Common use of Management Reports Clause in Contracts

Management Reports. Manager shall timely prepare and deliver to Owner the reports, schedules and statements required by Owner from time to time, which shall initially include the forms described below. The format of all such reports shall at all times be subject to the approval of Owner: (a) Not later than the fifth (5th) day of each calendar month, property operating results for the preceding month in electronic transmission; (b) Not later than the tenth (10th) day of each calendar month, a monthly unaudited operating statement in Owner's form, certified by the District Manager of Manager to be true and correct to the best of Manager's knowledge and belief. Such monthly statement shall show all receipts, expenses and other financial results from the operation of the Property for the preceding month (including, without limitation, all deposits into the Operating Account and expenditures from the Disbursement Account) and shall include copies of bank account statements, reconciliations and backup expenditures, and all other information reasonably requested by Owner. Such monthly statement shall reflect the operations of the Property on a cash basis (however, accrual basis reporting shall be available upon Owner's request), in accordance with generally accepted accounting principles; (c) Not later than the tenth (10th) day of each calendar month, a cash flow statement for the Property for the preceding calendar month and for the year to date. Each such statement shall also include a budget comparison and an explanation of all major variances. The cash flow statement shall be supported by schedules and statements required by the Owner from time to time, which shall initially include the monthly reports set forth in Exhibit B, attached hereto and incorporated herein by this reference; (d) Not later than the twentieth (20th) day after the close of each quarter, a quarterly report certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such quarterly report shall report on the state of the business and affairs of the Property, and include all payments to any person for services in connection with the Property, regardless of the amount of such payments, and such other information concerning the Property as may be reasonably requested by Owner, and which quarterly reports, as set forth on Exhibit B, shall include (i) a narrative report on leasing (if any), construction, employment and any other factors of significance which relate to the Property, (ii) an operating statement comparing current profit, loss and items of income and expenses to the Budget and a forecast of said items for the balance of such fiscal year with variance analysis explanation, and (iii) any revisions to the Budget that Manager may recommend in light of the aforesaid forecast, provided that Manager at any time may submit to Owner for review and approval by Owner one or more supplements to or revisions of the Budget last approved by Owner. Such Budget re-forecasts shall be provided to Owner by electronic transmission with hard copy to follow,both in formats to be determined by Owner. Such quarterly report shall reflect income and expenses from the operations of the Property on a cash basis in accordance with generally accepted accounting principles; (e) At Owner's written election, within seventy-five (75) days following the end of each calendar year, at the expense of Owner, Manager shall have an annual certified audit of the Property records (including a certified statement for escalation billings, fixed assex xxxxxxle and such other schedules as Owner deems necessary) prepared by a firm of independent certified public accountants of nationally recognized standing approved by Owner, and shall furnish to Owner a draft for Owner's approval prior to completion, and three (3) original copies of such annual audit for Owner; (f) Within sixty (60) days following the end of each calendar year, an annual report of the Property certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such annual report shall include such information as is necessary for Owner to have prepared the audit of the Property records referenced in Section 2.17, and such other information as Owner may request. Such annual report shall reflect income and expenses from the operation of the Property on a cash basis in accordance with generally accepted accounting principles; (g) Promptly upon receipt thereof, a copy of all notices or statements received by Manager which: (i) concern bank accounts or insurance policies or claims related to the Property; (ii) are received from any governmental agency; (iii) are received from any tenant of the Property and relate to rent or the asserted failure of Owner to perform its obligations under the applicable lease or similar matters; or (iv) threaten or are expected to have a material effect upon the Property or Owner. Such submittals shall not include copies of information bulletins, questionnaires and similar materials of general distribution which are not expected to have a material effect upon the Property or Owner; (h) Promptly upon obtaining knowledge thereof, a statement describing all significant occurrences and circumstances affecting the Property or its operation, and all occurrences and circumstances affecting in any manner Owner's interest in and to the Property. Without limiting the above, Manager shall promptly notify Owner in writing of the commencement of any legal actions or proceedings affecting, or relating to, the Property; and (i) Within sixty (60) days of the commencement hereof and then sixty (60) days following the end of each calendar year, an annual inventory of the personal property having a value of $50.00 or more (including, without limitation, office equipment, tools, motor vehicles and office supplies, excluding, however, expendable items, if any) owned or leased by Owner in connection with the Property. Promptly following the date upon which any item of such personal property is acquired, replaced or disposed of, Manager shall notify Owner in writing of such change in said inventory. Manager shall be responsible for any cost or expense associated with the repair or replacement of any item of personal property which is incurred due to the negligent acts or omissions of Manager.

