Common use of Owner Responsible for Payments Clause in Contracts

Owner Responsible for Payments. Upon termination of this Agreement, Owner shall assume the obligations of any contract or outstanding costs incurred by Broker under this Agreement. Broker may withhold funds for thirty (30) days after the end of the month in which this Agreement is terminated in order to pay bills previously incurred but not yet invoiced and to close accounts. Broker shall deliver to Owner, within thirty (30) days after the end of the month in which this Agreement is terminated, any balance of monies due Owner or tenant security deposits, or both, which were held by the Broker with respect to the Property, as well as a final accounting reflecting the balance of income and expenses with respect to the Property as of the date of termination or withdrawal. If, after termination, Broker receives funds which are payable to the Owner, Broker may deduct an administration fee of $15, or 2%, whichever is greater, before delivering the balance of the funds to the Owner.

Owner Responsible for Payments. Upon termination of this Agreement, Owner shall assume the obligations of any contract or outstanding costs incurred by Broker under this Agreement. Broker may withhold funds for thirty (30) days after the end of the month in which this Agreement is terminated in order to pay bills previously incurred but not yet invoiced and to close accounts. Broker shall deliver to Owner, within thirty (30) days after the end of the month in which this Agreement is terminated, any balance of monies due Owner or tenant security deposits, or both, which were held by the Broker with respect to the Property, as well as a final accounting reflecting the balance of income and expenses with respect to the Property as of the date of termination or withdrawal. If, after termination, Broker receives funds which are payable to the Owner, Broker may deduct an administration fee of One Hundred Dollars ($15, 100.00) or 2ten percent (10%), whichever is greater, before delivering the balance of the funds to the Owner.

Owner Responsible for Payments. Upon termination of this Agreement, Owner shall assume the obligations of any contract or outstanding costs incurred by Broker under this Agreement. Broker may withhold funds for thirty (30) days after the end of the month in which this Agreement is terminated in order to pay bills previously incurred but not yet invoiced and to close accounts. Broker shall deliver to Owner, within thirty (30) days after the end of the month in which this Agreement is terminated, any balance of monies due Owner or tenant security deposits, or both, which were held by the Broker with respect to the Property, as well as a final accounting reflecting the balance of income and expenses with respect to the Property as of the date of termination or withdrawal. If, after termination, Broker receives funds which are payable to the Owner, Broker may deduct an administration fee of $15, or 2%, whichever is greater, before delivering the balance of the funds to the Owner.. Owner Initials [ ] [ ]