- reserve fund
The fund of money that covers maintenance, repairs, or unexpected expenses of a business or a multiunit housing development (often condominiums or a housing cooperative), managed by a homeowners' association or other governing body.Category: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- reserve fund
Also known as sinking fund. An account or fund operated by the landlord as part of the service charge arrangements of a lease and is intended:• To equalise the tenant's annual service charges expenditure by spreading the cost of non-annual expenditure, such as external redecoration, over a number of years; and/or• To provide for the eventual replacement of capital items.Reserve funds are generally restricted to larger and more valuable properties.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- reserve fund
n.a fund of money created to take care of maintenance, repairs or unexpected expenses of a business or a multi-unit housing development (often condominiums or a housing cooperative) operated by a homeowners association or other governing body. Most states require that homeowners associations maintain such a fund.
Law dictionary. EdwART. 2013.
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