How Much Is the Reserve Requirement?
We do ask our owners to keep $300 in reserve for emergencies and incidentals associated with maintenance of the property.
Specifically an Owner will agree to submit an initial $300 per unit managed and to maintain a $300 balance in the Reserve. The Reserve is only to be used for emergencies, minor maintenance requests, and other incidentals.
Without the prior written consent of the Owner, WILMOTH may also make ordinary repairs and alterations (provided the expenditures for any one item of repair or alteration shall not exceed the sum of $300.00). Under circumstances that WILMOTH reasonably considers to constitute an emergency, the Reserve funds may not be adequate and the Owner will be asked to replenish the account and reimburse WILMOTH.