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9 MANAGEMENT AGREEMENT <br /> <br /> <br /> <br />In addition, the Agent shall not incur liabilities of the Owner (direct or contingent) <br />which require payment more than one year from the creation thereof, unless <br />specifically authorized by the Owner. <br /> <br />9.10. Government Orders. The Agent shall take such action as may be necessary to comply <br />promptly with any and all orders or requirements affecting the Development which <br />may be placed thereon by any federal, state, county, or municipal authority having <br />jurisdiction hereover, and orders of the Board of Fire Underwriters or other similar <br />bodies. The Agent shall not take any action under this paragraph so long as the <br />Owner is contesting or has affirmed its intention to contest any such order or <br />requirement. The Agent shall promptly, and in no event later than forty-eight (48) <br />hours from the time of their receipt, notify the Owner in writing of all such orders and <br />notices of requirements. <br /> <br />9.11. Utility Service and Purc hases. Subject to the approval of the Owner the Agent shall <br />make contracts for garbage and trash removal, fuel, oil, extermination, snow removal, <br />elevator maintenance, and other necessary services. Further, the Agent shall place <br />orders for such equipment, tools, appliances, materials, and supplies as are necessary <br />to maintain and repair the Development properly. When taking bids or issuing <br />purchase orders, the Agent shall act at all times in the best interests of the Owner and <br />shall be under a duty to secure for and credit to the Owner any discounts, <br />commissions or rebates obtainable as a result of such purchases. <br /> <br />9.12. Records and Reports. <br /> <br />(a) The Agent shall establish and maintain a comprehensive system of records, <br />books, and accounts in a manner satisfactory to the Owner and the Public <br />Agencies. All records books, and accounts will be subject to examination at <br />reasonable hours by any authorized representative of the Owner or the MPHA. <br /> <br />(b) With respect to each fiscal year ending during the term of this Agreement, the <br />Agent will have an annual financial report prepared by a Certified Public <br />Accountant based upon the preparer's examination of the books and records of <br />the Owner and the Agent. The report will be prepared in accordance with the <br />requirements of the Public Agencies, will be certified by the preparer and the <br />Agent, and will be submitted to the Owner within sixty (60) days after the end <br />of the fiscal year, for the Owner's further certification and submission to the <br />Public Agencies. Compensation for the preparer's services will be considered <br />an operating expense of the Development. <br /> <br />(c) The Agent will prepare a Monthly Operating Report which compares <br />actual and budgeted income and expenses for the month and for the "year- <br />to-date". The Agent will prepare a monthly aged schedule of accounts