Common use of Manager Disbursements Clause in Contracts

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior to delinquency if the payment thereof is authorized by the Budget; and (4) amounts otherwise due and payable as operating expenses of the Apartments authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses (1) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After disbursements as herein specified and after establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the Apartments, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with the terms of this Agreement and in the course of managing, leasing and operating the Apartments shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartments. As of the first day of each month of the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 days written notice from Manager. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereof, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.4. Owner will deposit the additional funds requested by the Manager within 10 days after receipt of written notice from Manager. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other applicable governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior upon specific written direction of Owner before interest begins to delinquency if accrue thereon, (4) debt service related to any mortgages of the payment thereof is authorized by the BudgetProject; and (45) amounts otherwise due and payable as operating expenses of the Apartments Project authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses After (1i) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After making disbursements as herein specified and after (ii) establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the ApartmentsProject, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Apartments Project shall be the responsibility of Owner and not Manager, subject to Section 6.1. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartmentsfunds. As of the first day of each month of during the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 5.2 on or before ten (10) days written notice from Managerfollowing the receipt of such request. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereofowing, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.45.4. Owner will deposit the additional funds requested by the Manager within 10 five (5) days after following the receipt of written notice from Managersuch request. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other applicable governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior upon specific written direction of Owner before interest begins to delinquency if accrue thereon, (4) debt service related to any mortgages of the payment thereof is authorized by the BudgetProject; and (45) amounts otherwise due and payable as operating expenses of the Apartments Project authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses After (1i) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After making disbursements as herein specified and after (ii) establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the ApartmentsProject, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Apartments Project shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartmentsfunds. As of the first day of each month of the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 5.2 on or before ten (10) days written notice from Managerfollowing the receipt of such request. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereofowing, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.45.4. Owner will deposit the additional funds requested by the Manager within 10 five (5) days after following the receipt of written notice from Managersuch request. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other applicable governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior upon specific written direction of Owner before interest begins to delinquency if accrue thereon, (4) debt service related to any mortgages of the payment thereof is authorized by the BudgetProject; and (45) amounts otherwise due and payable as operating expenses of the Apartments Project authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses After (1i) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After making disbursements as herein specified and after (ii) establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the ApartmentsProject, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Apartments Project shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartmentsfunds. As of the first day of each month of the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 on or before ten (10) days written notice from Managerfollowing the receipt of such request. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereofowing, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.4. Owner will deposit the additional funds requested by the Manager within 10 five (5) days after following the receipt of written notice from Managersuch request. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually punctually and otherwise in accordance with the terms of this Agreement (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State 's compensation under Article III of Missouri or any other governmental authority, this Agreement; (2) the amounts actual, out-of-pocket costs and expenses otherwise reimbursable to Manager under this Agreement, ; (3) the amounts payable from time to time under any mortgage financing; (4) any amounts directed by Owner to be paid against any indebtedness relating to the Property; (5) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgageelender, shall be paid prior upon specific written direction of Owner before penalty or interest begins to delinquency if the payment thereof is authorized by the Budgetaccrue thereon; and (46) amounts otherwise due and payable as operating expenses of the Apartments Property authorized to be incurred under the terms of this Agreement; (7) any amounts to be construction costs (as approved by Owner); and (8) amounts required to fund any reserve established by Owner; provided that Manager shall in no event make any disbursement of funds except to the extent such disbursement is provided for under the Budget approved by Owner or otherwise authorized in accordance with this Agreement. The amount and nature of each disbursement pursuant To the extent that available funds are insufficient to clauses pay all the foregoing, collected funds shall be used by Manager to pay items (1) and (2) above ), and shall then be separately specified, with reasonable detail, in the monthly reports delivered used by Manager pursuant to Section 2.13(a) hereofas directed by Owner. After disbursements as herein specified and after establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the Apartments, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Ownerspecified, any balance remaining at the end of each calendar month quarter during the term of this Agreement shall be disbursed or transferred as generally or specifically directed in writing from time to time by an Owner’s Representative. Within (30) days after the end of each calendar year, Manager shall provide to Owner a written reconciliation of all funds collected and disbursed by Manager during the preceding calendar year, on a monthly and quarterly breakdown. