Net Proceeds. To the extent that funds are available and after maintaining the cash contingency reserve amount as specified in Section 4(b), Broker shall transmit the cash balances to Owner or as otherwise directed by the client in writing. Net proceeds are defined as the amount after all costs and expenses are deducted by Broker from the gross proceeds from the Property. Broker typically generates owner statements and payments due at the end of the month. This payment schedule is not guaranteed. For example, if Tenant does not pay rent, this can delay Owner's payment.
Appears in 4 contracts
Samples: Management Agreement, Management Agreement, Management and Brokerage Agreement
