Receipts and Disbursements. All monies received by Property Manager for or on behalf of Owner in connection with the operation or management of the Project shall be promptly deposited by Property Manager in a bank account or accounts established by Property Manager (collectively, the “Operating Account”). Property Manager shall withdraw and pay from the Operating Account such amounts at such times as the same are required in connection with the management and operation of the Project in accordance with the provisions of this Agreement. All monies in the Operating Account are the property of Owner, to be held by Property Manager in trust for Owner in an account designated as “Agent for Owner” and disbursed in accordance with this Agreement. A separate account for tenant security deposits shall be established if required by applicable law or Owner.
Appears in 4 contracts
Samples: Assignment of Management Agreement and Subordination of Management Fees, Property Management Agreement (Bluerock Residential Growth REIT, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Bluerock Residential Growth REIT, Inc.)
