Common use of Payments to Owner Clause in Contracts

Payments to Owner. The Agent will make payments to the Owner on or before the last business day of the month, on a monthly basis, once the account balance per property exceeds $250.00 from the funds being held by the Agent. If the balance of the Owner account falls below $250, the owner will be required to mail a check for that amount to 1st Choice Real Estate. If no check is received by the end of the month following the statement date, either (1) excess funds from another property owned by the same owner, will be used to bring that specific property current, or (2) 1st Choice Real Estate will have the option to cancel the contract with no further notice. If 1st Choice Real Estate -- for any reason -- pays an “owner expense” to an entity other than a 1st Choice Real Estate contractor, the owner will be charged a $10 coordination fee. * Please note: Pre-paid rents are held by Agent and paid to Owner in the month the rents are due. * Please note: If a new tenant is placed on August 27th, for example, and September rents are collected at move-in, rents are accounted for a pre-paid rent; Owner will receive first payment on or before the last day of September. * Please note: Rents are collected from Tenant by the 4th of the month. Owner distribution payments are made on or before the last day of the month, less any expenses incurred during the month and less management fees due to Agent.