Common use of Funds Provided by Owner Clause in Contracts

Funds Provided by Owner. If the funds collected by Manager from the operation of the Property are not sufficient to pay the expenses incurred and authorized to be paid in the management, operation, maintenance and leasing of the Property and to make all payments and reimbursements to Manager pursuant hereto, Manager shall submit to Owner a statement showing such shortfall and identifying the bills and charges requiring payment and/or reimbursement, and Owner shall promptly deposit funds sufficient to make all such payments and reimbursements in the Depository Account to the extent such bills were previously included in the Annual Budget or are otherwise approved by 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)

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