Property Management Agreement (Page 3 of 6) in pdf

f) Manager shall prepare and keep current monthly financial statements.

g) Owner shall have the right to audit manager’s books with respect to the building with

not less than 72 hours notice during reasonable business hours.

SECTION SIX

TERMINATION OF AGREEMENT

This agreement shall be terminated and except as to the liability for claims or

liabilities that shall have accrued or arisen prior to such termination, all obligations

hereunder shall cease upon the happening of any of the following events:

(a) Bankruptcy or Insolvency. In the event a petition in bankruptcy is filed by or

against either owner or manager, or in the event that either shall make any

assignment for the benefit of creditors or take advantage of any insolvency act,

either party hereto may forthwith terminate this agreement on ten (10) days’

notice in writing to the other party;

(b) Condemnation. On the taking of the entire or a substantial portion of the building

through lawful condemnation proceedings by any government body, either party

may terminate this agreement by service of thirty (30) days written notice by

certified mail to the other party;

connection with any controversy arising out of this agreement, owner or manager

shall have right to terminate the agreement on thirty (30) days notice to the other

party. The prevailing party in such action shall be entitled to recover, in addition

to cost of suit, such sum as the court may adjudge reasonable as attorney fees in

such suit or action and any appeal from any judgment or decree entered thereon;

and

(d) Breach of Obligation. If manager shall fail to deal properly with or account for

funds delivered to it under this agreement or by tenants of the building, owner

may terminate this agreement on ten (10) days written notice to manager.

Sale of Building. If owner sells its entire interest in the building, then this

(e)

agreement shall terminate on the effective date of such sale. Owner shall, in the

event of such sale, notify manager thereof at least thirty (30) days in advance of

the effective date of such sale.

PROPERTY MANAGEMENT AGREEMENT-3

Property Management Agreement Page 3