Property Management Agreement Sample Page 11
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29acting as real estate manager for Owner under this Agreement. Owner shall provide Manager and
OEF with a certificate of insurance evidencing such liability insurance, and providing not less
than ten (10) days' notice to Manager and OEF prior to cancellation.
5.8 Survival of Indemnity Obligations. The indemnity obligations contained in this
Agreement shall survive the termination of this Agreement.
ARTICLE 6
OWNER'S RIGHT TO AUDIT
6.1 Owner's Right to Audit. Owner reserves the right to conduct, or to appoint others to
conduct, examinations, at Owner's expense, without notification, of the books and records
maintained for Owner by Manager, and to perform any and all additional audit tests relating to
Manager's activities hereunder. The Authority, any agency providing funds to Authority, the
Comptroller General of the United States, or any of their duly authorized representatives, shall
have the right to perform any audit of Manager's finances and records related to its performance
under this Agreement, including without limitation, the financial arrangement with anyone
Manager may delegate to discharge any part of its obligations under this Agreement.
6.2 Correction of Discrepancies. Should Owner's employees or appointees discover
either weaknesses in internal control or errors in record keeping, Manager shall correct such
discrepancies either upon discovery or within a reasonable period of time. Manager shall inform
Owner in writing of the action taken to correct such audit discrepancies.
ARTICLE 7
REMITTANCE OF FUNDS
7.1 Deposit of Funds. Manager shall deposit immediately upon receipt all security
deposits in a separate account designated as such by the Manager for Owner (the “Security
Deposit Account”); and shall deposit all rents and other funds collected from the operation of the
Development, including any and all advance funds, in a bank approved by Owner, in Owner's
account for the Development, in the name of the Owner (“Operating Account”).
7.2 Security Deposits. Manager shall maintain detailed records of all security deposits
and such records shall be open for inspection by Owner's employees or appointees. Manager
shall return a tenant’s security deposit to such tenant only in accordance with the lease and all
local and state laws. Manager to be held accountable for financial penalties should any deposit
not be refunded in a timely manner per local or state laws.
7.3 Expenditures. Any disbursements made by Manager pursuant to this Agreement
shall be made out of the Operating Account. Owner agrees to make necessary operating funds
available to Manager. Manager shall not be obligated to make any advance to the Operating
Account or to pay any amount except out of funds in the Operating Account; nor shall Manager
be obligated to incur any extraordinary liability or obligation unless Owner shall furnish
Manager with the necessary funds for the discharge thereof. If Manager shall voluntarily
advance any amount of its own funds on behalf of Owner for the payment of any obligation or
Sample Property Management Agreement RAD Conversion Sites
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