Resolution 8837 - Laserfiche WebLink

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3 MANAGEMENT AGREEMENT exclusive management agent for the Development. The Agent shall carry out the obligations of the Owner as set forth in the Housing Covenants and as they relate to the management and operation of the Development; provided, however, that assumption of such obligations by the Agent shall not relieve the Owner of the responsibility therefor. Section 3. Management Plan. Attached to this Agreement as "Exhibit A" and incorporated herein by reference is a copy of a Management Plan (the "Management Plan") for the Development, which contains a detailed description of the policies and procedures to be followed in the management of the Development. In many of its provisions, this Agreement briefly defines the nature of the Agent's obligations, with the intention that reference is made to the Management Plan for more detailed policies and procedures. Accordingly, the Agent and the Owner will comply with applicable provisions of the Management Plan, regardless of whether specific reference is made thereto in any particular provision of this Agreement. To the extent the Management Plan and this Agreement are inconsistent, this Agreement shall control. Section 4. Regulation by MHFA. The Agent fully understands that the Owner is a limited-profit or non-profit housing entity whose property is subject to a Low Income Housing Land Use Restriction Agreement issued by MHFA and is required to comply with rules and regulations of the MHFA and the LIHC Program. In the performance of its duties hereunder, the Agent agrees to become conversant with and comply with the provisions of the policies, procedures, rules and regulations of the MHFA, the LIHC Program and Section 42, all as may be amended from time to time. Section 5. Authority Units. 5.1. The Agent hereby agrees to perform for and on behalf of the Owner all rights, powers, authorities and obligations of the Owner under and pursuant to the Management Plan and any relevant portions of the Housing Covenants pertaining to the day-to-day operation and maintenance of the Development and the Authority Units; it being acknowledged and agreed that the agency relationship hereby created is for the benefit and security of HUD, MPHA and City under the Housing Covenants and that this Agreement cannot be modified or terminated or the obligations of the Agent hereunder modified in any material way or terminated without the express prior written consent of the MPHA and City. 5.2. All parties hereto acknowledge that the goal of achieving long-term sustainability of the Development as a mixed-income community will be enhanced by administrative procedures and terms and conditions of occupancy which reduce discernible distinctions in maintenance and operation, and conditions of continued occupancy, between the Authority Units and other units in the Development to the greatest extent feasible while assuring that the Authority Units are available to house families who meet the occupancy objectives of the MPHA. This Agreement enumerates certain respects in which operating procedures and other requirements