Replacement Reserve Agreement, dated July 28, 2010



 EXHIBIT 10.7 
 Freddie Mac Loan No. 968731503 
 Property Name: Evergreen at Coursey Place Apartments

 REPLACEMENT RESERVE AGREEMENT-CME 
 (REVISION DATE 3-31-08) 
 This REPLACEMENT RESERVE AGREEMENT
(“Agreement”) is made and entered into, to be effective as of July 28, 2011, by and between EVERGREEN AT COURSEY PLACE, LLC, a Delaware limited liability company (“Borrower”), and DEUTSCHE BANK BERKSHIRE MORTGAGE,
INC., a Delaware corporation (“Lender”) and its successors and assigns. 
 W I T N E S S E T H:

 WHEREAS, Lender has agreed to make and Borrower has agreed to accept the Loan, which is to be evidenced by the Note and
secured by the Security Instrument encumbering the Land and the Improvements. The Land is described on Exhibit “A” attached to this Agreement; and 
 WHEREAS, as a condition of making the Loan, Lender is requiring Borrower to establish the Replacement Reserve Fund for the funding of Capital Replacements throughout the Loan term. 

NOW, THEREFORE, for and in consideration of the Loan, the mutual promises and covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower agree as follows: 
  

	1.	Definitions. The following terms used in this Agreement shall have the meanings set forth below in this Section 1. Any term used in this Agreement and not
defined shall have the meaning given to that term in the Security Instrument. 

  

	 	(a)	“Capital Replacement” means the replacement of those items listed on Exhibit “B” of this Agreement and such other replacements of equipment,
major components or capital systems related to the Improvements as may be approved in writing or required by Lender. 

  

	 	(b)	“Disbursement Period” means the interval between disbursements from the Replacement Reserve Fund, which interval shall be no shorter than once a month.


  

	 	(c)	“Improvements” means the buildings, Personal Property and improvements situated upon the Land, currently constituting a multifamily apartment project known as
Evergreen at Coursey Place Apartments. 


  
  

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	 	(d)	“Initial Deposit” means the amount of Zero Dollars ($0.00) made as of the date of this Agreement. 


 

	 	(e)	“Inspection Fee” means a fee for performing any inspection required by this Agreement in an amount not to exceed Five Hundred and 00/100 Dollars ($500.00) per
inspection. 

  

	 	(f)	“Investment Fee” means a one time fee for establishing the Replacement Reserve Fund in the amount of Five Hundred and 00/100 Dollars ($500.00).


  

	 	(g)	“Loan” means the loan from Lender to Borrower in the original principal amount of Twenty-Eight Million Five Hundred Thousand and 00/100 Dollars
($28,500,000.00), as evidenced by the Note and secured by the Security Instrument. 

  

	 	(h)	“Minimum Disbursement Request Amount” means Five Thousand and 00/100 Dollars ($5,000.00). 


 

	 	(i)	“Monthly Deposit” means the amount of Eight Thousand Eight Hundred and 00/100 Dollars ($8,800.00) per month to be deposited into the Replacement Reserve Fund
in accordance with this Agreement. 

  

	 	(j)	“Property” means the Land and Improvements. 

  

	 	(k)	“Replacement Reserve Deposit” means the Initial Deposit, the Monthly Deposit and/or the Revised Monthly Deposit, as appropriate. 


 

	 	(1)	“Replacement Reserve Fund” means the account established pursuant to this Agreement to defray the costs of Capital Replacements. 


 

	 	(m)	“Revised Monthly Deposit” means the adjusted amount per month that Lender determines Borrower must deposit in the Replacement Reserve Fund following any
adjustment determination by Lender pursuant to Section 2(a)(iii), below. 

  

	 	(n)	“Security Instrument” means the mortgage, deed of trust, deed to secure debt, or other similar security instrument encumbering the Property and securing
Borrower’s performance of its Loan obligations. 

  

	2.	Replacement Reserve Fund. 

  

	 	(a)	Establishment; Funding; Adjustment. 

  

	 	(i)	Upon the closing of the Loan, the parties shall establish the Replacement Reserve Fund and, if required by Lender, Borrower shall pay the Initial Deposit to Lender for
deposit into the Replacement Reserve Fund. 


