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Resolution 8837
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Resolution 8837
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Last modified
6/25/2019 10:08:27 AM
Creation date
10/20/2017 11:55:34 AM
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MV City Council
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10 MANAGEMENT AGREEMENT <br /> <br /> <br /> <br /> <br />receivable and accounts payable and a monthly occupancy report. The <br />Agent will prepare a monthly analysis of security deposits and monthly <br />cash reconciliation, and will submit each statement to the Owner within <br />fifteen (15) days after the end of the month covered. <br /> <br />(d) The Agent will furnish such information as may be requested by the Owner <br />or the MPHA from time to time with respect to the financial, physical, or <br />operational condition of the Development. <br /> <br />(e) By the fifteenth (15th) day of each month, the Agent will furnish the Owner <br />with an itemized list of all rent delinquencies as of the tenth (10th) day of <br />the same month. <br /> <br />(f) The Agent shall prepare, execute, and file for the Owner all forms, reports, <br />and returns required by law in connection with the employment of <br />personnel, including unemployment insurance, worker's compensation <br />insurance, disability benefits, social security, and other similar insurance <br />benefits or taxes now in effect or hereafter imposed. <br /> <br />(g) All records, books, and accounts will be subject to examination at <br />reasonable hours by any authorized representative of the MPHA, HUD and <br />City. The Agent shall be responsible for providing the budgets and reports <br />described _in Article IV of the MPHA Regulatory Agreement. The Agent <br />must submit periodic occupancy data as required by HUD on HUD forms <br />50058 and 51234. <br /> <br />9.13. Operating Budget. At least 60 days before the beginning of each new fiscal year for <br />the Development, the Agent shall prepare and submit to the Owner, the MPHA, an <br />Operating Budget, setting forth an itemized statement of the anticipated receipts <br />and disbursements for the Development. In addition, the Agent shall prepare and <br />submit to the MPHA the initial estimated and subsequent operating budgets for the <br />Authority Units pursuant to Article IV of the MPHA Regulatory Agreement and <br />shall provide such other information and reports as required by the Owner, the <br />MPHA or the City. <br /> <br />9.14. Assumption of Marketing Duties. Upon expiration or termination of the Marketing <br />Agreement (attached hereto as Exhibit D), the Agent shall immediately assume <br />responsibility for all functions and services of the marketing agent as set forth in <br />the agreement. <br /> <br />9.15. Compliance of Tenants. <br /> <br />(a) The Agent shall at all times during the term of this Agreement operate and <br />maintain the Development according to the provisions of Section 42 and <br />any regulations thereunder, and by the Owner's covenants to the MHFA
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