Common use of Collections and Disbursements Clause in Contracts

Collections and Disbursements. Agent shall deposit all money received in connection with the Premises in one or more federally insured escrow accounts in the name of Agent. All interest on such account(s) in excess of interest on security deposits which is required to be paid to Tenants shall belong to Agent. Agent may draw upon this account(s) to pay all expenses incurred in connection with the Premises, including all amounts payable to Agent, and the expenses of maintaining the account(s). In the event of security deposit forfeiture, any amounts owed to agent shall be deducted by agent before remittance to owner. On a monthly basis, Agent shall deliver to Owner, at Owner’s address, reports of receipts, expenses, and charges in connection with the Premises, and remit to Owner, at the Payment Address, all receipts less disbursements and reserves authorized by this Agreement. Agent shall not be liable in the event of the failure of any depository.