Common use of Reports and Reconciliation of Accounts Clause in Contracts

Reports and Reconciliation of Accounts. (a) On or before the last day of each month, Property Manager shall provide such reports and data to Owner as shall be required from time to time by Owner. Without limitation, Property Manager shall provide the following to Owner for the current calendar month: (i) Reports and data necessary to generate detailed report of all monies collected (identified by tenant or other source) which shall include, but not be limited to, rents collected (including laundry or other vending income, garage or parking income, percentage rent and other amounts payable under any retail leases, if any), rents prepaid beyond the current month, and security deposits collected, and of vacancies and delinquent rents. (ii) Reports and data necessary to generate a detailed report of all expenses paid. (iii) A comparison of the current month and year‑to-date account of actual revenue and expenses to budgeted amounts; calculations of monthly and year‑to-date variances from the Approved Operating and Capital Budgets, appropriate descriptions of any significant monthly or year‑to-date variances, and, if requested by Owner, a revised annualized projection of monies to be collected and expenses to be paid for the balance of the calendar year. (iv) A written report describing any material changes in the Property which occurred during the month or are anticipated to occur. (v) A reconciliation of amounts receivable or due to Owner. (vi) A reconciliation of the Property Bank Account, including a copy of the bank statement.