Management Reports. Manager shall timely prepare and deliver to Owner the following reports, schedules and statements required by Owner from time to time, which shall initially include the forms described below. The format of all such reports shall at all times be subject to the approval of Ownerstatements: (a) Not later than the fifth (5th) 30th day of each calendar month, property gross Project sales and operating results for the preceding month in electronic transmissionmonth; (b) Not later than the tenth (10th) 30th day of each calendar month, a monthly unaudited operating statement in Owner's form, certified by the District Manager of Manager to be true and correct to the best of Manager's knowledge and belief. Such monthly statement shall show reflecting all receipts, expenses and other financial results from the operation of the Property Project for the preceding month (including, without limitation, all deposits into the Operating Account and expenditures from the Disbursement Account) and shall shall, if requested by Owner, include copies of bank account statements, reconciliations statements and backup expendituresreconciliations, and all other information reasonably requested by Owner. Such monthly statement shall may reflect the operations of the Property Project on either a cash basis (howeveror accrual basis, accrual basis reporting shall be available upon Owner's request)as elected by Manager, in accordance with generally accepted accounting principles; (c) Not later than the tenth (10th) 30th day of each calendar month, a cash flow statement for the Property Project for the preceding calendar month and for the year to date. Each such statement shall also include a budget Budget comparison and an explanation of all major variancesvariances (i.e. all of those not within the scope of the Budget and those with variances of more than ten percent [10%]). The cash flow statement shall be supported by schedules and statements reasonably required by the Owner from time to time, which shall initially include the monthly reports set forth in Exhibit B, attached hereto and incorporated herein by this reference; (d) Not If requested by Owner at the close of a quarter, then not later than the twentieth (20th) 90th day after the close of each such quarter, and, if requested by Owner at the close of a quarterly report certified by an executive officer Fiscal Year, then within one hundred eighty (180) days after the close of Manager to be true and correct to the best of Manager's knowledge and belief. Such quarterly report shall such Fiscal Year, a report on the state of the business and affairs of the Property, and include all payments to any person for services in connection with the Property, regardless of the amount of such paymentsProject, and such other information concerning the Property Project as may be reasonably requested by Owner, and which quarterly reports, as set forth on Exhibit B, reports need not be audited and shall include (i) a narrative report on leasing sales (if any), construction, employment and any other factors of significance which relate to the PropertyProject, (ii) an operating statement comparing current profit, loss and items of income and expenses to the Budget and a forecast of said items for the balance of such fiscal year with variance analysis explanation, and (iii) any revisions to the Budget that Manager may recommend in light of the aforesaid forecast, provided that Manager at any time may submit to Owner for review and approval by Owner Owner, which approval shall not be unreasonably delayed, withheld or conditioned, one or more supplements to or revisions of the Budget last approved by Owner. Such Budget re-forecasts , and (iv) a balance sheet as of the end of the applicable quarter or Fiscal Year, a related statement of net income or net loss for such period, and such other information as in the judgment of Manager shall be provided to reasonably necessary for Owner by electronic transmission with hard copy to follow,both in formats to be determined by Owner. Such quarterly report shall reflect income and expenses from the operations advised of the Property on a cash basis in accordance with generally accepted accounting principlesresults of the Project's operations; (e) At Owner's written election, within seventy-five two hundred (75200) days following the end of each calendar yearFiscal Year, at the expense of Owner, Manager shall have an annual certified audit of the Property Project records (including a certified statement for escalation billings, fixed assex xxxxxxle and such other schedules as Owner deems necessary) prepared by a firm of independent certified public accountants of nationally recognized standing approved by Owner, and shall furnish reasonably acceptable to Owner a draft for Owner's approval prior to completion, and three (3) original copies of such annual audit for Owner; (f) Within sixty (60) days following the end of each calendar yearAfter notice from Owner, an annual report