Common use of Acceptance of Engagement Clause in Contracts

Acceptance of Engagement. Manager hereby accepts its engagement as the manager of the Properties and agrees to perform all services necessary for the care, protection, maintenance and operation of the Properties. Without limiting the scope of the foregoing: (a) Manager shall collect all rents and other income from the Properties, provided that nothing herein contained shall constitute a guarantee by Manager of the payment of rent by tenants. (b) Manager shall purchase, at the expense of Owner, all equipment, tools, appliances, materials, supplies and uniforms necessary for the maintenance or operation of the Properties. (c) Manager shall contract on behalf of Owner for water, gas, electricity and other services necessary for the operation and maintenance of the Properties. (d) Manager shall advertise for the rental of units at the Properties, the cost of which shall be paid by Owner. (e) Manager shall use all reasonable efforts to keep the Properties rented by procuring tenants for the Properties and negotiating and executing on behalf of Owner all leases for units at the Properties. (f) Manager shall hire, evaluate, supervise, discharge and pay all employees or contractors necessary for the management and operation of the Properties. Owner agrees that all wages and compensation (and federal and state unemployment insurance and other required charges) with respect to such employees and contractors shall be paid from Owner's funds. (g) Manager shall prepare and file all returns and other documents (other than promissory notes, mortgages, deeds of trust or other documents or instruments which would encumber the Properties) required under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar federal or state legislation. Manager also shall file returns and reports, and pay from Owner's funds, all sums as may be required from time to time by the states or localities in which the Properties are located. (h) Manager shall maintain accurate and complete books of account with entries for all receipts and expenditures, and such books of account shall be the property of Owner and shall at all times be open to the inspection of Owner, or any of its employees or duly authorized agents. (i) Manager shall deliver to Owner of all lenders' annual property inspection letters regarding repairs necessary to avoid mortgage loan defaults. Manager shall deliver a detailed monthly statement of all receipts and disbursements on or before the 20th day of each month for the preceding month. Such statement shall show the status of collections, shall be supported by cancelled checks, vouchers, duplicate invoices and similar documentation covering all items of income and expense, and shall be kept in Manager's office and shall be available for inspection by Owner's representatives at all times. Manager also shall deliver a monthly operating statement showing the income and expense for the month, for the year-to-date and for the same month of the preceding year. The cost of performing the accounting functions outlined in paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the terms of this Agreement. (j) Manager shall deliver to Owner annual reports containing a composite financial report of the monthly statements provided in accordance with paragraph (i), plus a statement by Manager as to the operations of the Properties during the previous year and recommendations, if any, as to necessary policy changes or improvements for the forthcoming year, accompanied by an estimated budget for such items. (k) Manager shall deliver to Owner from time to time, and at least semi-annually, a tentative budget of expenses. (l) Manager shall deliver to Owner from time to time, and at least annually, the following schedules with respect to the Properties: (1) forecast of rental and occupancy changes;

Acceptance of Engagement. Manager hereby accepts its engagement as the manager of the Properties and agrees to perform all services necessary for the care, protection, maintenance and operation of the Properties. Without limiting the scope of the foregoing: (a) Manager shall collect all rents and other income from the Properties, provided that nothing herein contained shall constitute a guarantee by Manager of the payment of rent by tenants. (b) Manager shall purchase, at the expense of Owner, all equipment, tools, appliances, materials, supplies and uniforms necessary for the maintenance or operation of the Properties. (c) Manager shall contract on behalf of Owner for water, gas, electricity and other services necessary for the operation and maintenance of the Properties. (d) Manager shall advertise for the rental of units at the Properties, the cost of which shall be paid by Owner. (e) Manager shall use all reasonable efforts to keep the Properties rented by procuring tenants for the Properties and negotiating and executing on behalf of Owner all leases for units at the Properties. (f) Manager shall hire, evaluate, supervise, discharge and pay all employees or contractors necessary for the management and operation of the Properties. Owner agrees that all wages and compensation (and federal and state unemployment insurance and other required charges) with respect to such employees and contractors shall be paid from Owner's funds. (g) Manager shall prepare and file all returns and other documents (other than promissory notes, mortgages, deeds of trust or other documents or instruments which would encumber the Properties) required