Common use of Monies Collected Clause in Contracts

Monies Collected. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, use diligent efforts to collect all rent and other monies from tenants of the Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of business including, but not limited to, tenants’ payments for real estate taxes, insurance, damages and repairs, and common area maintenance, and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager shall inform Owner’s tenants that all remittances are to be in the form of a check, wire transfer, money order, automatic payments or other forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other monies due and, at Owner’s request, to institute legal proceedings in the name of Owner and at Owner’s expense for the collection thereof and for the dispossession of any tenant in default under its Lease. Manager shall not compromise with any tenant or waive Owner’s rights under any Lease without Owner’s prior written consent. Nothing in this Agreement shall be construed as a guarantee of payment or collection by Manager of rent or other monies due from tenants of the Properties.