maintain a Reserv� f�r Re�lacem�nt accaunt f�r defraying certain casts of r�piac�ng major stru�tural elem�nts and mechani�al equipment of the Praj��t �r f�r any �ther purp�se. a. The R�serv� f�r Replac�ment shall be d�posited with Lender or in a safe and res�onsibie d�pvs'rt�ry designated �y Lender in accordance with Pragram �bligations. Su�h funds shall at all tim�s r�main under th� control �f Lender �r Lend�r's designe� and shall be he�d in acc�unt� �nsured or guarant�ed by a f�deral agency and in accordance vUith Pr��ram �bligations. b. Barr�wer shal! d�posit at �n�tial �r initia�lfina� end�rsement af the Not� an initial amount af$384,444.�'I, if applicable, and if not applicable, the amnunt deposited �ili b� �4; and B�rravUer shall d�p�s�t a month�y amount of�'1,59�.��, concurr�ntly with the ��ginning of payments towards amartizati�n �f th� Note un�ess a different date �r amount is established by H U D. At I�a�t �very ten years, �tar�ing fr�m the date of �nitia! or �nitiallfinal �ndors�ment of the Note, and more fr�quently at HUD's �ole d�scretion, B�rr�wer shali submit ta HUD a written analysis af its use of the Reserve for R�piacem�nt during the prior t�n y�ars and the project�d us� af the Reserve for Replacement in accordan�e with Pragram �bligati�ns. The amount �f th� m�nthly deposit may be increased �r decreas�d from �ime tv time at the written direction �f HUD w�thout a recorded am�ndm�nt t� this Agreement. �. Borrower shal� �arry the baiance in this accaunt on the financia� recards as a r�stricted asset. The R�s�rve for Re�lacement shall be �n��sted in accordance v�rith Program �bligations, and any inter�st �arn�d on the investment shall b� deposited in th� R�s�rve for Repiacement f�r use by the Praject in accordance with th�s Section ��, d. Disbursements from the Reser�e for Replac�ment shal� only be made aft�r cansent, in writing, �f HUD. �n th� ��ent �f a De�larafion of D�fault und�r th� terms of th� Secur�ty Instrument, pursuant to which the Indebtedne�� has been accelerat�d, a wr�tten n�tificat��n by H U D to Borrvwer �f a �ialation of�his Agreement or at such other times as determin�d solely by HUD, HUD may direct the ap��icat�on of the bafance in such acc�unt to th� am�unt due on th� �ndebtedn�ss as accelerated or f�r such �ther �u rp�s�s as may b� d�term i n�d sole ly by H U a. Previous ed�tions are obsolete; Regulatory Agr�ement HUD-9�465M�Rev. �41�1} Replaces farm HUD-92466 t��1�2}