Minimum Reserve. If elected, Owner shall maintain the Minimum Reserve with Agent. On the request of Agent, Owner shall immediately deliver to Agent funds sufficient to bring the balance held by agent up to the Minimum Reserve. In the event of any insufficiency, Agent may (but not be required to) advance its own funds for Owner, in which event Owner shall reimburse Agent upon demand the full amount advances, with interest at 12% per annum. Agent may withhold all amounts payable to Owner for a period of 45 days after the termination of this Agreement to pay bills previously incurred and to close accounts.
Appears in 2 contracts
Sources: Property Management Agreement, Property Management Agreement