Common use of Trust Deposits Clause in Contracts

Trust Deposits. All payments made by Tenant will be deposited in an interest-bearing trust account at Xenith Bank, Xxxxx Xxxx, XX 00000, First National Bank of Pennsylvania Corp, Xxxxxxxx Xxxxxx, XX, 00000, Xxxxx Xxxx, Xxxxxxxx Xxxxxx, XX 00000, or PNC Bank, Xxxxx Xxxx XX 00000; with all interest from said trust account accruing to Agent. Credit card or e-check payments may be processed by insured third parties who shall make commercially reasonable efforts to make ACH transfers to Agent’s designated North Carolina banking institutions within three (3) business days. An amount not to exceed 50% of the total rental rate may be disbursed to the Owner (or as the Owner directs) prior to occupancy. Fees owed to third parties to pay for goods, services or benefits procured for the benefit of the Tenant, as well as the $125.00 administrative fee may be disbursed prior to occupancy. All other funds remaining in the trust account will not be disbursed until: (a) commencement of the tenancy; (b) a material breach by the Tenant; (c) the money is refunded to the Tenant; or (d) the termination of the Owner's interest in the Property.

Trust Deposits. All payments made by Tenant will be deposited in an interest-bearing trust account at Xenith Bank, Xxxxx Xxxx, XX 00000, First National Bank of Pennsylvania Corp, Xxxxxxxx Xxxxxx, XX, 00000, Xxxxx Xxxx, Xxxxxxxx Xxxxxx, XX 00000, or PNC Bank, Xxxxx Xxxx XX 00000; with all interest from said trust account accruing to Agent. Credit card or e-check payments may be processed by insured third parties who shall make commercially reasonable efforts to make ACH transfers to Agent’s designated North Carolina banking institutions within three (3) business days. An amount not to exceed 50% of the total rental rate may be disbursed to the Owner (or as the Owner directs) prior to occupancy. Fees owed to third parties to pay for goods, services or benefits procured for the benefit of the Tenant, as well as the $125.00 105.00 administrative fee may be disbursed prior to occupancy. All other funds remaining in the trust account will not be disbursed until: (a) commencement of the tenancy; (b) a material breach by the Tenant; (c) the money is refunded to the Tenant; or (d) the termination of the Owner's interest in the Property.