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AMENDMENT TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (Replacement Reserve Modification to Alternate Funding) This AMENDMENT TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (this Amendment) dated as of,
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Replacement reserve modification is used to allocate funds for the replacement of major components in a property.
Property owners or managers are required to file replacement reserve modification.
Replacement reserve modification forms can typically be filled out online or submitted through a property management system.
The purpose of replacement reserve modification is to ensure that funds are set aside for future property maintenance and repairs.
Information such as the estimated cost of replacements, timelines for replacement, and justification for the need of funds must be reported on replacement reserve modification.
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