Common use of Banking Accommodations Clause in Contracts

Banking Accommodations. Manager shall establish and maintain separate account(s) (the “Account”) for funds relating to the Property, in a bank determined by Manager, which Account shall be in compliance with lender requirements, if applicable. 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to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Subcontractor for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Subcontractor hereunder. No monies collected by Subcontractor on Owner’s behalf shall be commingled with funds of Subcontractor. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: (i) All sums received from rents and other income from the Property shall be promptly deposited by Subcontractor in the Account. Subcontractor shall have the right to designate two (2) or more persons, subject to Manager’s approval, who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. Except for payments required in the event of an emergency as provided in Section 3.4, any withdrawal by Subcontractor of an amount in excess of the applicable amount provided for in the Budget then in effect shall require Manager’s prior written approval. (ii) All sums due to Subcontractor hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Property and shall be paid and/or withdrawn by Subcontractor from the Account prior to making any other disbursements therefrom. (iii) Upon instruction by the Manager, Subcontractor shall forward to Manager all monies contained in the Account other than a reserve in an amount designated by Manager and any other amounts otherwise provided in the Budget, which shall remain in the Account.

Banking Accommodations. Manager Owner shall establish and maintain a separate account(s) checking account (the “Account”) for funds relating to the Property, in a bank determined by Manager, which Account shall be in compliance with lender requirements, if applicable. 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 Owner. During such periods in which Subcontractor is performing the accounting functions for the Property, monies deposited in the Account shall be withdrawn and disbursed by Subcontractor for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Subcontractor hereunder. No monies collected by Subcontractor on Owner’s behalf shall be commingled with funds of Subcontractor. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: (i) All sums received from rents and other income from the Property shall be promptly deposited by Subcontractor in the Wachovia Clearing Account. The Account will be funded primarily through disbursements from the Wachovia Clearing Account. During such periods in which Subcontractor is performing the accounting functions for the Property, Subcontractor shall have the right to designate two (2) or more persons, subject to Manager’s approval, persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. Except for payments required in the event of an emergency as provided in Section 3.4, any withdrawal by Subcontractor of an amount in excess of the applicable amount provided for in the Budget then in effect shall require Manager’s prior written approval. (ii) All sums due to Subcontractor hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Property and shall be paid and/or withdrawn by Subcontractor from the Account prior to the making of any other disbursements therefrom. (iii) Upon instruction by the Manager, Subcontractor shall forward to Manager all monies contained in the Account other than a reserve in an amount designated by Manager and any other amounts otherwise provided in the Budget, which shall remain in the Account.

Banking Accommodations. Manager shall establish and maintain separate account(s) (the “Account”) for funds relating to the PropertyProject, in a bank determined by Manager, which Account shall be in compliance with lender requirements, if applicable. 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 the Owner and shall be withdrawn and disbursed by Subcontractor for the account of the Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Subcontractor hereunder. No monies collected by Subcontractor on the Owner’s behalf shall be commingled with funds of Subcontractor. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: (ia) All sums received from rents and other income from the Property Project shall be promptly deposited by Subcontractor in the Account. Subcontractor shall have the right to designate two (2) or more persons, subject to Manager’s approval, who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. Except for payments required in the event of an emergency as provided in Section 3.43.5, any withdrawal by Subcontractor of an amount which would result in expenses of more than five percent (5%) or $5,000 (whichever is greater) in excess of the applicable amount provided for in the Operating Budget and/or Capital Budget then in effect shall require Manager’s prior written approval. (iib) All sums due to Subcontractor hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Property Project and shall be paid and/or withdrawn by Subcontractor from the Account prior to making any other disbursements therefrom. (iiic) Upon instruction by the Manager, Subcontractor shall forward to Manager all monies contained in the Account other than a reserve in an amount designated by Manager and any other amounts otherwise provided in the Operating Budget and/or Capital Budget, which shall remain in the Account.