under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar federal or state legislation. Manager also shall file returns and reports, and pay from Owner's funds, all sums as may be required from time to time by the states or localities in which the Properties are located. (h) Manager shall maintain accurate and complete books of account with entries for all receipts and expenditures, and such books of account shall be the property of Owner and shall at all times be open to the inspection of Owner, or any of its employees or duly authorized agents. (i) Manager shall deliver to Owner of all lenders' annual property inspection letters regarding repairs necessary to avoid mortgage loan defaults. Manager shall deliver a detailed monthly statement of all receipts and disbursements on or before the 20th day of each month for the preceding month. Such statement shall show the status of collections, shall be supported by cancelled checks, vouchers, duplicate invoices and similar documentation covering all items of income and expense, and shall be kept in Manager's office and shall be available for inspection by Owner's representatives at all times. Manager also shall deliver a monthly operating statement showing the income and expense for the month, for the year-to-date and for the same month of the preceding year. The cost of performing the accounting functions outlined in paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the terms of this Agreement. (j) Manager shall deliver to Owner annual reports containing a composite financial report of the monthly statements provided in accordance with paragraph (i), plus a statement by Manager as to the operations of the Properties during the previous year and recommendations, if any, as to necessary policy changes or improvements for the forthcoming year, accompanied by an estimated budget for such items. (k) Manager shall deliver to Owner from time to time, and at least semi-annually, a tentative budget of expenses. (l) Manager shall deliver to Owner from time to time, and at least annually, the following schedules with respect to the Properties: (1) forecast of rental and occupancy changes;; (2) review of lease negotiations; (3) annual analysis of leases; and (4) schedule of capital improvements and method of financing such improvements. (m) Manager shall deliver to Owner, on a regular basis, all forms necessary to operate and lease the Properties and manage the personnel, including but not limited to form leases, contracts and management policies. (n) During the initial term of this Agreement, Manager shall supervise the transition from the former owners of the Properties and shall, to the extent necessary, implement new management systems with respect to the operation of the Properties.

Acceptance of Engagement. Manager hereby accepts its engagement as ------------------------ the manager of the Properties and agrees to perform all services necessary for the care, protection, maintenance and operation of the Properties. Without limiting the scope of the foregoing: (a) Manager shall collect all rents and other income from the Properties, provided that nothing herein contained shall constitute a guarantee by Manager of the payment of rent by tenants. (b) Manager shall purchase, at the expense of Owner, all equipment, tools, appliances, materials, supplies and uniforms necessary for the maintenance or operation of the Properties. (c) Manager shall contract on behalf of Owner for water, gas, electricity and other services necessary for the operation and maintenance of the Properties. (d) Manager shall advertise for the rental of units at the Properties, the cost of which shall be paid by Owner. (e) Manager shall use all reasonable efforts to keep the Properties rented by procuring tenants for the Properties and negotiating and executing on behalf of Owner all leases for units at the Properties. (f) Manager shall hire, evaluate, supervise, discharge and pay all employees or contractors necessary for the management and operation of the Properties. Owner agrees that all wages and compensation (and federal and state unemployment insurance and other required charges) with respect to such employees and contractors shall be paid from Owner's funds. (g) Manager shall prepare and file all returns and other documents (other than promissory notes, mortgages, deeds of trust or other documents or instruments which would encumber the Properties) required under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar federal or state legislation. Manager also shall file returns and reports, and pay from Owner's funds, all sums as may be required from time to time by the states or localities in which the Properties are located. (h) Manager shall maintain accurate and complete books of account with entries for all receipts and expenditures, and such books of account shall be the property of Owner and shall at all times be open to the inspection of Owner, or any of its employees or duly authorized agents. (i) Manager shall deliver to Owner of all lenders' annual property inspection letters regarding repairs necessary to avoid mortgage loan defaults. Manager shall deliver a detailed monthly statement of all receipts and disbursements on or before the 20th day of each month for the preceding month. Such statement shall show the status of collections, shall be supported by cancelled checks, vouchers, duplicate invoices and similar documentation covering all items of income and expense, and shall be kept in Manager's office and shall be available for inspection by