Trust Deposit Account. All funds received by Property Manager as a refundable security deposit (the “Security Deposits”) in connection with the Lease shall be placed in trust for Operating Partnership’s benefit into an account at a financial institution approved in advance by Operating Partnership whose deposits are insured by the Federal Deposit Insurance Corporation (the “FDIC”) and in a manner to indicate the custodial nature of such account (the “Trust Deposit Account”). Property Manager shall establish a separate Trust Deposit Account for each Owner that is not an affiliate of any other Owner; provided, however, that Property Manager shall not be required to establish separate Trust Deposit Accounts for affiliated Owners.
Appears in 4 contracts
Samples: Property Management Agreement (Silver Bay Realty Trust Corp.), Property Management Agreement (Silver Bay Realty Trust Corp.), Property Management Agreement (Silver Bay Realty Trust Corp.)
