Another (in my view better option) would be a 'default' account, which will use the resource (server) name as its server or domain name. If a specified account is available for a resource, it wil not use the default.
Simply stated: I want HostMonitor to run as a service, using the system account and use the connection manager to control a single account to be used for all servers.

But then there must be some thought about what to do when one out of many servers can not be contacted when the password is to be changed

And finally a schedule to reset the password every x days??