Trust Accounts. The Owner hereby gives power to the Manager to deposit all receipts collected for the Owner, less any sums properly deducted or disbursed, in a financial institution whose deposits are insured by an agency of the United States government. The funds shall be held in a trust account separate from the Manager’s personal accounts. The Manager shall not be liable in the event of a bankruptcy or failure of a financial institution. All funds managed under this section must be managed in accordance with applicable law.
Appears in 65 contracts
Sources: Property Management Agreement, Property Management Agreement, Property Management Agreement