Partnership Books and Records. Glenborough shall prepare and maintain on behalf of Rancon, and maintain available for Rancon’s inspection, the books and records set forth in the Rancon partnership agreement (“Partnership Records”). Without limitation, the Rancon books and records shall include: (a) all bank statements, bank deposit slips and bank reconciliations; (b) detailed cash receipts and disbursement records; (c) general ledger listing or list of disbursements; (d) all invoices for capital expenditures and nonrecurring items; (e) summaries of adjusting journal entries; (f) copies of paid bills; (g) detailed trial balance; (h) all records relating to Rancon required by any applicable laws; and (i) such other documents as are reasonable or appropriate. In addition, Glenborough shall maintain for inspection in its offices (or such other reasonable location as it may designate in writing to Rancon) supporting documentation for payroll, payroll taxes and employee benefits. Rancon shall have the right to conduct examinations of the Partnership Records by giving seventy-two (72) hours prior written notice to Glenborough. Rancon also reserves the right to perform reasonable additional audit tests relating to Glenborough’s Services. Any and all such audits conducted by Rancon shall be at the sole expense of Rancon and shall take place on a day or days other than weekends or holidays.
Appears in 4 contracts
Samples: Management and Services Agreement, Management and Services Agreement (Rancon Income Fund I), Management and Services Agreement (Rancon Realty Fund V)