of the Property certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such annual report shall include such information as is necessary for Owner to have prepared the audit of the Property records referenced in Section 2.17, and such other information as Owner may request. Such annual report shall reflect income and expenses from the operation of the Property on a cash basis in accordance with generally accepted accounting principles; (g) Promptly promptly upon receipt thereof, Manager shall supply to Owner a copy of all notices or statements thereafter received by Manager which: (i) concern bank accounts or insurance policies or claims related to the PropertyProject; (ii) are received from any governmental agency; (iii) are received from any tenant owner of a lot in the Property Project, or LFCC membership, and relate to rent or the asserted failure of Owner to perform its obligations under the applicable lease agreements or similar matters; or (iv) threaten or are expected to have a material effect upon the Property Project or Owner. Such submittals submittal shall not include copies of information bulletins, questionnaires and similar materials of general distribution which are not expected to have a material effect upon the Property Project or Owner;; and (hg) Promptly upon obtaining knowledge thereof, a statement describing all significant occurrences and circumstances affecting the Property Project or its operation, and all occurrences and circumstances affecting in any manner Owner's interest in and to the PropertyProject. Without limiting the above, Manager shall promptly notify Owner in writing of the commencement of any legal actions or proceedings affecting, or relating to, the Property; and (i) Within sixty (60) days of the commencement hereof and then sixty (60) days following the end of each calendar year, an annual inventory of the personal property having a value of $50.00 or more (including, without limitation, office equipment, tools, motor vehicles and office supplies, excluding, however, expendable items, if any) owned or leased by Owner in connection with the Property. Promptly following the date upon which any item of such personal property is acquired, replaced or disposed of, Manager shall notify Owner in writing of such change in said inventory. Manager shall be responsible for any cost or expense associated with the repair or replacement of any item of personal property which is incurred due to the negligent acts or omissions of ManagerProject.

Management Reports. Manager shall timely prepare and deliver to Owner the following reports, schedules and statements required by Owner from time to time, which shall initially include the forms described below. The format of all such reports shall at all times be subject to the approval of Ownerstatements: (a) Not later than the fifth (5th) 30th day of each calendar month, property gross Project operating results for the preceding month in electronic transmissionmonth; (b) Not later than the tenth (10th) 30th day of each calendar month, a monthly unaudited operating statement in Owner's form, certified by the District Manager of Manager to be true and correct to the best of Manager's knowledge and belief. Such monthly statement shall show reflecting all receipts, expenses and other financial results from the operation of the Property Project for the preceding month (including, without limitation, all deposits into the Operating Account and expenditures from the Disbursement Account) and shall shall, if requested by Owner, include copies of bank account statements, reconciliations statements and backup expendituresreconciliations, and all other information reasonably requested by Owner. Such monthly statement shall may reflect the operations of the Property Project on either a cash basis (howeveror accrual basis, accrual basis reporting shall be available upon Owner's request)as elected by Manager, in accordance with generally accepted accounting principles; (c) Not later than the tenth (10th) 30th day of each calendar month, a cash flow statement for the Property Project for the preceding calendar month and for the year to date. Each such statement shall also include a budget Budget comparison and an explanation of all major variancesvariances (i.e. all of those not within the scope of the Budget and those with variances of more than ten percent [10%]). The cash flow statement shall be supported by schedules and statements reasonably required by the Owner from time to time, which shall initially include the monthly reports set forth in Exhibit B, attached hereto and incorporated herein by this reference; (d) Not If requested by Owner at the close of a quarter, then not later than the twentieth (20th) 90th day after the close of each such quarter, and, if requested by Owner at the close of a quarterly report certified by an executive officer Fiscal Year, then within one hundred eighty (180) days after the close of Manager to be true and correct to the best of Manager's