Common use of Covenants Concerning Payment of Operating Expenses Clause in Contracts

Covenants Concerning Payment of Operating Expenses. If there are not sufficient funds in the Depository Account to move to the Disbursement Account in order to make any payment of operating expenses, Manager shall immediately notify RREM in writing. Upon receipt of written notice by RREM, RREM will notify Owner of the deficiency. Owner will deposit funds within fifteen (15) days of written notification to RREM into the Disbursement Account. Owner further recognizes that the Project may be operated in conjunction with other projects and that costs may be allocated or shared between such projects on a more efficient and less expensive method of operation in an effort to save costs and operate the Project in a more efficient manner.