Common use of Receipts From Operations Clause in Contracts

Receipts From Operations. All rents and other income and receipts of the Development (the "Receipts") shall, upon receipt, immediately be deposited in an account in the name of the Mortgagor or the Development with an institution with regular banking offices located in Michigan whose deposits are insured by an agency of the United States Government and shall not be commingled with any other funds. Any person or entity receiving Development Receipts who fails to deposit them as required by this Agreement shall hold the Receipts in trust. The Receipts shall be withdrawn only in accordance with the provisions of this Agreement for the payment of expenses of the Development, including all payments and escrow deposits required by the Mortgage, Section 1602 Mortgage, for Limited Dividend Payments, for the deposit of Surplus Cash into the ORC Account, or for payments into the Replacement Reserve Fund, all as provided in this Agreement.

Receipts From Operations. All rents and other income and receipts of the Development (the "Receipts") shall, upon receipt, immediately be deposited in an account in the name of the Mortgagor or the Development with an institution with regular banking offices located in Michigan whose deposits are insured by an agency of the United States Government and shall not be commingled with any other funds. Any person or entity receiving Development Receipts who fails to deposit them as required by this Agreement shall hold the Receipts in trust. The Receipts shall be withdrawn only in accordance with the provisions of this Agreement for the payment of expenses of the Development, including all payments and escrow deposits required by the Mortgage, Section 1602 TCAP Mortgage, for Limited Dividend Payments, for the deposit of Surplus Cash into the ORC Account, or for payments into the Replacement Reserve Fund, all as provided in this Agreement.

Receipts From Operations. All rents and other income and receipts of the Development (the "Receipts") shall, upon receipt, immediately be deposited in an account in the name of the Mortgagor or the Development with an institution with regular banking offices located in Michigan whose deposits are insured by an agency of the United States Government and shall not be commingled with any other funds. Any person or entity receiving Development Receipts who fails to deposit them as required by this Agreement shall hold the Receipts in trust. The Receipts shall be withdrawn only in accordance with the provisions of this Agreement for the payment of expenses of the Development, including all payments and escrow deposits required by the Mortgage, Section 1602 TCAP Mortgage, for Limited Dividend Payments, for the deposit of Surplus Cash into the ORC Account, or for payments into the Replacement Reserve Fund, all as provided in this Agreement.

Receipts From Operations. All rents and other income and receipts of the Development (the "Receipts") shall, upon receipt, immediately be deposited in an account in the name of the Mortgagor or the Development with an institution with regular banking offices located in Michigan whose deposits are insured by an agency of the United States Government and shall not be commingled with any other funds. Any person or entity receiving Development Receipts who fails to deposit them as required by this Agreement shall hold the Receipts in trust. The Receipts shall be withdrawn only in accordance with the provisions of this Agreement for the payment of expenses of the Development, including all payments and escrow deposits required by the Mortgage, Section 1602 Mortgage, for Limited Dividend Payments, for the deposit of Surplus Cash into the ORC Account, or for payments into the Replacement Reserve Fund, all as provided in this Agreement.