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”).
Appears in 4 contracts
Samples: Management Agreement, Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.), Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)
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”").
Appears in 1 contract
Samples: Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)
