Management Funds. (a) The Manager shall be deemed to be trustee for and on behalf of the Owners in respect of the Management Funds irrespective of changes in ownership of the Undivided Shares.
(b) Any person ceasing to be the Owner of any Undivided Shares shall, in respect of the Undivided Shares of which he ceases to be the Owner thereupon, cease to have any interest in the Management Funds including but not limited to the deposit paid under Clauses 4.12(b), (c) and (e) respectively to the intent that all such funds shall be held and applied for the management of the Development irrespective of changes in ownership of the Undivided Shares in the Development.
(c) On transfer of ownership, the deposits paid by any Owner under Clauses 4.12(b) and (e) and still held by the Manager may be transferred into the name of the new owner acquiring from such Owner of such Undivided Shares (“the New Owner”). In the event that any deposit or sums paid by such Owner has been partially or entirely applied by the Manager towards payment of outstanding fees or monies owing by such Owner, the New Owner shall be liable to pay for the difference between (i) the amount of the deposit (if any) still held by the Manager and (ii) the amount of deposit due under Clauses 4.12(b) and (e) hereof as determined by the Manager.
(d) On the expiration or determination of any term of service of the Manager, the Manager shall after settlement of all outstanding Management Expenses (if any) transfer the balance of the Management Funds to the new manager or the Owners’ Committee and upon the Land reverting to the Government and no renewal of the Conditions or further Conditions being obtainable or upon the rights and obligations hereunder being extinguished as provided in Section VIII of this Deed, any balance of the Management Funds or in the case of extinguishment of rights and obligations as aforesaid any appropriate part of such funds shall be divided proportionately between the Owners of the Undivided Shares immediately prior to such reversion or in the case of extinguishment of rights and obligations as aforesaid between the Owners whose rights and obligations are extinguished in proportion to their Management Shares.
Management Funds. Concurrent with the recordation of this Conservation Easement and as reflected in Recital F, above, Grantee received a one-time distribution of Dollars ($ ) in management funds (the “Management Funds”), of which Dollars ($ ) shall be a non-wasting endowment. Grantee may spend the Management Funds on any property interest held by Grantee for XX in Sacramento County for any purpose related to such property interest in the Grantee’s sole and absolute discretion, including, but not limited to, management, monitoring, enforcement, or restoration..
Management Funds. Manager to keep proper account
Management Funds. The Manager shall be deemed to be a trustee for and on behalf of the Owners in respect of all money received on their behalf and unless otherwise authorized by the Owners' Committee must pay the money into a specifically designated interest bearing account in respect of the Building at a licensed bank. The Manager may retain a reasonable amount to cover day-to-day expenditure, such amount to be approved from time to time by the Owners' Committee and the Manager shall keep proper accounts of all such money and the expenditure thereof and shall once every year produce an annual set of accounts to the Owners which accounts will be certified by the Authorized Accountant hereinafter referred to as providing an accurate summary of all items of income and expenditure during the preceding year.
Management Funds. The Manager shall open and maintain separate interest-bearing accounts and shall use that account(s) exclusively in respect of the management of the Development.
Management Funds. Manager to keep proper account