knowledge and belief. Such quarterly report shall such Fiscal Year, a report on the state of the business and affairs of the Property, and include all payments to any person for services in connection with the Property, regardless of the amount of such paymentsProject, and such other information concerning the Property Project as may be reasonably requested by Owner, and which quarterly reports, as set forth on Exhibit B, reports need not be audited and shall include (i) a narrative report on leasing sales (if any), construction, employment and any other factors of significance which relate to the PropertyProject, (ii) an operating statement comparing current profit, loss and items of income and expenses to the Budget and a forecast of said items for the balance of such fiscal year with variance analysis explanation, and (iii) any revisions to the Budget that Manager may recommend in light of the aforesaid forecast, provided that Manager at any time may submit to Owner for review and approval by Owner Owner, which approval shall not be unreasonably delayed, withheld or conditioned, one or more supplements to or revisions of the Budget last approved by Owner. Such Budget re-forecasts , and (iv) a balance sheet as of the end of the applicable quarter or Fiscal Year, a related statement of net income or net loss for such period, and such other information as in the judgment of Manager shall be provided to reasonably necessary for Owner by electronic transmission with hard copy to follow,both in formats to be determined by Owner. Such quarterly report shall reflect income and expenses from the operations advised of the Property on a cash basis in accordance with generally accepted accounting principlesresults of the Project's operations; (e) At Owner's written election, within seventy-five two hundred (75200) days following the end of each calendar yearFiscal Year, at the expense of Owner, Manager shall have an annual certified audit of the Property Project records (including a certified statement for escalation billings, fixed assex xxxxxxle and such other schedules as Owner deems necessary) prepared by a firm of independent certified public accountants of nationally recognized standing approved by Owner, and shall furnish reasonably acceptable to Owner a draft for Owner's approval prior to completion, and three (3) original copies of such annual audit for Owner; (f) Within sixty (60) days following the end of each calendar yearAfter notice from Owner, an annual report of the Property certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such annual report shall include such information as is necessary for Owner to have prepared the audit of the Property records referenced in Section 2.17, and such other information as Owner may request. Such annual report shall reflect income and expenses from the operation of the Property on a cash basis in accordance with generally accepted accounting principles; (g) Promptly promptly upon receipt thereof, Manager shall supply to Owner a copy of all notices or statements thereafter received by Manager which: (i) concern bank accounts or insurance policies or claims related to the PropertyProject; (ii) are received from any governmental agency; (iii) are received from any tenant owner of a lot in the Property Project, or FLCC membership, and relate to rent or the asserted failure of Owner to perform its obligations under the applicable lease agreements or similar matters; or (iv) threaten or are expected to have a material effect upon the Property Project or Owner. Such submittals submittal shall not include copies of information bulletins, questionnaires and similar materials of general distribution which are not expected to have a material effect upon the Property Project or Owner;; and (hg) Promptly upon obtaining knowledge thereof, a statement describing all significant occurrences and circumstances affecting the Property Project or its operation, and all occurrences and circumstances affecting in any manner Owner's interest in and to the PropertyProject. Without limiting the above, Manager shall promptly notify Owner in writing of the commencement of any legal actions or proceedings affecting, or relating to, the Property; and (i) Within sixty (60) days of the commencement hereof and then sixty (60) days following the end of each calendar year, an annual inventory of the personal property having a value of $50.00 or more (including, without limitation, office equipment, tools, motor vehicles and office supplies, excluding, however, expendable items, if any) owned or leased by Owner in connection with the Property. Promptly following the date upon which any item of such personal property is acquired, replaced or disposed of, Manager shall notify Owner in writing of such change in said inventory. Manager shall be responsible for any cost or expense associated with the repair or replacement of any item of personal property which is incurred due to the negligent acts or omissions of ManagerProject.

