Resolution 8837 - Laserfiche WebLink

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13 MANAGEMENT AGREEMENT and Expense Account established pursuant to Section 11, below. The Agent shall not be obliged to make any advance to, or for the account of the Owner without assurance that the necessary funds for the discharge thereof will be provided. Section 11. Bank Account. 11.1. The Agent shall establish and maintain, in a bank whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC), a separate bank account as Agent of the Owner for the deposit of the moneys of the Owner, with authority to draw thereon for any payments to be made by the Agent to discharge any liabilities or obligations of the Owner incurred in accordance with this Agreement. This account shall be carried in the Agent's name and shall be designated of record Silver Lake Commons Operating Receipts and Expense Account". The Agent shall establish such other special bank accounts as may be required by the Owner, or the MPHA Regulatory Agreement. Signatories entitled to make withdrawals from any and all of these accounts shall be persons covered by the Bond to be posted pursuant to Section 15 of this Agreement. 11.2. Security Deposit Account. The Agent shall collect, deposit, and disburse Tenant's security deposits in accordance with the terms of the respective Leases. Tenant's security deposits shall be deposited by the Agent in an interest bearing account, separate from all other accounts and funds, with a bank or other financial institution whose deposits are insured by the FDIC. The Agent shall be responsible for any loss incurred by the Development for its failure to comply with refunding of security deposits with accrued interest to Tenants as required by Minnesota Laws, 1973, Chapter 561. This account shall be carried in the Agent's name and shall be designated of record "Silver Lake Commons Security Deposit Account". The Agent shall cause the amount of the Security Deposit Account to equal or exceed at all times the aggregate of all outstanding obligations by the Owner with respect to security deposits. Section 12. Office Development. The Owner shall furnish the Agent with suitable office space, office furniture and equipment (file, typewriter, adding machine, etc.) on the site of the Development and with electricity, heat, water, and janitorial service therein. Section 13. Compensation of Agent. Management Agent will be compensated for it's services under this agreement by monthly fees, to be paid out of the Operating Receipts and Expense Account established pursuant to section 11, hereof which will be treated as operating expenses. Each monthly fee will be in an amount specified in the most current annual operating budget that has been submitted to and approved, in writing by the Owner, and shall be payable on the first of each month. The Agent will not receive compensation for any rented apartment where the rent has not been paid, provided that this fee is paid in a subsequent month when the rent is collected. Such fees shall be computed and paid monthly based upon the preceding month's paid rented apartments.