RFP for Property Management Services

permitted by other provisions of this Agreement, Agent is not authorized to make any
expenditure for the maintenance and operation of the Property which would result in
either (A) a particular budget category being exceeded by more than fifteen percent
(15%), or (B) the amount of total budgeted expenditures being exceeded by more than
ten (10%), without in each case obtaining the prior written approval of Owner. Agent
must explain Budget variances in excess of 5% in financial reports.
9. Early Termination. Notwithstanding the provisions of Paragraph 2 above to
the contrary, this Agreement and the obligations of the parties hereunder shall
cease, upon the occurrence of any of the following:
a. If Owner fails to comply, after Agent’s notice and an opportunity to cure, with any rule,
order, determination, ordinance or law of any federal, state, county, municipal
authority, or governing agency, Agent may terminate this Agreement upon ten (10)
days written notice to Owner unless Owner is in good faith contesting same.
b. If either party defaults in the performance of any of its obligations hereunder and such
default continues for thirty (30) days after written notice to the defaulting party
specifying such default, the party not in default may terminate this Agreement upon
ten (10) days written notice to the defaulting party. Notwithstanding the above, if a
cure has commenced but not able to be completed within 30 days and the defaulting
party is diligently pursuing the cure within the 30 day period, then the party not in
default shall not effect the termination.
c. Owner or Agent may terminate this Agreement upon ninety (90) days written notice
to the other. It is understood that the respective rights and obligations of the parties
shall continue to be governed by this Agreement until the effective date of such
termination.
Notwithstanding any of the time period set forth above, for properties receiving any form of
subsidy or subject to any state or federal agreements, Owner and Agent hereby agree to
give sufficient notice to the other to allow Owner and Agent to comply with all regulatory
notice requirements. Lenders, investors and regulators may have
10. Duties Upon Termination. Upon termination of this Agreement for any
reason:
a. Agent shall have no further right to act on behalf of Owner or to disburse any of
Owner's funds;
Property Management Agreement 14
December 2010