Property Management Agreement Sample Page 28
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291. Reimbursement to Manager for compensation payable to the employees of the Development
and for insurance premiums, Social Security payments, other payroll taxes and assessments
payable to local, State and Federal governments in connection with employment of such
personnel
2. Payments required for utilities, real estate taxes and assessments, fire or other hazard
insurance premiums, Security Deposit Account, Replacement Reserve Account, and the
operating reserve. Separate interest-bearing FDIC insured accounts will be set up, as appropriate,
for these payments.
3. All payments of required interest, principal, impounds, fees and charges, if any, on
loans which are secured by liens on the Development which have been approved by the City.
4. All amounts otherwise due and payable as expenses of the Development authorized to
be incurred by Manager under the terms of the Management Contract.
5. Other disbursements required by the Owner in writing.
In no event, will Manager be required to use its own funds to pay such disbursements. Manager
will advise the Owner immediately of any such deficiency.
A Monthly Financial Report will be provided to the Owner which includes deposits to date,
disbursements to date, unpaid bills, bank account balances, amount of rent outstanding during
the balance of the month, disbursements expected during the balance of the month, vacancies
and rent losses. In addition, a monthly cash receipts and disbursements comparison (budget
comparison) will be provided. Cash flow can therefore be closely monitored. These monthly
accounting reports will be provided on the 15th of the following month on an ongoing basis.
The Manager will maintain complete files on-site for all residents, which will include
applications, leases, income verifications, certifications, re-certifications and any other data
relating directly to the resident. Files will be kept as long as resident remains on site and for an
additional three years.
X.
PLANS FOR TENANT-MANAGEMENT RELATIONS
a. Orientation
Resident orientation has been covered in Section III (e) above. The Manager will
conduct this orientation at the time of lease execution. At this time, the resident will also
be acquainted with the buildings, grounds and any services available to the resident.
b. Grievances and Appeals
Sample Property Management Agreement RAD Conversion Sites
Term:
Page 28
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