Transfer of Resident Trust Funds. (a) On the Closing Date, Transferor shall deliver to New Operator a list that, to the best of its knowledge, will be a true, correct and complete description of any Resident Trust Funds held by Transferor as of the Closing Date for any resident of the Facility.
Transfer of Resident Trust Funds. (1) Upon execution of this Agreement, Seller shall prepare and deliver to Buyer a current true, correct, and complete accounting and inventory (properly reconciled) of any resident trust funds and residents’ property held by Seller in trust for residents at the Facility (collectively the “Resident Trust Funds”). Not less than ten (10) days prior to Closing, Seller shall prepare and deliver to Buyer an updated true, correct and complete accounting and inventory (properly reconciled) of the Resident Trust Funds.
Transfer of Resident Trust Funds. On the Commencement Date, Landlord shall deliver to Tenant a list that will be a true, correct and complete description of any Resident trust funds and Resident property held by Landlord as of the Commencement Date for those Residents of Facility who are to be transferred to Tenant (collectively, “Resident Trust Funds”). , On the Commencement Date, Landlord shall transfer to Tenant all Resident Trust Funds for those Residents and Tenant shall accept the amount of Resident Trust Funds in trust for such Residents, and shall be solely accountable to the Residents for such Resident Trust Funds in accordance with the terms of this Lease, Resident Agreements and applicable statutory and regulatory requirements. Within ten (10) Business Days after the Commencement Date, Landlord shall prepare a final reconciliation comparing the actual Resident Trust Fund balances with Resident Trust Funds for the Residents transferred to Tenant on the Commencement Date and to the extent the former exceeds the latter, Landlord shall promptly remit such excess to Tenant or to the extent the latter exceeds the former, Tenant shall promptly remit such excess to Landlord. Tenant shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Funds in excess of the amount delivered by Landlord to Tenant for such Resident or for any claims which arise or from actions or omissions of Landlord with respect to Resident Trust Funds. Landlord shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Fund delivered to Tenant with respect to Resident Trust Funds occurring on or after the Commencement Date.
Transfer of Resident Trust Funds. 3.1. On the Effective Date, Licensee shall prepare and deliver to New Operator a true, correct, and complete accounting and inventory (properly reconciled) of the Resident Trust Funds.
Transfer of Resident Trust Funds. 3.1 On or before the Termination Date, Lessee shall deliver to Lessor a true, correct and complete accounting (properly audited and reconciled) of all security deposits, resident accounts and resident trust funds (collectively, the "Resident Trust Funds") and an inventory of all other residents' property, if any, held by Lessee on the Termination Date for residents at the Facilities. On the Termination Date, Lessee shall transfer the Resident Trust Funds and any other residents' property at the Facilities to Lessor and Lessor hereby agrees that it will accept such Resident Trust Funds and any other residents' property in trust for the residents, in accordance with applicable statutory and regulatory requirements.
Transfer of Resident Trust Funds a. On or prior to the Commencement Date Seller shall provide to New Operator a true, correct and complete accounting (properly reconciled so that there are no negative balances), certified as being true, correct and complete by of any resident trust funds and an inventory of all residents’ property, if any, held by for residents at the Facility (collectively, the “Resident Trust Funds”).
Transfer of Resident Trust Funds. (a) At the Closing, Existing Operator shall deliver to New Operator a list that, to the best of its knowledge, will be a true, correct and complete description of any trust funds held by Existing Operator as of the Closing for any resident of the Facility (collectively, “Resident Trust Funds”).
Transfer of Resident Trust Funds. On the Closing Date, the ------------------------------------ Emeritus Entities shall provide to New Operator a true, correct and complete accounting (properly reconciled) of any resident trust funds and an inventory of all residents' property held by Manager on the Closing Date for residents at the Facility. On the Closing Date, the Emeritus Entities shall assign and transfer to New Operator the resident trust accounts maintained by the Emeritus Entities and all residents' property held by Manager as of the Closing Date. 2.5
Transfer of Resident Trust Funds. 2.4.1 On or before the Closing Date, Seller shall deliver to Buyer a true, correct and complete accounting (properly reconciled) of all security deposits, resident accounts and resident trust funds (collectively, the "RESIDENT TRUST FUNDS") and an inventory of all residents' property held by Seller on the Closing Date for residents at the Facility. If required by applicable state law in connection with the issuance to Buyer of a license to operate the Facility, such accounting shall be certified or otherwise verified in accordance with such applicable law.
Transfer of Resident Trust Funds