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with the terms of this Agreement and in the course of managing, leasing and operating the Apartments shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing pursuant to the Budget approved by Owner or amounts otherwise approved by Owner and which are required to be paid by Manager (and for the Apartments which Manager does not otherwise have available funds) may be promptly paid by Manager. Except in the case of an emergency, Manager is not obligated to advance any funds shall give Owner at least ten (10) days prior written notice of Manager's need for the Apartmentssuch funds. As of the first day of each month of the term quarter of this Agreement, Manager will project the estimated cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 days written notice from Manager. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereof, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.4. Owner will deposit the additional funds requested by the Manager within 10 days after receipt of written notice from Managerquarter. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other applicable governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior upon specific written direction of Owner before interest begins to delinquency if accrue thereon, (4) debt service related to any mortgages of the payment thereof is authorized by the BudgetProject; and (45) amounts otherwise due and payable as operating expenses of the Apartments Project authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses After (1i) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After making disbursements as herein specified and after (ii) establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the ApartmentsProject, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Apartments Project shall be the responsibility of Owner and not Manager, subject to Section 6.1. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartmentsfunds. As of the first day of each month of during the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 5.2 on or before ten (10) days written notice from Managerfollowing the receipt of such request. If at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereofowing, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.45.4. Owner will deposit the additional funds requested by the Manager within 10 five (5) days after following the receipt of written notice from Managersuch request. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.

Manager Disbursements. (a) Manager shall, from the funds collected and deposited, cause to be disbursed regularly and punctually (1) Manager’s compensation, together with all sales or other taxes with respect to the Apartments (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State of Missouri or any other applicable governmental authority, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied on the Property by appropriate public authorities which, if not escrowed with any mortgagee, shall be paid prior upon specific written direction of Owner before interest begins to delinquency if accrue thereon, (4) debt service related to any mortgages of the payment thereof is authorized by the Budget; Project, and (45) amounts otherwise due and payable as operating expenses of the Apartments Project authorized to be incurred under the terms of this Agreement. The amount and nature of each disbursement pursuant to clauses After (1i) and (2) above shall be separately specified, with reasonable detail, in the monthly reports delivered by Manager pursuant to Section 2.13(a) hereof. After making disbursements as herein specified and after (ii) establishing a cash reserve to pay taxes, insurance, and/or other costs and expenses incidental to the operation of the ApartmentsProject, including nonrecurring emergency repairs and capital expenditures which shall become due and payable within the succeeding calendar month and for which the cash to make such payments may not be generated by operations during such period, all in amounts determined or approved by Owner, any balance remaining at the end of each calendar month during the term of this Agreement shall be disbursed or transferred as generally or specifically directed from time to time by an Owner’s Representative. (b) Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing. (c) All costs, expenses, debts and liabilities owed to third persons that are incurred for Owner or the Apartments by Manager in accordance with pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Apartments Project shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts due and owing for the Apartments may be promptly paid by Manager. Manager is not obligated to advance any funds for the Apartmentsfunds. As of the first day of each month of the term of this Agreement, Manager will project the cash requirements for such month and (if it shall reasonably determine that collections will be insufficient to meet such cash requirements) request the necessary additional funds from the Owner, which funds will be deposited with the Manager in the segregated bank account referred to in Section 4.2 upon 10 5.2 on or before ten (10) days written notice from Managerfollowing the receipt of such request. If If, at any month end, the bank balance exceeds the projected cash requirements, such excess shall be returned to the Owner within five (5) days. If at any time there is not sufficient cash in the account with which to promptly pay the bills due and owing within 30 days thereofowing, the Manager will request by written notice to Owner that the necessary additional funds be deposited in an amount sufficient to create an operating reserve pursuant to Section 4.45.4. Owner will deposit the additional funds requested by the Manager within 10 five (5) days after following the receipt of written notice from Managersuch request. (d) The provisions of this Section 2.9 regarding reimbursements to Manager shall not limit Manager’s rights under any other provisions of this Agreement.