Common use of Manager Disbursements Clause in Contracts

Manager Disbursements. From Project funds collected and deposited in the Project Account, but only to the extent sufficient funds are available and only if Owner has not elected to pay such amounts directly or instructed Manager in writing to the contrary, Manager shall cause to be disbursed regularly and punctually amounts otherwise due and payable as operating expenses of the Project authorized to be incurred under the terms of this Agreement, including, without limitation, the Monthly Management Fee and Manager's reimbursable expenses. Any balance remaining in the Project Account after disbursements have been made and appropriate, as determined by the Operating Plan, reserves have been established and funded, shall be disbursed or transferred as generally or as specifically directed from time to time by Owner. If at any time the funds in the Project Account are insufficient to pay all the expenses which Manager is required or permitted to pay pursuant to this Agreement, Manager shall give Owner notice of the need for additional funds and, in the event that Owner fails to furnish sufficient funds to pay for the foregoing: (i) Manager may draw from the Project account its Monthly Management Fee and reimbursable expenses, then (ii) Manager shall apply the remaining funds available to satisfy outstanding liabilities, costs and expenses, according to such priority as Owner directs; (iii) Manager shall have no liability whatsoever for any consequences arising from such failure by Owner; and (iv) Owner hereby indemnifies Manager and agrees to defend and hold Manager harmless from any and all claims or actions by third parties and all liability, cost and expense arising from failure to make any expenditures or from inability to draw checks or from the failure or refusal of any entity upon which a check is drawn to honor same by reason of the failure of Owner to provide sufficient funds in response to such notice.

Manager Disbursements. From Project funds collected and deposited in Except as otherwise directed by the Project Account, but only to the extent sufficient funds are available and only if Owner has not elected to pay such amounts directly or instructed Manager in writing to the contraryVenture, Manager shall from the funds on deposit in the Operating Account described in Section 7.2 below, cause to be disbursed the amounts necessary to pay regularly and punctually amounts otherwise due and payable as operating expenses of the Project Premises authorized to be incurred under the terms of this Agreement, including, including without limitation, payment of sums due on any mortgage loan affecting the Monthly Management Fee Premises, payment prior to delinquency and prior to the addition thereon of interest or penalties of all real property taxes and assessments and other taxes levied or assessed against the Premises, all rents, insurance premiums and other impositions applicable to the Premises, the administration fee and the Manager's reimbursable expensesfee provided for in Article VI. Any After disbursement as herein specified, any balance remaining in the Project Account after disbursements have been made and appropriate, as determined by the Operating Plan, reserves have been established and funded, shall be disbursed or transferred as generally or as specifically directed from time to time by OwnerVenture. If at any time the funds in the Project Account are insufficient to pay all the expenses which Manager is required or permitted to pay pursuant to this Agreement, Manager shall give Owner notice of the need for additional funds and, in the event that Owner fails to furnish sufficient funds to pay for the foregoing: (i) Manager may draw from the Project account its Monthly Management Fee and reimbursable expenses, then (ii) Manager shall apply the remaining funds available to satisfy outstanding liabilities, costs and expenses, according to such priority as Owner directs; (iii) Manager shall have no liability whatsoever for obligation to pay any consequences arising from such failure by Owner; and (iv) Owner hereby indemnifies Manager and agrees to defend and hold Manager harmless from any and all claims or actions by third parties and all liability, cost and expense arising from failure to make any expenditures or from inability to draw checks or from the failure or refusal of any entity upon which a check is drawn to honor same by reason of the failure of Owner to provide aforementioned expenses or costs unless there are sufficient funds in response the Operating Account described in Section 7.2 below or the funds shall be supplied to Manager by the Venture. In the event that at any time there are insufficient funds on hand to meet such noticeoperating expenses, Manager shall promptly notify the Venture, which shall supply such funds, and if Manager shall have advanced its own funds to meet such expenses, the Venture shall promptly reimburse Manager therefor. All checks to Manager for reimbursement of expenses and for the Management Fee (as defined below) shall be co-signed by a Venturer of the Venture.

Manager Disbursements. From Project (a) Manager shall, from the funds collected and deposited in the Project Accountdeposited, but only to the extent sufficient funds are available and only if Owner has not elected to pay such amounts directly or instructed Manager in writing to the contrary, Manager shall cause to be disbursed regularly and punctually and otherwise in accordance with the terms of this Agreement (1) Manager's compensation under Article III of this Agreement; (2) the actual, out-of-pocket costs and expenses otherwise reimbursable to Manager under this Agreement; (3) the amounts payable from time to time under any mortgage financing; (4) any amounts directed by Owner to be paid against any indebtedness relating to the Property; (5) the amount of all real estate taxes and other impositions levied by appropriate authorities which, if not escrowed with any lender, shall be paid upon specific written direction of Owner before penalty or interest begins to accrue thereon; (6) amounts otherwise due and payable as operating expenses of the Project Property authorized to be incurred under the terms of this Agreement; (7) any amounts to be construction costs (as approved by Owner); and (8) amounts required to fund any reserve established by Owner; provided that Manager shall in no event make any disbursement of funds except to the extent such disbursement is provided for under the Budget approved by Owner or otherwise authorized in accordance with this Agreement. To the extent that available funds are insufficient to pay all the foregoing, includingcollected funds shall be used by Manager to pay items (1) and (2), without limitationand shall then be used by Manager as directed by Owner. After disbursements as herein specified, the Monthly Management Fee and Manager's reimbursable expenses. Any any balance remaining in at the Project Account after disbursements have been made and appropriate, as determined by end of each calendar quarter during the Operating Plan, reserves have been established and funded, term of this Agreement shall be disbursed or transferred as generally or as specifically directed in writing from time to time by Owner. If at any time Within (30) days after the funds in the Project Account are insufficient to pay all the expenses which Manager is required or permitted to pay pursuant to this Agreementend of each calendar year, Manager shall give provide to Owner notice a written reconciliation of all funds collected and disbursed by Manager during the need for additional funds andpreceding calendar year, in the event that Owner fails to furnish sufficient funds to pay for the foregoing: (i) Manager may draw from the Project account its Monthly Management Fee on a monthly and reimbursable expenses, then (ii) Manager shall apply the remaining funds available to satisfy outstanding liabilities, costs and expenses, according to such priority as Owner directs; (iii) Manager shall have no liability whatsoever for any consequences arising from such failure by Owner; and (iv) Owner hereby indemnifies Manager and agrees to defend and hold Manager harmless from any and all claims or actions by third parties and all liability, cost and expense arising from failure to make any expenditures or from inability to draw checks or from the failure or refusal of any entity upon which a check is drawn to honor same by reason of the failure of Owner to provide sufficient funds in response to such noticequarterly breakdown.