Bank Account. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:
Appears in 9 contracts
Samples: Management and Leasing Agreement, Management and Leasing Agreement (Global Growth Trust, Inc.), Management and Leasing Agreement (Global Income Trust, Inc.)
Bank Account. Manager shallmay, in accordance with any applicable loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:
Appears in 4 contracts
Samples: Management and Leasing Agreement, Management and Leasing Agreement (CNL Properties Trust, Inc.), Management and Leasing Agreement (CNL Properties Trust, Inc.)
Bank Account. Manager shallmay, in accordance with any applicable Lease, loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Multi-Tenant Properties. Manager shall cooperate with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:
Appears in 1 contract
Samples: Management and Leasing Agreement (CNL Healthcare Trust, Inc.)
