Common use of Initial Reserves Clause in Contracts

Initial Reserves. Upon execution of this agreement, or at time of execution of a new lease, Owner shall remit to Broker the sum of $ to be deposited in the Operating and/or Reserve Accounts as an initial deposit representing the estimated disbursements to be made in the first month following the commencement of this Agreement. Owner agrees to maintain the reserve stated above at all times in the Operating and/or Reserve Account(s) to enable Broker to pay the obligations of Owner under this Agreement as they become due. Owner and Broker shall review the amount of the reserve from time to time and shall agree in writing on a new reserve. These reserve funds will be used to pay an expense related to the leasing and management of the property. If the balance of the reserve becomes less than the amount stated, Broker may deduct the applicable amount from the monthly income to bring the balance to the amount requested. The standard reserve is 300.00 per home.

Initial Reserves. Upon execution of this agreement, or at time of execution of a new lease, Owner shall remit to Broker the sum of $ 0 to be deposited in the Operating and/or Reserve Accounts as an initial deposit representing the estimated disbursements to be made in the first month following the commencement of this Agreement. Owner agrees to maintain the reserve stated above at all times in the Operating and/or Reserve Account(s) to enable Broker to pay the obligations of Owner under this Agreement as they become due. Owner and Broker shall review the amount of the reserve from time to time and shall agree in writing on a new reserve. These reserve funds will be used to pay an expense related to the leasing and management of the property. If the balance of the reserve becomes less than the amount stated, Broker may deduct the applicable amount from the monthly income to bring the balance to the amount requested. The standard reserve is 300.00 per home.