  
  

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	 	(ii)	Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day of each successive month until the Loan
is paid in full, Borrower shall pay the Monthly Deposit to Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and interest as required by the Note and Security Instrument.


  

	 	(iii)	Lender reserves the right to adjust the amount of the Monthly Deposit based on Lender’s assessment of the physical condition of the Property. Lender will not make
such an adjustment prior to the date that is 120 months after the first installment due date, nor more frequently than every 10 years thereafter during the term of the Loan, Upon written notice from Lender or Loan Servicer, Borrower shall begin
paying the Revised Monthly Deposit on the first monthly payment date that is at least 30 days after the date of Lender’s or Loan Servicer’s notice. If Lender or Loan Servicer does not provide Borrower with written notice of a Revised
Monthly Deposit, Borrower shall continue to pay the Monthly Deposit or the Revised Monthly Deposit then in effect. 

  

	 	(iv)	In the event the Borrower entered into a Repair Escrow Agreement with Lender in connection with the Loan, Borrower acknowledges that a transfer of funds into the
Replacement Reserve Fund made pursuant to Section 17 of such Repair Escrow Agreement shall not alter or reduce the amount of any Monthly Deposits due under the terms of this Agreement. 


 

	 	(b)	Investment of Deposits. Borrower acknowledges that the Replacement Reserve Fund shall be deposited in an Eligible Account at an Eligible Institution or invested
in “permitted investments” as then defined and required by the Rating Agencies, and, unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Replacement Reserve Fund. Lender
shall be entitled to deduct the Investment Fee from the Replacement Reserve Fund for establishing the Replacement Reserve. 

  

	 	(c)	Use. Subject to the pledge and security interest and other rights of Lender set forth in this Agreement, the Replacement Reserve Fund shall be maintained for the
payment of the costs of the Capital Replacements identified on Exhibit B. 

  

	3.	Performance of Capital Replacements; Disbursements. 

  

	 	(a)	Requests for Disbursement. Lender shall disburse funds from the Replacement Reserve Fund, in its sole discretion, as follows: 


  
  

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	 	(i)	Borrower’s Request. If Borrower determines, at any time or from time to time, that a Capital Replacement is necessary or desirable, Borrower shall perform
such Capital Replacement and request from Lender, in writing, reimbursement for such Capital Replacement. Borrower’s request for reimbursement shall include (A) a detailed description of the Capital Replacement performed, together with
evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid and (B) lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement, if required by Lender.


  

	 	(ii)	Lender’s Request. If Lender shall reasonably determine at any time or from time to time, that a Capital Replacement is necessary for the proper maintenance
of the Property, it shall so notify Borrower, in writing, requesting that Borrower obtain and submit to Lender bids for all labor and materials required in connection with such Capital Replacement. Borrower shall submit such bids and a time schedule
for completing each Capital Replacement to Lender within thirty (30) days after Borrower’s receipt of Lender’s written notice. Borrower shall perform such Capital Replacement and request from Lender, in writing, reimbursement for such
Capital Replacement. Borrower’s request for reimbursement shall include (A) a detailed description of the Capital Replacement performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been
paid and (B) lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement, if required by Lender. 


 

	 	(b)	Conditions Precedent. Disbursement from the Replacement Reserve Fund shall be made no more frequently than once every Disbursement Period and, except for the
final disbursement, no disbursement shall be made in an amount less than the Minimum Disbursement Request Amount. Disbursements shall be made only if the following conditions precedent have been satisfied, as reasonably determined by Lender:


  

	 	(i)	Payment for Capital Replacement. The Capital Replacement has been performed and/or installed on the Property in a good and workmanlike manner with suitable
materials (or in the case of a partial disbursement, performed and/or installed on the Property to an acceptable stage) and paid for by Borrower as evidenced by copies of all applicable paid invoices or bills submitted to Lender by Borrower at the
time Borrower requests disbursement from the Replacement Reserve Fund. 

  

	 	(ii)	No Default. There is no condition, event or act that would constitute a default (with or without notice and/or lapse of time) under this Agreement or any other
Loan Document. 


