Bank Deposits. (a) All monies received by Manager for or on behalf of Owner shall be deposited into the “Depository Account” which shall be an interest bearing account designated by RREM in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the Project approved by Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof. (b) A “Disbursement Account” shall also be established to pay the normal and reasonable expenses incident to the operation and maintenance of the Project. The Disbursement Account shall be under the signatory control of the Manager.
Appears in 14 contracts
Samples: Management Agreement (Resource Real Estate Investors 7, L.P.), Management Agreement (Resource Real Estate Investors 7, L.P.), Management Agreement (Resource Real Estate Investors 7, L.P.)
Bank Deposits. (a) All monies received by Manager for or on behalf of Owner shall be deposited into the “Depository Account” which shall be an interest bearing account designated by RREM Owner in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the Project Projects and Debt Investments approved by Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof.
(b) A “Disbursement Account” shall also be established to pay the normal and reasonable expenses incident to the operation and maintenance of the ProjectProjects. The Disbursement Account shall be under the signatory control of the Manager.
Appears in 5 contracts
Samples: Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Real Estate Opportunity REIT II, Inc.)
Bank Deposits. (a) All monies received by Manager for or on behalf of Owner shall be deposited into the “Depository Account” which shall be an interest bearing account designated by RREM Owner in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the Project Projects and Debt Investments approved by Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof.
(b) A “Disbursement Account” shall also be established to pay the normal and reasonable expenses incident to the operation and maintenance of the ProjectProjects (the “Operating Expenses”). The Disbursement Account shall be under the signatory control of the Manager.
Appears in 1 contract
Samples: Management Agreement (Resource Income Opportunity REIT, Inc.)
