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.
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.
Appears in 6 contracts
Samples: Management Agreement (Resource Income Opportunity REIT, Inc.), Form of Management Agreement (Resource Apartment REIT III, Inc.), Form of Management Agreement (Resource Apartment REIT III, Inc.)
Bank Deposits. (a) All monies received by Manager for or on behalf of Owner shall be deposited into the a “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. Each Owner shall establish a separate Depository Account for the Project that it owns and shall not comingle moneys with respect to any other Project in such Depository Account.
Appears in 2 contracts
Samples: Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Apartment REIT III, Inc.)