  
  

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	 	(iii)	Representations and Warranties. All representations and warranties of Borrower set forth in this Agreement and in the Loan Documents are true in all material
respects. 

  

	 	(iv)	Continuing Compliance. Borrower is in full compliance with the provisions of this Agreement, the other Loan Documents and any request or demand by Lender
permitted hereby. 

  

	 	(v)	No Lien Claim. No lien or claim based on furnishing labor or materials has been filed or asserted against the Property, unless Borrower has properly provided
bond or other security against loss in accordance with applicable law. 

  

	 	(vi)	Approvals. All licenses, permits, and approvals of governmental authorities required for the Capital Replacement as completed to the applicable stage have been
obtained. 

  

	 	(vii)	Legal Compliance. The Capital Replacement as completed to the applicable stage does not violate any laws, ordinance, rules or regulations, or building lines or
restrictions applicable to the Property. 

  

	4.	 Right to Complete Capital Replacements. If Borrower abandons or fails to proceed diligently to undertake and/or complete any Capital Replacement
in a timely fashion or is otherwise in default under this Agreement for 30 days after written notice of such failure by Lender to Borrower, Lender shall have the right (but not the obligation) to enter upon the Property and take over and cause the
completion of such Capital Replacement. However, no such notice or grace period shall apply in the case of such failure which could, in Lender’s judgment, absent immediate exercise by Lender of a right or remedy under this Agreement, result in
harm to Lender or impairment of the security given under the Security Instrument or any other Loan Document. Any contracts entered into or indebtedness incurred upon the exercise of such right may be in the name of Borrower, and Lender is hereby
irrevocably appointed the attorney in fact of Borrower, such appointment being coupled with an interest, to enter into such contracts, incur such obligations, enforce any contracts or agreements made by or on behalf of Borrower (including the
prosecution and defense of all actions and proceedings in connection with the Capital Replacement and the payment, settlement or compromise of all bills and claims for materials and work performed in connection with the Capital Replacement) and do
any and all things necessary or proper to complete any Capital Replacement including signing Borrower’s name to any contracts and documents as may be deemed necessary by Lender. In no event shall Lender be required to expend its own funds to
complete any Capital Replacement, but Lender may, in its sole discretion, advance such funds. Any funds advanced shall be added to the outstanding balance of the Loan, secured by the Security Instrument and payable to Lender by Borrower in
accordance with the provisions of the Security Instrument pertaining to the protection of Lender’s security and advances made by Lender. Borrower waives any and all 



  
  

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claims it may have against Lender for materials used, work performed or resultant damage to the Property. 


 

	5.	Inspection. Lender or any representative of Lender may periodically inspect any Capital Replacement in process and upon completion during normal business hours
or at any other reasonable time upon reasonable prior written notice to Borrower (except in an emergency, as determined by Lender in its discretion or after an Event of Default, in which event no such prior notice shall be required). Lender shall be
entitled to deduct the Inspection Fee from the Replacement Reserve Fund for performing any such inspection. If Lender, in its sole discretion, retains a professional inspection engineer or other qualified third party to inspect any Capital
Replacement, Lender also shall be entitled to deduct from the Replacement Reserve Fund an amount sufficient to pay all reasonable fees and expenses charged by such third party inspector. 


 

	6.	Insufficient Account. If Borrower requests disbursement from the Replacement Reserve Fund for a Capital Replacement in accordance with this Agreement in an
amount which exceeds the amount on deposit in the Replacement Reserve Fund, Lender shall disburse to Borrower only the amount on deposit in the Replacement Reserve Fund. Borrower shall pay all additional amounts required in connection with any such
Capital Replacement from Borrower’s own funds. 

  

	7.	Security Agreement. To secure Borrower’s obligations under this Agreement and to further secure Borrower’s obligations under the Note, Security
Instrument and other Loan Documents, Borrower hereby conveys, pledges, transfers and grants to Lender a security interest pursuant to the Uniform Commercial Code of the Property Jurisdiction or any other applicable law in and to all money in the
Replacement Reserve Fund, as same may increase or decrease from time to time, all interest and dividends thereon and all proceeds thereof. 

