Separation of Owner’s Monies. Manager shall deliver all collected rents, charges and other amounts received in connection with the management and operation of the Property (except for tenants’ security deposits, which will be handled as specified in this Agreement) to a Depository selected by Manager and approved by Owner.
Separation of Owner’s Monies. Manager shall establish and maintain on behalf of Owner, in a banking facility acceptable to Owner, in a manner to indicate the custodial nature thereof, a separate bank account (the "PROJECT ACCOUNT") for the deposit of monies of Owner from the Project. Owner's monies shall not be commingled with any funds of the Manager. Manager shall also establish such other special bank accounts as may be required by Owner or by law. Funds may be disbursed by Manager from such account to cover authorized Project expenditures upon the signature of Manager. All payments to be made by Manager hereunder shall be made by check drawn on an account established pursuant to this SECTION 5.8, except xxxxx cash items not exceeding $250.00, which may be paid from a fund to be maintained by Manager for such purposes. Manager shall not be obligated to make any advance to or for the account of Owner or to pay any sums, except out of funds held in any account maintained under this SECTION 5.8, nor shall Manager be obligated to incur any liability or obligation for the account of Owner without assurance that the necessary funds for the discharge thereof will be provided. Any bank accounts established under this Section shall expressly be subject to the right of Owner, by written notice to the subject bank, at any time, to terminate the Manager's authority to write checks on such account.
Separation of Owner’s Monies. Manager shall establish and maintain, in a bank of Manager’s choice whose deposits are insured by the Federal Deposit Insurance Corporation, and in a manner to indicate the custodial nature thereof, a separate bank account for the deposit of all monies of Owner. Manager shall also establish such other special bank accounts as may be reasonably required by Owner. All monies deposited from time to time in these accounts shall be deemed trust funds and shall be and remain the property of Owner and shall be withdrawn and dispersed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with the funds of Manager.
Separation of Owner’s Monies. Trust Funds: Deposit all receipts collected for Owner, less any sums properly deducted or disbursed in a financial institution whose deposits are insured by an agency of the United States government. The funds shall be held in Trust Accounts. Agent has two Trust Accounts;
i. An “operating” Trust where rents and non-refundable fees are deposited and Owners reserve deposits. Expenses associated with the management of properties are paid from this account.
ii. A “security deposit” Trust which holds Tenants’ refundable security deposits. Agent’s Trust Accounts are currently held at Heritage Bank and Agent will promptly notify Owner in writing of any change in depository. All monies received by Agent on behalf of Owner, less any sums properly deducted by Agent pursuant to any of the provisions of this agreement, shall be deposited into a Trust Account maintained by Agent for the deposit of monies of Owners and not co-mingled with the funds of Agent. Agent will not be held liable in the event of Bankruptcy or failure of a depository.
Separation of Owner’s Monies. All monies received by Agent for or on behalf of Owner (less any sums properly deducted by Agent pursuant to any of the provisions of this Agreement) shall be deposited in the bank in a General Account maintained by Agent. Agent will not be held liable in event of bankruptcy or failure of a depository.
Separation of Owner’s Monies. Manager shall establish and maintain, in a bank of Manager’s choice and reasonably acceptable to Owner, whose deposits are insured by the Federal Deposit Insurance Corporation (an “Acceptable Bank”), and in a manner to indicate the custodial nature thereof, a separate bank account for the deposit of all monies of Owner. Manager shall also establish such other special bank accounts as may be reasonably required by Owner. Notwithstanding the foregoing, Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing.
Separation of Owner’s Monies. All monies received by the Agent for, or on behalf of the Owner, shall be deposited in a trust account maintained by the Agent for deposit of the Owner’s monies, and shall not be co-mingled with the funds of the Agent. The Agent will not be held liable in event of bankruptcy or failure of a depository. NSF fees, service fees and screening fees collected from applicants and tenants will be retained by the Agent.
Separation of Owner’s Monies. All monies received by Manager for or on behalf of Owner (less any sums properly deducted by Manager pursuant to any of the provisions of this Agreement) shall be deposited in one or more bank accounts maintained by Manager for the deposit of monies of Owner and not commingled with the funds of Manager. Manager shall have the right to make disbursements to itself from Owner’s accounts with respect to Management Fees and Expenses as provided for herein.
Separation of Owner’s Monies. All monies received by Broker for or on behalf of Owner (less any sums properly deducted by Broker pursuant to any of the provisions of this Agreement) shall be deposited in the bank in a Trust Account maintained by Broker. Broker will not be held liable in the event of a bankruptcy or failure of a depository.
Separation of Owner’s Monies. Manager shall establish and maintain, in bank or savings and loan association of Owner's choice and whose deposits are insured up to One Hundred Thousand Dollars ($100,000.00) by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, and in a manner to indicate the custodial nature thereof, a separate bank account for the deposit of the monies of Owner. Manager shall establish a trust account in the name of Manager and shall cause the account to be an interest bearing account of a type satisfactory to Owner (to the extent available). Manager shall also establish such other special bank accounts in the name of Manager as may be reasonably required by Owner. Funds may be withdrawn from all accounts upon the sole signature of Manager or Owner, except that (unless otherwise approved in writing by Owner) the signature of Owner shall also be required for all checks over Twenty-Five Thousand Dollars ($25,000), other than, so long as Manager is not in default under this Agreement, to purchase fuel, to pay insurance premiums, to pay Manager the monthly management fee due to Manager under this Agreement, and to pay other recurring, customary and usual services and to pay for previously Owner approved contracts or services.