Owner's representatives at all times. Manager also shall deliver a monthly operating statement showing the income and expense for the month, for the year-to-date and for the same month of the preceding year. The cost of performing the accounting functions outlined in paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the terms of this Agreement. (j) Manager shall deliver to Owner annual reports containing a composite financial report of the monthly statements provided in accordance with paragraph (i), plus a statement by Manager as to the operations of the Properties during the previous year and recommendations, if any, as to necessary policy changes or improvements for the forthcoming year, accompanied by an estimated budget for such items. (k) Manager shall deliver to Owner from time to time, and at least semi-annually, a tentative budget of expenses. (l) Manager shall deliver to Owner from time to time, and at least annually, the following schedules with respect to the Properties: (1) forecast of rental and occupancy changes;

Acceptance of Engagement. Manager hereby accepts its engagement as the ------------------------ manager of the Properties Property and agrees to perform all services necessary for the care, protection, maintenance and operation of the PropertiesProperty. Without limiting the scope of the foregoing: (a) Manager shall collect all rents and other income from the PropertiesProperty, provided that nothing herein contained shall constitute a guarantee by Manager of the payment of rent by tenants. (b) Manager shall purchase, at the expense of Owner, all equipment, tools, appliances, materials, supplies and uniforms necessary for the maintenance or operation of the PropertiesProperty. (c) Manager shall contract on behalf of Owner for water, gas, electricity and other services necessary for the operation and maintenance of the PropertiesProperty. (d) Manager shall advertise for the rental of units at the PropertiesProperty, the cost of which shall be paid by Owner. (e) Manager shall use all reasonable efforts to keep the Properties Property rented by procuring tenants for the Properties Property and negotiating and executing on behalf of Owner all leases for units at the PropertiesProperty. (f) Manager shall hire, evaluate, supervise, discharge and pay all employees or contractors necessary for the management and operation of the PropertiesProperty. Owner agrees that all wages and compensation (and federal and state unemployment insurance and other required charges) with respect to such employees and contractors shall be paid from Owner's funds. (g) Manager shall prepare and file all returns and other documents (other than promissory notes, mortgages, deeds of trust or other documents or instruments which would encumber the PropertiesProperty) required under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar federal or state legislation. Manager also shall file returns and reports, and pay from Owner's funds, all sums as may be required from time to time by the states state or localities locality in which the Properties are Property is located. (h) Manager shall maintain accurate and complete books of account with entries for all receipts and expenditures, and such books of account shall be the property of Owner and shall at all times be open to the inspection of Owner, or any of its employees or duly authorized agents. (i) Manager shall deliver to Owner of all lenders' annual property inspection letters regarding repairs necessary to avoid mortgage loan defaults. Manager shall deliver a detailed monthly statement of all receipts and disbursements on or before the 20th day of each month for the preceding month. Such statement shall show the status of collections, shall be supported by cancelled checks, vouchers, duplicate invoices and similar documentation covering all items of income and expense, and shall be kept in Manager's office and shall be available for inspection by Owner's representatives at all times. Manager also shall deliver a monthly operating statement showing the income and expense for the month, for the year-to-date and for the same month of the preceding year. The cost of performing the accounting functions outlined in paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the terms of this Agreement. (j) Manager shall deliver to Owner annual reports containing a composite financial report of the monthly statements provided in accordance with paragraph (i), plus a statement by Manager as to the operations of the Properties Property during the previous year and recommendations, if any, as to necessary policy changes or improvements for the forthcoming year, accompanied by an estimated budget for such items. (k) Manager shall deliver to Owner from time to time, and at least semi-annually, a tentative budget of expenses. (l) review of lease negotiations; (3) annual analysis of leases; and (4) schedule of capital improvements and method of financing such improvements. (m) Manager shall deliver to Owner Owner, on a regular basis, all forms necessary to operate and lease the Property and manage the personnel, including but not limited to form leases, contracts and management policies. (n) During the initial term of this Agreement, Manager shall supervise the transition from time the former owner of the Property and shall, to timethe extent necessary, and at least annually, the following schedules implement new management systems with respect to the Properties: (1) forecast operation of rental and occupancy changes;the Property.

