DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions:
A. Upon final settlement hereunder; OR
B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR
C. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR
D. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds. Xxxxx and Seller agree that upon payment of deposit monies into court, neither Buyer nor Seller shall have any further right, claim, demand or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.
DISBURSEMENT OF DEPOSITS. If requested by Owner, Manager shall remit to Owner with the monthly financial report all unexpended operating funds, except for a reserve of contingencies, as provided in Section 5.01 below, which shall remain in the Operating Account.
DISBURSEMENT OF DEPOSITS. Agent shall disburse and pay from the bank account specified in Section 6.01 hereof, such amounts and at such times as the same are required in connection with the management and operation of the Property in accordance with the provision of this Agreement. As requested by Owner, Agent will disburse to Owner all funds as in the Agent's sole discretion, after providing sufficient reserves, shall be considered available for Owner.
DISBURSEMENT OF DEPOSITS. Manager shall disburse and pay all funds on deposit on behalf of and in the name of Owner, in such amounts and at such times as the same are required in connection with the ownership, maintenance and operation of the Project on account of all taxes, assessments and charges of every kind imposed by any governmental authority having jurisdiction over the Project, and all costs and expenses of maintaining, operating and supervising the operation of the Project, including, but not limited to, the Management Fees due hereunder, salaries, fringe benefits and expenses of the Project employees, insurance premiums, debt service, legal and accounting fees and the cost and expense of utilities, services, marketing, advertising and concessions. To the extent there are insufficient funds to pay all of such costs and expenses, Manager shall pay such of the foregoing items in the order and manner selected by Manager. Nothing in this agreement shall require the Manager to advance money on the Owner’s behalf.
DISBURSEMENT OF DEPOSITS. Manager shall disburse and pay all funds on behalf of and in the name of Owner in such amounts and at such times as the same are required in connection with the ownership, maintenance and operation of the Project on account of all taxes, assessments and charges of every kind imposed by any governmental authority having jurisdiction over the Project, and all costs and expenses of maintaining, operating and supervising the operation of the Project, including, but not limited to, salaries, fringe benefits and expenses of the Project Employees, insurance premiums, legal and external accounting fees and the cost and expense of utilities, services and concessions. If Owner requests Manager to place or create any services for the Project which are not generally provided at other comparable apartment complexes managed by Manager, Owner shall reimburse Manager for any costs of Manager's staff allocable to the placement and/or creation of such services.
DISBURSEMENT OF DEPOSITS. Any Gross Receipts in excess of Operating Expenses and the Owner Payment (the "Net Operating Income") shall be paid to or retained by Manager. Manager shall pay Owner the Owner Payment notwithstanding the amount of Net Operating Income.
DISBURSEMENT OF DEPOSITS. Except as otherwise provided herein (including Section 2.11), Manager shall disburse and pay all funds on deposit on behalf of and in the name of Owner in such amounts and at such times as required in connection with the ownership, maintenance and operation of the Project on account of all costs and expenses of maintaining, operating and supervising the operation of the Project, including, but not limited to, salaries, fringe benefits and expenses of the Project Employees, legal and accounting fees and the cost and expense of utilities, services and concessions. Notwithstanding any other provision of this Agreement to the contrary, Owner shall be responsible for paying directly (and such sums shall not be paid out of the Operating Account) all taxes, assessments and charges of every kind imposed by any governmental authority having jurisdiction over the Project, all insurance premiums for insurance coverage carried by the Owner with respect to the Project, and any and all debt service and loan payments with respect to the Project.
DISBURSEMENT OF DEPOSITS. Manager shall disburse and pay all funds on deposit on behalf of, and in the name of, Owner in such amounts and at such times as the same are required in connection with the ownership, maintenance and operation of the Property on account of all taxes, assessments and charges of every kind imposed by any governmental authority having jurisdiction over the Property, and all costs and expenses of maintaining, operating, and supervising the operation of the Property, including, but not limited to, salaries, fringe benefits and expenses of the Property Employees, insurance premiums, debt services, capital expenditures, legal and accounting fees and the cost and expense of utilities, services and concessions. Owner agrees to reimburse Manager for any costs of Manager's advertising staff that are allocable to the placement and/or creation of advertising for the Property, subject to Owner's approval, which will not be unreasonably withheld. Manager shall properly utilize all escrows and reserves established for their intended purposes and not use operating funds in lieu thereof other than as an advance to be promptly reimbursed.
DISBURSEMENT OF DEPOSITS. Manager shall disburse and pay all funds on deposit in the operating accounts maintained hereunder on behalf of, and in the name of, Owner in such amounts and at such times as the same are required in connection with the ownership, maintenance and operation of the Facilities, as applicable, in accordance with the Budget, subject to the limitations set forth in this Agreement, including Section 4.1 above.
DISBURSEMENT OF DEPOSITS. Manager shall disburse and pay all funds on deposit on behalf of and in the name of Owner, in such amounts and at such times as the same are required in connection with the ownership, maintenance and operation of the Project on account of all taxes, assessments and charges of every kind imposed by any governmental authority having jurisdiction over the Project, and all costs and expenses of maintaining, operating and supervising the operation of the Project, including, but not limited to, the Management Fees due hereunder, salaries, fringe benefits and expenses of the Project employees, insurance premiums, debt service, legal and accounting fees and the cost and expense of utilities, services, marketing, advertising and concessions. To the extent there are insufficient funds to pay all of such costs and expenses, Manager shall immediately notify Owner upon first projection or awareness of a cash shortage or pending cash storage. Manager shall pay such of the foregoing items in the order and manner directed by Owner, and shall thereafter submit to Owner a statement of all remaining unpaid bills except that Management Fees and payroll shall not be deferred and shall be paid in accordance with the Agreement. Nothing in this agreement shall require the Manager to advance money on the Owner's behalf.
