Owner Funds. Operator shall keep funds belonging to Owner on deposit in the Management Account and, at Owner’s direction, invest such funds. All interest paid on such funds shall be for the account of Owner.
Owner Funds. Minimum Funds Per Owner Account: $500 (this is per owner not per property) (Para. 3a)
Owner Funds. At or prior to making the first Advance for Construction Costs, Borrower shall provide to the Bank evidence reasonably satisfactory to the Bank that all items of the Budget to be paid from Owner Funds by Borrower have been paid or that provision has been made for payment;
Owner Funds. The Agent agrees to deposit all receipts collected for Owner (less any amount which the Agent is authorized to deduct therefrom) in a trust or escrow account in a Federally insured Banking or Savings Institution, separate from Agent's personal account. Agent shall not be held liable for any loss caused by bankruptcy or failure of the bank or institution in which the Owner's funds are deposited. Agent to render monthly statements of the Owner's account detailing all income and expenses.
Owner Funds. RE/MAX will deposit all receipts collected for the Owner in the Trust account in an Institution qualified to engage in the banking or trust business separate from RE/MAX’s personal account; however, RE/MAX will not be held liable in the event of bankruptcy or failure of said depository. At present, RE/MAX deposits moneys in the trust account of RE/MAX of Eagle River which is with Xxxxx Fargo Bank in Xxxxx Xxxxx, XX 00000. The Tenant deposits are kept separate from the Owner’s and is only transferred into the Owner’s account if the deposit is forfeited. RE/MAX shall deduct from Owner’s funds all commissions due; charges to the Owner’s account for repairs, materials, utility charges; rent refunds to Tenants; payments by Tenants for fees payable by RE/MAX of Eagle River, Inc. or to any contractor for maintenance performed on the Owner’s behalf and any and all other expenses related to the property or to the Owner as required. Owner is responsible for paying the mortgage payments, taxes and assessments. Deposit of Owner’s portion of rental funds shall be distributed to the Owner no earlier than mid-month or after a reasonable term has passed to allow a Tenant’s check to clear the Tenant’s bank after deposit subject to availability of funds. Owner is responsible for all legal and accounting costs.
