Common use of Collection and Disbursement Clause in Contracts

Collection and Disbursement. Manager agrees to collect all rents as they become due; to render to Owner a monthly accounting of rents received and expenses paid; and to remit to Owner all income, less any sums paid out. Manager agrees to disburse said funds by electronic bank transfer on the 30th day of the month. If the 30th day of the month falls on a weekend or bank holiday, the funds will be sent the first eligible banking day. The owner can either collect a security deposit with first month’s rent or first and last month’s rent as the move in cost. Security Deposits will be collected and held in an escrow account by management. Last month’s rent payments will be forwarded to the owner following the above payment schedule.