  

	8.	Post Default. If Borrower defaults in the performance of its obligations under this Agreement or under the Note, Security Instrument or any other Loan Document,
after the expiration of any applicable notice or cure period, Lender shall have all remedies available to them under Article 9 of the Uniform Commercial Code of the Property Jurisdiction and under any other applicable law. In addition, Lender may
retain all money in the Replacement Reserve Fund, including interest, and in Lender’s discretion, may apply such amounts, without restriction and without any specific order of priority, to the payment of any and all indebtedness or obligations
of Borrower set forth in the Note, Security Instrument or any other Loan Document, including, but not limited to, principal, interest, taxes, insurance, reasonable attorneys’ fees and costs (including those of Lender’s in-house counsel)
and disbursements actually incurred and/or repairs to the Property. 

  

	9.	Termination. If not sooner terminated by written concurrence of the parties, this Agreement shall terminate upon the payment in full of the Loan and all
indebtedness incurred in connection therewith and upon such termination, Lender shall pay to Borrower all funds remaining in the Replacement Reserve Fund. 


  
  

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	10.	No Amendment. Nothing contained in this Agreement shall be construed to amend, modify, alter, change or supersede the terms and provisions of the Note, Security
Instrument or any other Loan Document; and, if there is a conflict between the terms and provisions of this Agreement and those of the Note, Security Instrument, or any other Loan Document then the terms and provisions of the Note, Security
Instrument or such other Loan Document shall control. 

  

	11.	Release; Indemnity. 

  

	 	(a)	Release. Borrower covenants and agrees that, in performing any of its duties under this Agreement, none of Lender, any Loan Servicer, or any of their respective
agents or employees shall be liable for any losses, claims, damages, liabilities and expenses that may be incurred by any of them as a result of such performance, except that no such party will be released from liability for any losses, claims,
damages, liabilities or expenses arising out of the willful misconduct or gross negligence of such party. 

  

	 	(b)	Indemnity. Borrower hereby agrees to indemnify and hold harmless Lender, Loan Servicer and their respective agents and employees against any and all losses,
claims, damages, liabilities and expenses including, without limitation, reasonable attorneys’ fees and costs (including those of Lender’s in-house counsel) and disbursements, which may be imposed or incurred by any of them in connection
with this Agreement except that no such party will be indemnified from liability for any losses, claims, damages, liabilities or expenses arising out of the willful misconduct or gross negligence of such party. 


 

	12.	Choice of Law. This Agreement shall be construed and enforced in accordance with the laws of the Property Jurisdiction. 


 

	13.	Successors and Assigns. Lender may assign its rights and interests under this Agreement in whole or in part and upon any such assignment, all the terms and
provisions of this Agreement shall inure to the benefit of such assignee to the extent so assigned. The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such
parties; and the term “Lender” shall also include any lawful owner, holder or pledgee of the Note. Reference herein to “person” or “persons” shall be deemed to include individuals and entities. Borrower may not assign
or delegate its rights, interests, or obligations under this Agreement without first obtaining Lender’s prior written consent. 

  

	14.	Attorneys’ Fees. In the event that Lender engages the services of an attorney at law to enforce the provisions of this Agreement against Borrower, then
Borrower shall pay all costs of such enforcement, including any reasonable attorneys’ fees and costs (including those of Lender’s in-house counsel) and disbursements actually incurred. 


  
  

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	15.	Compliance with Laws; Insurance Requirements. 

  

	 	(a)	Compliance with Laws. Borrower shall ensure that all Capital Replacements comply with all applicable laws, ordinances, rules and regulations of all governmental
authorities having jurisdiction over the Property and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters.


  

	 	(b)	Insurance Requirements. In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workers’
compensation, builder’s risk (if required by Lender), and public liability insurance and other insurance required under applicable law in connection with any of the Capital Replacements. All such policies that can be endorsed with standard
mortgage clauses making losses payable to Lender or its assigns shall be so endorsed. The originals of such policies shall be deposited with Loan Servicer. 


