Common use of Operating Account Access Clause in Contracts

Operating Account Access. Owner and Manager acknowledge and agree as follows: A. Manager shall act as the paying agent for Owner and, in the conduct of its business related to the Property, shall have the right to withdraw funds from the Operating Account for payment of operating expenses, capital expenses and other sums in accordance with the terms and provisions of this Agreement, and the Lender may rely on Owner’s delegation of this right to Manager. In addition, Owner shall have full power and authority to withdraw any and all funds deposited in the Operating Account, and upon doing so, will immediately notify Manager. B. Owner shall rely exclusively on Manager to receive all correspondence and statements of information with respect to the Property, the Operating Account and the

Operating Account Access. Owner and Manager acknowledge and agree as follows: A. a. Manager shall act as the paying agent for Owner and, in the conduct of its business related pursuant to the PropertyProperty Management Agreement, shall have the right to withdraw any funds from the Operating Account for payment of operating expenses, capital expenses and other sums in accordance with the terms and provisions of this Agreement, and the Lender may rely on Owner’s delegation of this right to Manager. In addition, Owner shall have full power and authority to withdraw any and all funds deposited in the Operating Account, and upon doing so, will immediately notify the Bank may rely on Manager’s rights granted hereunder. Bank shall have no liability for any payment by Bank of funds on deposit in the Operating Account to or on behalf of Manager. B. b. Owner shall rely exclusively on Manager to receive all correspondence and statements of information with respect to the Property, the Operating Account and theAccount.

Operating Account Access. Owner and Manager acknowledge and agree as follows: A. Manager shall act as the paying agent for Owner and, in the conduct of its business related to the Property, shall have the right to withdraw any funds from the Operating Account for payment of operating expenses, capital expenses and other sums in accordance with the terms and provisions of this AgreementAccount, and the Lender Bank may rely on Owner’s delegation of this right to Manager. In addition, Owner shall have full power and authority to withdraw any and all funds deposited in the Operating Account, and upon doing so, will immediately notify Manager. Bank shall have no liability to Owner for any payment by Bank of funds on deposit in the Operating Account to or on behalf of Manager. B. Owner shall rely exclusively on Manager to receive all correspondence and statements of information with respect to the PropertyOperating Account, the Operating Account and theBank may direct such correspondence and statements to Manager.

Operating Account Access. Owner and Manager acknowledge and agree as follows: A. Manager shall act as the paying agent for Owner and, in the conduct of its business related to the Property, shall have the right to withdraw funds from the Operating Account for payment of operating expenses, capital expenses and other sums in accordance with the terms and provisions of this Agreement, and the Lender may rely on Owner’s delegation of this right to Manager. In addition, Owner shall have full power and authority to withdraw any and all funds deposited in the Operating Account, and upon doing so, will immediately notify Manager. B. Owner shall rely exclusively on Manager to receive all correspondence and statements of information with respect to the Property, the Operating Account and thethe Security Deposit Account. All correspondence and statements of information related to Lender should be received directly by the Owner and copied to the Manager.