Property Management Agreement Sample Page 8
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291) Monthly financial statements of income and expense and comparing actual
and budgeted figures for receipts and disbursements.
2) A current month rent roll showing the following: occupied, vacant, occupied
and on notice to vacate and vacant rented units.
3) Schedule of accounts payable and reconciled bank statements for both the
operating account and the security deposit account.
4) Any other report specified by Owner as needed.
c) Manager shall send all reports that are required to be sent to any lenders to Owner
and OEF for their prior approval, which approval shall not be unreasonably withheld
or delayed provided, however, that Owner and OEF shall have two weeks to review
such reports prior to submission to any lender.
d) Manager shall prepare, execute and file all forms, reports and returns required by law
in connection with the employment of personnel, unemployment insurance, workers’
compensation insurance, disability benefits, Social Security and other similar
insurance, and all other benefits or taxes now in effect or hereafter imposed.
e) All bookkeeping, data processing services and management overhead expenses shall
be paid for by Manager, including any additional accounting services necessary to
produce reports required under this Section 3.12 to the satisfaction of OEF.
f) Manager shall promptly furnish such additional information as may be requested
from time to time by Owner with respect to the renting and financial, physical or
operational condition of the Development.
g) Manager shall establish tenant files containing copies of Tenant Leases, certification
forms, notices and other documentation required by Owner as necessary to conform
to the Requirements.
3.13 Supporting Documentation. Manager shall provide, upon Owner’s request, copies
of the following:
a) Bank deposit slips.
b) Detailed trial balance.
c) Summaries of adjusting journal entries.
3.14 Tenant-Management Relations. Manager shall encourage and assist tenants of the
Development to participate in a residents' organization to promote the tenants' common interests
and to increase their ability and incentive to protect and maintain the Development and to
contribute to its efficient management.
3.15 Owner Communications. Manager shall be available for communications with
Owner and shall keep Owner advised of items materially affecting the Development.
Sample Property Management Agreement RAD Conversion Sites
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