 

	16.	Remedies Cumulative. In the event of Borrower’s default under this Agreement, Lender may exercise all or any one or more of its rights and remedies
available under this Agreement, at law or in equity. Such rights and remedies shall be cumulative and concurrent, and may be enforced separately, successively or together, and Lender’s exercise of any particular right or remedy shall not in any
way prevent Lender from exercising any other right or remedy available to Lender. Lender may exercise any such remedies from time to time as often as Lender chooses. 


 

	17.	Determinations by Lender. Unless otherwise provided in this Agreement, in any instance where the consent or approval of Lender may be given or is required, or
where any determination, judgment or decision is to be rendered by Lender under this Agreement, the granting, withholding or denial of such consent or approval and the rendering of such determination, judgment or decision shall be made or exercised
by Lender (or its designated representative) at its sole and exclusive option and in its sole and absolute discretion. 

  

	18.	Completion of Capital Replacements. Lender’s disbursement of moneys from the Replacement Reserve Fund or other acknowledgment of completion of any Capital
Replacement in a manner satisfactory to Lender shall not be deemed a certification by Lender that the Capital Replacement has been completed in accordance with applicable building, zoning or other codes, ordinances, statutes, laws, regulations or
requirements of any governmental authority or agency. Borrower shall at all times have the sole responsibility for ensuring that all Capital Replacements are completed in accordance with all such governmental requirements. 


 

	19.	No Agency or Partnership. Nothing contained in this Agreement shall constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable
for any debts, obligations, acts, omissions, representations or contracts of Borrower. 


  
  

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	20.	Entire Agreement. This Agreement and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements. There are no oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged into this Agreement and the other
Loan Documents. Neither this Agreement nor any of its provisions may be waived, modified, amended, discharged or terminated except in writing signed by the party against which the enforcement of the waiver, modification, amendment, discharge or
termination is sought, and then only to the extent set forth in writing; provided, however, that in the event of a Transfer requiring Lender’s consent under the terms of the Security Instrument, one or more or all of the Modifications to
Agreement set forth in Exhibit C (if any) may be modified or rendered void by Lender at Lender’s option by notice to Borrower/transferee. 

  

	21.	Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original document and all of which together shall
constitute one agreement. 

 [Remainder of page intentionally left blank; signatures follow.] 

  
  

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	ATTACHED EXHIBITS. The following Exhibits are attached to this Agreement:
			
	x	  	Exhibit A	  	Legal Description of the Land (required)
			
	x	  	Exhibit B	  	Capital Replacements (required)
			
	 ̈	  	Exhibit C	  	Modifications to Agreement

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first written
above. 
  

							
	BORROWER:
	
	 EVERGREEN AT COURSEY PLACE, LLC,
 a Delaware limited liability company

		
	By:	 	 Evergreen at Coursey Place, Sole Member, LLC,

a Georgia limited liability company, its sole member

			
		 	By:	 	 ERES Coursey LLC, a Louisiana limited liability company, its Operating Member

				
		 		 	By:	 	 /s/ Charles M. Thompson

		 		 		 	Charles M. Thompson/Manager


 Borrower’s Employer 
 Identification Number: 26-2739582 

  
  

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	LENDER:
	
	 DEUTSCHE BANK BERKSHIRE MORTGAGE,
 INC., a Delaware corporation

		
	By:	 	 /s/ Nancy Spokowski

	Name:	 	Nancy Spokowski
	Title:	 	Director
		
	By:	 	 /s/ Vincent S. Durant

	Name:	 	VINCENT S. DURANT
	Title:	 	AUTHORIZED SIGNATORY



  
  

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 EXHIBIT A 

Legal Description of the Land 
 Tract Y-2 according to the Map Showing Subdivision of Tract X-2-A and the Remainder of Tract Y into Tracts Y-1, Y-2 & Y-3, Frank Benoit, Inc., Property, recorded as Original 484, Bundle 11310, of the
records of East Baton Rouge Parish, Louisiana (the “Map”), which Tract Y-2 is more particularly described as follows: 

