Common use of Receipt and Payment of Funds Clause in Contracts

Receipt and Payment of Funds. Manager is authorized to deposit all rent received from Property in a trust account maintained by Manager for that purpose in a federally insured banking institution. Owner understands that Manager has no control over any financial institution and that Manager shall have no liability for any loss resulting from the failure or bankruptcy of the banking institution. Manager shall also provide Owner, a detailed monthly accounting of funds (not later than 30 days after the end of each month) received and disbursed on Owner’s behalf and shall remit to Owner the balance of such funds, if any, remaining after Manager deducts any and all commissions, management fees and other charges due Manager, or other parties in Owner’s behalf. In the event the disbursements shall be in excess of the rents collected by Manager, Owner hereby agrees to pay such excess promptly upon demand of Manager. In addition, Manager may debit any other account of Owner to satisfy or partially satisfy balances owed on such account. Manager shall prepare IRS Form 1099 and any other tax related forms or documents, as may be required by law. Manager is further authorized to make the following payments for Owner on a monthly basis; however, Manager shall be under no obligation to make such payments if there are insufficient funds on hand in Owner’s account with Manager, it being understood that Manager will promptly notify Owner if such funds are not on hand. Manager is hereby instructed and authorized to pay mortgage indebtedness, property and employees’ taxes, special assessments, and to place fire, liability, steam boiler, pressure vessel, or any other insurance required, and Manager is hereby directed to accrue and pay for same from the Owner’s funds, with the following exceptions: .

Receipt and Payment of Funds. Manager is authorized to deposit all rent received from Property in a trust account maintained by Manager for that purpose in a federally insured banking institution. Owner understands that Manager has no control over any financial institution and that Manager shall have no liability for any loss resulting from the failure or bankruptcy of the banking institution. Manager shall also provide Owner, a detailed monthly accounting of funds (not later than 30 days after the end of each month) received and disbursed on Owner’s behalf and shall remit to Owner the balance of such funds, if any, remaining after Manager deducts any and all commissions, management fees and other charges due Manager, or other parties in Owner’s behalf. In the event the disbursements disbursem nts shall be in excess of the rents collected by Manager, Owner hereby agrees to pay such excess promptly upon demand of Manager. In addition, Manager may debit any other account of Owner to satisfy or partially satisfy balances owed on such account. Manager shall prepare IRS Form 1099 and any other tax related forms or documents, as may be required by law. Manager is further authorized to make the following payments for Owner on a monthly basis; however, Manager shall be under no obligation to make such payments if there are insufficient funds on hand in Owner’s account with Manager, it being understood that Manager will promptly notify Owner if such funds are not on hand. Manager is hereby instructed and authorized to pay mortgage indebtedness, property and employeese ployees’ taxes, special assessments, and to place fire, liability, steam boiler, pressure vessel, or any other insurance required, and Manager is hereby directed to accrue and pay for same from the Owner’s funds, with the following exceptions: .