Common use of PROPERTY MANAGEMENT COMPANY Clause in Contracts

PROPERTY MANAGEMENT COMPANY. Nothing in this Article 13 or in this Declaration shall preclude or be interpreted as precluding the Association from retaining a "managing agent" within the meaning of Section 1363.1 of the California CIVIL CODE, as it may be amended or replaced from time to time. In the event the Association so retains such a "managing agent", then the "managing agent" and the Association shall make all arrangements necessary or proper to ensure that funds accepted or received by the "managing agent" and belonging to the Association are deposited and handled in compliance with Section 1363.2 of the California CIVIL CODE, as it may be amended or replaced from time to time. The Association may retain the Declarant or an affiliate of the Declarant as managing agent.