Common use of Separation of Owner’s Monies Clause in Contracts

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 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, PROPERTY MANAGEMENT AND LEASING AGREEMENT/LAWRENCE APARTMENTS Page 9 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 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, PROPERTY MANAGEMENT AND LEASING AGREEMENT/WABASH APARTMENTS Page 9 by written notice to the subject bank, at any time, to terminate the Manager's authority to write checks on such account.