Management Reports. Manager shall timely prepare and deliver to Owner the reports, schedules and statements required by Owner from time to time, which shall initially include the forms described below. The format of all such reports shall at all times be subject to the approval of Owner: (a) Not later than the fifth (5th) day of each calendar month, property operating results for the preceding month in electronic transmission; (b) Not later than the tenth (10th) day of each calendar month, a monthly unaudited operating statement in Owner's form, certified by the District Manager of Manager to be true and correct to the best of Manager's knowledge and belief. Such monthly statement shall show all receipts, expenses and other financial results from the operation of the Property for the preceding month (including, without limitation, all deposits into the Operating Account and expenditures from the Disbursement Account) and shall include copies of bank account statements, reconciliations and backup expenditures, and all other information reasonably requested by Owner. Such monthly statement shall reflect the operations of the Property on a cash basis (however, accrual basis reporting shall be available upon Owner's request), in accordance with generally accepted accounting principles; (c) Not later than the tenth (10th) day of each calendar month, a cash flow statement for the Property for the preceding calendar month and for the year to date. Each such statement shall also include a budget comparison and an explanation of all major variances. The cash flow statement shall be supported by schedules and statements required by the Owner from time to time, which shall initially include the monthly reports set forth in Exhibit B, attached hereto and incorporated herein by this reference; (d) Not later than the twentieth (20th) day after the close of each quarter, a quarterly report certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such quarterly report shall report on the state of the business and affairs of the Property, and include all payments to any person for services in connection with the Property, regardless of the amount of such payments, and such other information concerning the Property as may be reasonably requested by Owner, and which quarterly reports, as set forth on Exhibit B, shall include (i) a narrative report on leasing (if any), construction, employment and any other factors of significance which relate to the Property, (ii) an operating statement comparing current profit, loss and items of income and expenses to the Budget and a forecast of said items for the balance of such fiscal year with variance analysis explanation, and (iii) any revisions to the Budget that Manager may recommend in light of the aforesaid forecast, provided that Manager at any time may submit to Owner for review and approval by Owner one or more supplements to or revisions of the Budget last approved by Owner. Such Budget re-forecasts shall be provided to Owner by electronic transmission with hard copy to follow,both in formats to be determined by Owner. Such quarterly report shall reflect income and expenses from the operations of the Property on a cash basis in accordance with generally accepted accounting principles; (e) At Owner's written election, within seventy-five (75) days following the end of each calendar year, at the expense of Owner, Manager shall have an annual certified audit of the Property records (including a certified statement for escalation billingsxxxxxxxx, fixed assex xxxxxxle asset schedule and such other schedules as Owner deems necessary) prepared by a firm of independent certified public accountants of nationally recognized standing approved by Owner, and shall furnish to Owner a draft for Owner's approval prior to completion, and three (3) original copies of such annual audit for Owner; (f) Within sixty (60) days following the end of each calendar year, an annual report of the Property certified by an executive officer of Manager to be true and correct to the best of Manager's knowledge and belief. Such annual report shall include such information as is necessary for Owner to have prepared the audit of the Property records referenced in Section 2.17, and such other information as Owner may request. Such annual report shall reflect income and expenses from the operation of the Property on a cash basis in accordance with generally accepted accounting principles; (g) Promptly upon receipt thereof, a copy of all notices or statements received by Manager which: (i) concern bank accounts or insurance policies or claims related to the Property; (ii) are received from any governmental agency; (iii) are received from any tenant of the Property and relate to rent or the asserted failure of Owner to perform its obligations under the applicable lease or similar matters; or (iv) threaten or are expected to have a material effect upon the Property or Owner. Such submittals shall not include copies of information bulletins, questionnaires and similar materials of general distribution which are not expected to have a material effect upon the Property or Owner; (h) Promptly upon obtaining knowledge thereof, a statement describing all significant occurrences and circumstances affecting the Property or its operation, and all occurrences and circumstances affecting in any manner Owner's interest in and to the Property. Without limiting the above, Manager shall promptly notify Owner in writing of the commencement of any legal actions or proceedings affecting, or relating to, the Property; and (i) Within sixty (60) days of the commencement hereof and then sixty (60) days following the end of each calendar year, an annual inventory of the personal property having a value of $50.00 or more (including, without limitation, office equipment, tools, motor vehicles and office supplies, excluding, however, expendable items, if any) owned or leased by Owner in connection with the Property. Promptly following the date upon which any item of such personal property is acquired, replaced or disposed of, Manager shall notify Owner in writing of such change in said inventory. Manager shall be responsible for any cost or expense associated with the repair or replacement of any item of personal property which is incurred due to the negligent acts or omissions of Manager.