A CERTAIN TRACT OR PARCEL OF LAND LOCATED IN SECTIONS 29 AND 52, TOWNSHIP 7 SOUTH, RANGE 2 EAST, GREENSBURG LAND DISTRICT, EAST BATON
ROUGE PARISH, LOUISIANA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 Commencing at the northwest corner of Section 28,
at the intersection of Sections 29 and 52, said corner being the POINT OF BEGINNING; 
 Thence proceed South
00°15’26” East, a distance of 799.49 feet to a point and corner; 
 Thence proceed South 89°38’34”
West, a distance of 528.19 feet to a point and corner; 
 Thence proceed along the arc of a curve to the
left, having a delta angle of 24°42’06”, a radius of 359.27 feet, a length of 154.89 feet, a chord bearing of South 01o15’34” East, and a chord distance of 153.69 feet to a point and corner; 

Thence proceed South 13°36’37” East, a distance of 23.65 feet to a point and corner; 

Thence proceed along the arc of a curve to the right, having a delta angle of 04°27’01”, a radius of 220.73 feet, a length
of 17.14 feet, a chord bearing of South 11°23’06” East, and a chord distance of 17.14 feet to a point and corner; 

Thence proceed South 09°09’36” East, a distance of 147.89 feet to a point and corner; 

Thence proceed South 21°40’58” East, a distance of 23.23 feet to a point and corner; 

Thence proceed along the arc of a curve to the left, having a delta angle of 02°18’21” a radius of 1604.63 feet, a length of
64.57 feet, a chord bearing of South 81°40’56” West, and a chord distance of 64.57 feet to a point and corner; 

Thence proceed along the arc of a curve to the right, having a delta angle of 01°43’54”, a radius of 1504.63 feet, a length
of 45.48 feet, a chord bearing of South 80°57’14” West, and a chord distance of 45.47 feet to a point and corner; 

  
  

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 Thence proceed North 03°24’33” East, a distance of 22.98 feet to a point and
corner; 
 Thence proceed North 09°09’36” West, a distance of 144.38 feet to a point and corner; 

Thence proceed along the arc of a curve to the right, having a delta angle of 25°14’41”, a radius of 435.73 feet, a length
of 191.98 feet, a chord bearing of North 03°27’45” East, and a chord distance of 190.43 feet to a point and corner; 
 Thence proceed South 89°38’34” West, a distance of 195.77 feet to a point and corner; 
 Thence proceed North 00°26’43” West, a distance of 88.67 feet to a point and corner; 
 Thence proceed North 45o43’50” West, a distance of 551.09 feet to a point and corner; 
 Thence
proceed North 51°31’49” East, a distance of 1,528.55 feet to a point and corner; 
 Thence proceed North
89°25’48” East, a distance of 114.71 feet to a point and corner; 
 Thence proceed South 01°12’26”
East, a distance of 231.92 feet to a point and corner; 
 Thence proceed South 00°14’42” East, a distance of 413.36
feet to a point and corner; 
 Thence proceed North 70°19’05” West, a distance of 135.94 feet to the POINT OF
BEGINNING. 

  
  

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 EXHIBIT B 

Capital Replacements 
  

	 	•	 	 Carpet/vinyl flooring 


  

	 	•	 	 Window treatments 


  

	 	•	 	 Roofs 


  

	 	•	 	 Furnaces/boilers 


  

	 	•	 	 Air conditioners 


  

	 	•	 	 Ovens/ranges 


  

	 	•	 	 Refrigerators 


  

	 	•	 	 Dishwashers 


  

	 	•	 	 Water heaters 


  

	 	•	 	 Garbage disposals 


 The
following additional items may also be funded from the Replacement Reserve: 
  

	 	•	 	 Asphalt Concrete – Repairs/crack Seal 


  

	 	•	 	 Parking Lot Seal Coat and striping 


  

	 	•	 	 Pool and/or Spa Plaster/Liner 


  

	 	•	 	 Pool and/or Spa Filtration equipment 


  

	 	•	 	 Exterior Walls (repair/paint/power wash) 


  

	 	•	 	 Washers/Dryers 


  

	 	•	 	 Microwaves 


  

	 	•	 	 HVAC condensing units 



  
  

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 EXHIBIT C 

Modifications to Replacement Reserve Agreement 
 None. 

  
  

Page C-1