Common use of Property Accounts Clause in Contracts

Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank Account”) in the Property’s name, as established by Legacy, which such account will be in compliance with applicable law. All funds so deposited shall be deemed to be trust funds held for the benefit of Owner. Legacy shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”). (b) No non-Property funds shall be commingled with the funds in the Property Bank Account or TSD Account (collectively, the “Accounts”). (c) Property Manager may not, under any circumstances, write a check transfer funds from the Accounts. Only those persons specifically authorized by Owner shall have authority to write checks from the Accounts.

Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank Account”) in the Property’s name, as established by Legacy, which such account will be in compliance with applicable law. All funds so deposited shall be deemed to be trust funds held for the benefit of Owner. Legacy shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”). (b) No non-Property funds shall be commingled with the funds in the Property Bank Account or TSD Account (collectively, the “Accounts”). (c) Property Manager may notOnly officer’s, under any circumstances, write a check transfer funds from the Accounts. Only those persons employees or agents of Legacy specifically authorized by Owner shall have authority to write checks from the Accounts.

Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “"Property Bank Account”") in the Property’s name, as established by Legacy, which such account will be in compliance with applicable law. All funds so deposited shall be deemed to be trust funds held for the benefit of Owner. Legacy shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “"TSD Account”"). (b) No non-Property funds shall be commingled with the funds in the Property Bank Account or TSD Account (collectively, the “"Accounts”"). (c) Property Manager may notOnly officers, under any circumstances, write a check transfer funds from the Accounts. Only those persons employees or agents of Legacy specifically authorized by Owner shall have authority to write checks from the Accounts.