Capital Expenditure and Reserve Accounts. Rancon may require Glenborough to establish an account into which all funds designated for capital expenditures and operating reserves shall be deposited (“Reserve Accounts”). Glenborough shall pay out of the Reserve Accounts those capital expenditures or operating expenses which have been approved in the Business Plan or as designated by Rancon. Glenborough shall maintain detailed records with respect to the Reserve Accounts.
Appears in 4 contracts
Samples: Property Management and Services Agreement, Property Management and Services Agreement (Rancon Income Fund I), Property Management and Services Agreement (Rancon Realty Fund Iv)
