Resident Deposits definition
Examples of Resident Deposits in a sentence
At the Closing, the Purchaser shall receive a credit for the amount of all Resident Deposits or, if required by Law, the segregated accounts containing such Resident Deposits or the amounts therein shall be transferred to the Purchaser.
The Resident Agreements, Resident Deposits, Property Agreements, Intellectual Property and all other property and assets included within the definition of "Property" in Section 2.1 of this Agreement other than Real Property, Personal Property and Excluded Property.
At the Closing, the Purchaser shall receive a credit for the amount of all Resident Deposits (if any).
At Closing, Seller shall provide Purchaser with an accounting of all resident security deposits being held by Seller as of the Closing Date (the "Resident Deposits").
For the avoidance of doubt, any Entrance Fees or Resident Deposits received by Purchaser after the Closing Date, or Resident Deposits received by Purchaser on or prior to the Closing Date, in either case pursuant to Resident Agreements entered into by any Seller or any Affiliate of any Seller on or prior to the Closing Date shall not be pro rated pursuant to Section 3.2(a) or otherwise subject to payment or reimbursement to Sellers under any other provision of this Agreement (including Section 3.2(b)).
The Resident Agreements, Resident Deposits, Property Agreements, Intellectual Property and all other property and assets included within the definition of "Property" in Section 2.1 of this Agreement other than Real Property and Personal Property.
SECTION 7.2. On the Commencement Date Landlord shall provide Tenant with an accounting of all Facility resident deposits or prepayments (the "Resident Deposits") and resident trust funds (the "Resident Trust Funds") being held by Landlord as of the Commencement Date.
SECTION 7.4.1. All cash, checks and cash equivalents at the Premises and deposits in bank accounts (other than Resident Deposits and Resident Trust Funds) relating to the Premises on the Commencement Date shall remain Landlord's property after the Commencement Date.
A list of Resident Deposits as of the Effective Date is attached as Exhibit F hereto (and incorporated by reference herein).
Purchaser shall in writing acknowledge receipt of and expressly assume all Seller's financial and custodial obligations with respect thereto, it being the intent and purpose of this provision that, at Closing, Seller will be relieved of all fiduciary and custodial obligations with respect to said Resident Deposits, and that Purchaser will assume all such obligations and be directly accountable to the residents and prospective residents of the Facility, with respect thereto.