Common use of Security Deposit Account Clause in Contracts

Security Deposit Account. If law or a Lender requires a segregated account of security deposits, the Property Manager will open a separate account at a reputable bank or other financial institution. The Property Manager shall maintain such account in accordance with applicable law and/or the applicable loan agreement. The Property Manager shall use the account only to maintain security deposits. The Property Manager shall inform the bank or financial institution to hold the funds in trust for the Tenants in Common. The Property Manager shall maintain detailed records of all security deposits deposited, and allow the Tenants in Common or its designees access to such records. The Property Manager may return such deposits to any tenant in the ordinary course of business in accordance with the terms of the applicable lease.

Security Deposit Account. If law or a Lender requires a segregated account of security deposits, the Property Manager will open a separate account at a reputable bank or other financial institution. The Property Manager shall maintain such account in accordance with applicable law and/or the applicable loan agreementlaw. The Property Manager shall use the account only to maintain security deposits. The Property Manager shall inform the bank or financial institution to hold the funds in trust for the Tenants in Common. The Property Manager shall maintain detailed records of all security deposits deposited, and allow the Tenants in Common or its their designees access to such records. The Property Manager may return such deposits to any tenant in the ordinary course of business in accordance with the terms of the applicable lease.

Security Deposit Account. If applicable law or a Lender requires a segregated account of security deposits, the Property Manager will open a separate account at a reputable bank or other financial institution. The Property Manager shall maintain such account in accordance with applicable law and/or the applicable loan agreementlaw. The Property Manager shall use the account only to maintain security deposits. The Property Manager shall inform the bank or financial institution to hold the funds in trust for the Tenants in Common. The Property Manager shall maintain detailed records of all security deposits deposited, deposited and allow the Tenants in Common or its designees access to such records. The Property Manager may return such deposits to any tenant in the ordinary course of business in accordance with the terms of the applicable lease.