Property Bank definition
Examples of Property Bank in a sentence
All rents and other monies so collected by Property Manager shall be immediately deposited in the Property Bank Account (as defined below).
Property 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 in the Property Bank Account.
Property Manager shall pay all normal operating expenses specifically provided for in the Approved Operating Budget not paid for by tenants of the Property in a manner commercially reasonable for the Property from funds in the Property Bank Account described in Section 7.01(a).
A reconciliation of receipts and expenditures will be prepared by Property Manager in accordance with Section 6.02 above to account for any prior period operating cash overage or shortage and any additional cash payments due to Owner will be made to Owner no later than the twenty-fifth (25th) day of the current month and any overpayments made to Owner will be returned to Property Manager for deposit in the Property Bank Account no later than the thirtieth (30th) day of the current month.
Only those persons specifically authorized by Property Manager and approved by Owner shall have authority to write checks from the Property Bank Account.
A monthly cash payment will be made by Property Manager to Owner solely from funds in the Property Bank Account in excess of the amount of the Working Capital Reserve in an amount equal to the excess, if any, of the current month projected cash receipts less the current month's budgeted operating and capital expenditures.
A monthly cash payment will be made by Property Manager to Owner solely from funds in the Property Bank Account in excess of the amount of the Working Capital Reserve in an amount equal to the excess, if any, of the current month projected cash receipts less the current month’s budgeted operating and capital expenditures.
In any action or suit to foreclose upon any of the Mortgaged Property, Bank shall be entitled, without notice or consent, and completely without regard to the adequacy of any security for the Indebtedness, to the appointment of a receiver of the business and premises in question and of the rents and profits derived therefrom.
If Client does not furnish such information for any such Property, Bank shall carry the Property at any such nominal value it determines, such value to be for bookkeeping purposes only.
Borrower shall deliver irrevocable written instructions to Property Bank, in form and substance reasonably acceptable to Lender, directing Property Bank to comply with all instructions originated by Lender (and/or its agents, including Servicer) directing the disposition of funds in the Collection Accounts without further consent by Borrower.