Common use of Maintenance and Repair of Property Clause in Contracts

Maintenance and Repair of Property. Manager shall, subject to the parameters of the Operating Budget, use commercially reasonable efforts to maintain the buildings, appurtenances and grounds of the Project in substantial accordance with standards prescribed by Owner, including, without limitation thereof, interior and exterior cleaning, painting and decorating, plumbing, carpentry, and such other normal maintenance and repair work as may be desirable; provided, however, that no warranty, express or implied, shall arise from the foregoing Manager's obligation as to the tenantability, habitability, suitability or fitness for a particular purpose of the buildings, appurtenances and grounds. For any one non-budgeted item of repair or replacement, Owner's authorization is required if the expense exceeds Twenty-Five Hundred Dollars ($2,500.00), and for any one budgeted item of repair or replacement, the expense incurred shall not be in excess of the budgeted amount by twenty-five percent (25%) or Twenty-Five Hundred Dollars ($2,500.00), whichever the lesser, unless specifically authorized by Owner; provided, however, that emergency repairs necessary for the preservation and safety of the Project or the avoidance or the suspension of any service to the Project or the protecting of life or property from serious injury or damage may be made by Manager, but Manager will confer immediately with Owner regarding every such expenditure and will furnish a complete written report as soon as possible.

Maintenance and Repair of Property. Manager shall, subject to the parameters of the Operating Budget, use commercially reasonable efforts to maintain the buildings, appurtenances and grounds of the Project in substantial accordance with standards prescribed by Owner, including, without limitation thereof, interior and exterior cleaning, painting and decorating, plumbing, carpentry, and such other normal maintenance and repair work as may be desirable; provided, however, that no warranty, express or implied, shall arise from the foregoing Manager's obligation as to the tenantability, habitability, suitability or fitness for a particular purpose of the buildings, appurtenances and grounds. For any one non-budgeted item of repair or replacement, Owner's authorization is required if the expense exceeds Twenty-Five Hundred Dollars ($2,500.00), and for any one budgeted item of repair or replacement, the expense incurred shall not be in excess of the budgeted amount by twenty-five percent (25%) or Twenty-Five Hundred Dollars ($2,500.00), whichever the lesser, unless specifically authorized by Owner; provided, however, that emergency repairs necessary for the preservation and safety of the Project or the avoidance or the suspension of any service to the Project or the protecting of life or property from serious injury or damage may be made by Manager, but Manager will confer immediately with Owner regarding every such expenditure and will furnish a complete written report as soon as possible.. PROPERTY MANAGEMENT AND LEASING AGREEMENT/XXXXXXXX APARTMENTS Page 5

Maintenance and Repair of Property. Manager shall, subject to the parameters of the Operating Budget, use commercially reasonable efforts to maintain the buildings, appurtenances and grounds of the Project in substantial accordance with standards prescribed by Owner, including, without limitation thereof, interior and exterior cleaning, painting and decorating, plumbing, carpentry, and such other normal maintenance and repair work as may be desirable; provided, however, that no warranty, express or implied, shall arise from the foregoing Manager's obligation as to the tenantability, habitability, suitability or fitness for a particular purpose of the buildings, appurtenances and grounds. For any one non-budgeted item of repair or replacement, Owner's authorization is required if the expense exceeds Twenty-Five Hundred Dollars ($2,500.00), and for any one budgeted item of repair or replacement, the expense incurred shall not be in excess of the budgeted amount by twenty-five percent (25%) or Twenty-Five Hundred Dollars ($2,500.00), whichever the lesser, unless specifically authorized by Owner; provided, however, that emergency repairs necessary for the preservation and safety of the Project or the avoidance or the suspension of any service to the Project or the protecting of life or property from serious injury or damage may be made by Manager, but Manager will confer immediately with Owner regarding every such expenditure and will furnish a complete written report as soon as possible.. PROPERTY MANAGEMENT AND LEASING AGREEMENT/WABASH APARTMENTS Page 5