Common use of Disbursements for Expenses of Property Clause in Contracts

Disbursements for Expenses of Property. Manager shall, consistent with the approved Budget, as described below, (i) make a careful audit of all bids received for services, work and supplies ordered in connection with maintaining and operating the Property, (ii) pay all such bills, which Manager determines are properly payable, (iii) pay water charges, sewer rent, and utility assessments and all other charges and impositions (other than real estate taxes), as and when the same shall become due and payable, and (iv) pay the Management Fee (as defined in Section 2.2). All bills shall be paid by Manager on a timely basis and/or as directed by Owner solely out of the revenues generated by the Property or otherwise through funding reasonably determined necessary by Owner. Except to the extent any late charge or penalty is due to Owner's failure to provide adequate funds after receiving timely notice of such expected expenditures from Manager, Manager shall bear the cost of all late charges or penalties incurred due to the failure to timely pay any bill or expense due xxx owing.

Disbursements for Expenses of Property. Manager shall, consistent with the approved Budget, as described below, (i) make a careful audit of all bids received for services, work and supplies ordered in connection with maintaining and operating the Property, (ii) pay all such bills, which Manager determines are properly payable, (iii) pay water charges, sewer rent, and utility assessments and all other charges and impositions (other than real estate taxes), as and when the same shall become due and payable, and (iv) pay the Management Fee (as defined in Section 2.2). All bills shall be paid by Manager on a timely basis and/or as directed by Owner solely out of the revenues generated by the Property or otherwise through funding reasonably determined necessary by Owner. Except to the extent any late charge or penalty is due to Owner's failure to provide adequate funds after receiving timely notice of such expected expenditures from Manager, Manager shall bear the cost of all late charges or penalties incurred due to the failure to timely pay any bill xxxx or expense due xxx and owing.