Common use of Closing Bank Accounts Clause in Contracts

Closing Bank Accounts. Unless directed otherwise by Owner in writing, Manager is not permitted to close any bank accounts related to the Properties. All items relating to bank account closings are to be coordinated through Owner. Manager shall process cash activity at the Expiration Date in accordance with Owner’s instructions. Manager is responsible for final bank account reconciliation at the time of close out or transfer of any account established hereunder. At the termination of this Agreement, Manager shall verify and pay all appropriate invoices relating to the period of time prior to termination and shall transfer any funds remaining in the Central Account to Owner.