Common use of Separate Fund Clause in Contracts

Separate Fund. To deposit all receipts collected from the Property in a trust account in a bank approved by Owner and insured by the Federal Deposit Insurance Corporation, separate from Manager's personal account and to pay expenses pursuant to an operating budget approved by Owner and to pay the balance of such receipts pursuant to the instruments, documents and agreements evidencing the loan from Lender to Owner. However, Manager will not be held liable in the event of bankruptcy or failure of a depository.

Separate Fund. To deposit all receipts collected from the Property in a trust account in a bank approved by Owner and insured by the Federal Deposit Insurance Corporation, separate from Manager's personal account and to pay expenses pursuant to an operating budget approved by Owner and to pay the balance of such receipts pursuant to the instruments, documents and agreements evidencing the loan from Lender to OwnerLoan. However, Manager will not be held liable in the event of bankruptcy or failure of a depository.

Separate Fund. To deposit all receipts collected from the Property in a trust account in a bank approved by Owner the Association and insured by the Federal Deposit Insurance Corporation, separate from Manager's personal account and to pay expenses pursuant to an operating budget approved by Owner the Association and to pay the balance of such receipts pursuant to the instruments, documents and agreements evidencing the loan from Lender to Owner. However, Manager will not be held liable in the event of bankruptcy or failure of a depository.