Common use of Access to Account Clause in Contracts

Access to Account. As authorized by signature cards, representatives of the Property Manager shall have access to and may draw upon all funds in the accounts described in Sections 6.1 and 6.2 without the approval of the Tenants in Common. Additionally, representatives of the Property Manager shall have access to and may draw upon any funds escrowed or held in reserves for capital expenditures without the approval of the Tenants in Common, provided that the requirements of Section 2.9 and any additional Lender requirements with respect to such amounts are satisfied. The Tenants in Common may not withdraw funds from such accounts without the Property Manager's signature except following the Property Manager's default beyond any applicable notice and cure period or the termination of this Agreement.

Access to Account. As authorized by signature cards, representatives of the Property Manager shall have access to and may draw upon all funds in the accounts described in Sections 6.1 and 6.2 without the approval of the Tenants in Common. Additionally, representatives of the Property Manager shall have access to and may draw upon any funds escrowed or held in reserves reserve for capital expenditures without the approval of the Tenants in Common, provided that the requirements of Section 2.9 and any additional Lender requirements with respect to such amounts are satisfied. The Tenants in Common may not withdraw funds from such accounts without the Property Manager's signature except following the Property Manager's default beyond any applicable notice and cure period or the termination of this Agreement.