Property Management Agreement Sample Page 6
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29$2,000 in any one instance for labor, materials, or otherwise in connection with the
maintenance and repair of the Development, except for emergency repairs involving
manifest danger to persons or property, or required to avoid suspension of any
necessary service to the Development. In the event of emergency repairs, Manager
shall notify Owner of the facts promptly, and in no event later than 72 hours from the
occurrence of the event.
f) Compensation (including fringe benefits) payable to the Manager's supervisory
property manager and all off site managerial, bookkeeping, and clerical personnel, as
well as all local, state, and federal taxes and assessments incident to the employment
of such personnel will be borne solely by the Manager and not paid from the
Development Operating Account or treated as a Development expense, unless
specifically accepted by the Authority in the Operating Budget as an eligible property
expense.
g) Manager and its employees shall at all times comply with the federal Drug Free
Workplace Act of 1988.
h) Manager shall report promptly to Owner and Authority any litigation involving the
Manager or the Development.
3.6 Utilities and Services. Manager shall make arrangements for water, electricity, gas,
fuel, oil, sewage and trash disposal, vermin extermination, decoration of common areas, laundry
facilities, telephone services and other necessary services in connection with the Development.
Subject to Owner's prior approval as required in Section 3.5, Manager shall make such contracts
as may be necessary to secure such utilities and services.
3.7 Personnel. All on-site personnel shall be contracted service providers or employees
of Manager, subject to approval of Owner. Owner shall reimburse Manager for compensation
(including fringe benefits) payable for onsite management and maintenance employees, as
prescribed in the Management Plan and only if approved in the current year operating budget
unless approved in writing from Owner. Reimbursable costs include all federal, state, and local
taxes and other costs incident to the employment of such personnel as approved by Owner.
3.8 Operating Account. Disbursements from the Operating Account shall be made in
accordance with the operating budget prepared pursuant to Section 3.9. In the event that the
balance in the Operating Account is at any time insufficient to pay disbursements due and
payable under Section 3.10, Manager shall promptly inform Owner of the fact, and Owner may
then remit to Manager sufficient funds to cover the deficiency. In no event shall Manager be
required to use its own funds to pay such disbursements or be liable for any losses, costs or
damages arising out of Owner's failure to cover the deficiency. Amounts in the Operating
Account that are in excess of the of the needs of the Development are required to be returned to
the Authority, provided, however, that Owner may direct Manager to retain such amounts in the
Development Operating Account to reduce the need for operating subsidies for the Development
in the following fiscal year.
Sample Property Management Agreement RAD Conversion Sites
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Page 6
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