according to State law and Agent shall maintain detailed records of all Tenant Deposits and such records shall
be open for inspection by Owner's employees or appointees.
8.3
Any disbursements made by Agent pursuant to this Agreement shall be made out of the Operating
Account, except as otherwise designated as expenses of the Agent. Owner agrees to make necessary operating
funds available to Agent. Agent shall not be obligated to make any advance to the Operating Account or to pay
any amount except out of funds in the Operating Account, nor shall Agent be obligated to incur any
extraordinary liability or obligation unless Owner shall furnish Agent with the necessary funds for the discharge
thereof. If Agent shall voluntarily advance any amount of its own funds on behalf of Owner for the payment of
any obligation or necessary expense connected with the maintenance or operation of the Property or
otherwise, Owner shall reimburse Agent therefor within a reasonable time after demand.
8.4
Notwithstanding any of the foregoing provisions or any similar provisions that follow, the prior written
approval of the Owner will be required for any expenditure which exceeds $5,000.00 in any one instance for
litigation involving the project, or labor, materials, or otherwise in connection with the maintenance and repair
of the Property (including withdrawals from the replacement reserve to fund maintenance and repair of the
Property). This limitation is not applicable for recurring expenses within the limits of the Operating Budget or
emergency repairs involving manifest danger to persons or property, or that are required to avoid suspension of
any necessary service to the project. In the latter event, the Agent will inform the Owner of the facts as
promptly as possible.
Article 9: Agent Compensation
The Owner agrees to pay Agent <<**write number**>> percent (<<**enter number**>>%) of the gross
monthly rent actually collected from the Property as compensation for the services set forth in this Agreement.
The Owner shall pay this amount to the Agent not later than the fifteenth (15) day of month following the
month upon which the amount was calculated unless otherwise agreed by the parties.
Article 10: Termination
10.1
This Agreement shall be terminated automatically and immediately upon destruction, condemnation,
or transfer of ownership of the Property by Owner.
10.2
This Agreement may be terminated by mutual written consent of Agent and Owner
10.3
This Agreement shall terminate upon the occurrence of any of the following circumstances, which shall
be considered a default:
(a)
The filing of a voluntary or involuntary petition of bankruptcy in the United States Bankruptcy
Court by either Owner or Agent;
(b)
The failure of Agent to perform, keep, or fulfill any of its duties or to comply with the covenants,
undertakings, obligations, or conditions set forth in this Agreement, and the continuance of any
such default for a period of 30 days after written notice of such failure (except in the event of
Agent's misconduct, in which case no notice shall be required).
(c)
The failure of Owner to make available sufficient funds to maintain the Property in compliance
with applicable state and local laws, and such failure to provide funding continues for a period
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