Acceptance of Engagement. Manager hereby accepts its engagement as ------------------------ the manager of the Properties Property and agrees to perform all services necessary for the care, protection, maintenance and operation of the PropertiesProperty. Without limiting the scope of the foregoing: (a) Manager shall collect all rents and other income from the PropertiesProperty, provided that nothing herein contained shall constitute a guarantee by Manager of the payment of rent by tenants. (b) Manager shall purchase, at the expense of Owner, all equipment, tools, appliances, materials, supplies and uniforms necessary for the maintenance or operation of the PropertiesProperty. (c) Manager shall contract on behalf of Owner for water, gas, electricity and other services necessary for the operation and maintenance of the PropertiesProperty. (d) Manager shall advertise for the rental of units at the PropertiesProperty, the cost of which shall be paid by Owner. (e) Manager shall use all reasonable efforts to keep the Properties Property rented by procuring tenants for the Properties Property and negotiating and executing on behalf of Owner all leases for units at the PropertiesProperty. (f) Manager shall hire, evaluate, supervise, discharge and pay all employees or contractors necessary for the management and operation of the PropertiesProperty. Owner agrees that all wages and compensation (and federal and state unemployment insurance and other required charges) with respect to such employees and contractors shall be paid from Owner's funds. (g) Manager shall prepare and file all returns and other documents (other than promissory notes, mortgages, deeds of trust or other documents or instruments which would encumber the PropertiesProperty) required under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act, or any similar federal or state legislation. Manager also shall file returns and reports, and pay from Owner's funds, all sums as may be required from time to time by the states state or localities locality in which the Properties are Property is located. (h) Manager shall maintain accurate and complete books of account with entries for all receipts and expenditures, and such books of account shall be the property of Owner and shall at all times be open to the inspection of Owner, or any of its employees or duly authorized agents. (i) Manager shall deliver to Owner of all lenders' annual property inspection letters regarding repairs necessary to avoid mortgage loan defaults. Manager shall deliver a detailed monthly statement of all receipts and disbursements on or before the 20th day of each month for the preceding month. Such statement shall show the status of collections, shall be supported by cancelled checks, vouchers, duplicate invoices and similar documentation covering all items of income and expense, and shall be kept in Manager's office and shall be available for inspection by Owner's representatives at all times. Manager also shall deliver a monthly operating statement showing the income and expense for the month, for the year-to-date and for the same month of the preceding year. The cost of performing the accounting functions outlined in paragraph (h) and this paragraph (i) shall be paid by Owner pursuant to the terms of this Agreement. (j) Manager shall deliver to Owner annual reports containing a composite financial report of the monthly statements provided in accordance with paragraph (i), plus a statement by Manager as to the operations of the Properties Property during the previous year and recommendations, if any, as to necessary policy changes or improvements for the forthcoming year, accompanied by an estimated budget for such items. (k) Manager shall deliver to Owner from time to time, and at least semi-annually, a tentative budget of expenses. (l) review of lease negotiations; (3) annual analysis of leases; and (4) schedule of capital improvements and method of financing such improvements. (m) Manager shall deliver to Owner Owner, on a regular basis, all forms necessary to operate and lease the Property and manage the personnel, including but not limited to form leases, contracts and management policies. (n) During the initial term of this Agreement, Manager shall supervise the transition from time the former owners of the Property and shall, to timethe extent necessary, and at least annually, the following schedules implement new management systems with respect to the Properties: (1) forecast operation of rental and occupancy changes;the Property.