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MANAGEMENTPLAN <br />Section 1: Owner -Manager Relationship <br />A. The Owner of the Development is , of which is the General Partner. is <br />the managing Agent for the Development. <br />B. The Owner reserves the right to formulate all policies, procedures and regulations. The <br />actual implementation of the Owner's Policies will be coordinated by the Agent. The <br />Agent will report to the Owner on a monthly basis concerning all aspects of the <br />operation. The Agent will be responsible for the day-to-day operation of the <br />Development, including supervision of the employees. The Agent will make, at least, <br />monthly visits to thesite. <br />C. The Agent must consult the Owner before deviating from set policies, or for any charges <br />or any expenditures which are beyond the normal budget as defined with the Management <br />Agreement. <br />D. The Agent may make decisions without consulting the Owner for the operation of the <br />Development as outlined in the Management Plan and the Management Agreement. <br />E. is the representative ofthe partnership, who will have the decision- making <br />authority. <br />F. The responsibilities of the Agent are outlined in the Management Agreement. The Owner <br />is responsible for determining the house rules, policies and regulations to be imposed. The <br />implementation of the Owner's policies will be coordinated by the Agent. The <br />Management Agreement and annual budget make clear which items of expenses are to be <br />paid for by the managing Agent out of its fee and which expenses are to be paid out of <br />rental income from the Development. <br />G. For purposes of this plan, reference to "The Property" shall refer to Silver Lake <br />Commons Apartments and Townhomes. <br />Section II: Human Resources <br />The staff of Silver Lake Commons has well-defined job responsibilities. Site staff includes: <br />The Business Manager of the property is responsible for the overall daily operations of the <br />properties; such as rent collections, resident retention/relations, employee relations, tax credit <br />certification/recertification, dealing with vendors, community involvement, purchasing and <br />budget control, etc. <br />Currently the Maintenance Technician is responsible for doing day-to-day routine maintenance <br />calls. Residents contact the site office to submit work orders (please see operations plan on <br />further details on maintenance requests). <br />2 <br />