Operating and Maintaining Bank Accounts. Manager shall establish and maintain one or more separate checking accounts (each, an “Account”) in Owner’s name for funds relating to the Properties. All monies deposited from time to time in each Account shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. Each Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:
Appears in 5 contracts
Samples: And Construction Management Agreement (Griffin Capital Essential Asset REIT, Inc.), And Construction Management Agreement (Griffin Capital Essential Asset REIT II, Inc.), And Construction Management Agreement (Gc Net Lease Reit, Inc.)
