HANDLING OF FUNDS. Security deposits will be retained on tenant’s behalf. Tenant’s deposits may be utilized by us to replace or repair items damaged by the tenants, applied toward cleaning of property chargeable to the tenant, to any other charges due to the tenant, refunded to the tenant, or disbursed to you, as so we may reasonably determine. All funds collected (rents and security deposits), shall be held in a separate trust account and under the control of AGENT. If tenant’s security deposit is placed into an interest bearing account, all interest thereon will accrue and be payable to AGENT. We shall not be liable for any loss resulting from the insolvency of any financial institution.
Appears in 2 contracts
Sources: Property Management Agreement, Property Management Agreement