Depository Account. Manager shall establish a “Depository Account” to be used solely for the Property, in the name of the Property which shall be used for the deposit of all funds received from the operation of the Property. Upon Owner’s written request, this account may also be used for reserves and/or impounds for taxes and insurance. The Depository Account shall be an interest bearing account, subject to the terms and conditions imposed by the banking institution. Owner shall be responsible for maintaining a minimum balance of Five Thousand Dollars ($5,000) in the Depository Account. The maximum balance for the Depository Account shall be determined based upon the applicable Approved Budget and desired level of reserves and may be adjusted from time to time as necessary and agreed upon in writing by Manager and Owner.
Appears in 4 contracts
Samples: Property Management Agreement (Arrived STR 2, LLC), Property Management Agreement (Arrived STR 2, LLC), Property Management Agreement (Arrived STR 2, LLC)
