Owner Account. Manager shall deposit all monies from the operation of the Hotel and due to Owner into a depository account for the sole benefit of Owner. Manager may endorse any and all checks drawn to the order of Owner for deposit in the Owner Account, however, Manager shall have no rights to withdrawal any monies from the Owner Account, or otherwise direct, any such funds into the Operating Account (as defined below).
Appears in 11 contracts
Samples: Hotel Management Agreement, Hotel Management Agreement (Moody National REIT II, Inc.), Hotel Management Agreement (Moody National REIT II, Inc.)
