EXHIBIT 10.9
HOUSING MANAGEMENT AGREEMENT
This Agreement is made this 30th day of September, 1983, between G.L.
Limited partnership (Owner) and Interstate General Corporation (Agent).
1. Appointment and Acceptance. The Owner appoints the Agent as exclusive
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agent for the management of the property described in Section 2 of this
Agreement, and the Agent accepts the appointment, subject to the terms
and conditions set forth in this agreement.
2. Description of Project. The property to be managed by the Agent under
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this Agreement (the "Project") is a housing development, consisting of
the land, buildings, and other improvements which make up Project No. The
Project is further described as follows:
Name: ROLLING HILLS APARTMENTS
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Location: City: Germantown County: Xxxxxxxxxx
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State: Maryland 20767 Census Tract: 7038-08
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Number of dwelling units: 468
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3. Definitions. As used in this Agreement:
a. "HUD" means the United States Department of Housing and Urban
Development.
b. "Secretary" means the Secretary of the United States
Department of Housing and Urban Development.
c. "Mortgage" means that certain Deed of Trust between the Owner,
as mortgagor, and the mortgagee, with respect to the Project,
which mortgage is insured by the United States Department of
Housing and Urban Development.
d. "Mortgagee" means any holder of the Mortgage.
e. "Principal Parties" means the Owner and the Agent.
f. "Consenting Parties" means the Secretary and the Mortgagee.
4. HUD Requirements. The project is subject to a mortgage which will
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be or is insured by HUD under Section 221(d)4 of the National Housing
Act, and the owner has entered or will accordingly enter into a
Regulatory Agreement with the Secretary, whereby the Owner is obligated
to provide for management of the project in a manner satisfactory to the
Secretary. The owner has furnished or will furnish the Agent with copies
of the Regulatory Agreement and the Rent Supplement Contract. In
performing its duties under this Management Agreement, the Agent will
comply with all pertinent requirements of the Regulatory Agreement, the
Rent Supplement Contract, and the directives of the Secretary. In the
event any instruction from the Owner is in contravention of such
requirements, the latter will prevail.
5. Management Plans Form HUD-9405. Attached hereto as an Exhibit and
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hereby incorporated herein, is a copy of the Management Plan for the
Project, which provides a comprehensive and detailed description of the
policies and procedures to be followed in the management of the Project.
In many of its provisions, this Agreement briefly defines the nature of
the Agent's obligations, with the intention that reference be made to the
Management Plan for more detailed policies and procedures. Accordingly,
the owner and the Agent will comply with all applicable provisions of the
Management Plan, regardless of whether specific reference is made thereto
in any particular provision of this Agreement.
6. Management Input During HUD Processing. The Agent will advise and
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assist the Owner with respect to management input during the remaining
stages of HUD mortgage insurance processing. The Agent's specific tasks
will be as follows:
a. Preparation and submission to the Owner of a recommended
operating budget for the initial operating year of the
Project;
b. Participation in the pre-occupancy conference with HUD
officials;
c. Preparation and submission to the Owner (for the Owner's
signature and submission to HUD) of the monthly Statement of
Income and expenses (Forms XXX-00000, XXX-00000, HUD 93481)
throughout the period from initial occupancy through the
achievement of sustaining (95%) occupancy;
d. Participation in the on-site inspection of the Project,
required by HUD approximately ninety (90) days subsequent to
initial occupancy; and
e. Continuing review of the Management Plan, for the purpose of
keeping the Owner advised of necessary or desirable changes.
7. Basic Information. As soon as possible, the Owner will furnish the
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Agent with a complete set of plans and specifications approved by the
Secretary and copies of all guarantees and warrantees pertinent to
construction, fixtures and equipment. With the aid of this information
and through inspection by competent personnel, the Agent will thoroughly
familiarize itself with the character, location, construction, layout,
plan and operation of the Project, and especially the electrical,
heating, plumbing, air-conditioning and ventilating Systems, and all
other mechanical equipment.
8. Liaison with Architect and General Contractor. During the planning
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and construction phases, the Agent will maintain direct liaison with the
architect and general contractor, in order to coordinate management
concerns with the design and construction of the Project, and to
facilitate completion of any corrective work and the Agent's
responsibilities for arranging facilities and services pursuant to
Section 14 of this Agreement. The Agent will keep the Owner advised of
all significant matters in this connection.
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9. Marketing. The Agent will carry out the marketing activities
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prescribed in the Management Plan, observing all requirements of the
Affirmative Marketing Plan. Subject to the Owner's prior approval,
advertising expenses will be paid out of the Rental Agency Account as
Project expenses.
10. Rentals. The Agent will offer for rent and will rent the dwelling
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units, parking spaces, commercial space and other rental facilities and
concessions in the Project. Incident thereto, the following provisions
will apply:
a. The Agent will make preparation for initial rent-up as
described in the Management Plan.
b. The Agent will follow the tenant selection policy described in
the Management Plan, giving preference to elderly Individuals
and families who have certificates of eligibility as displaced
persons.
c. The Agent will show the premises to prospective tenants.
d. The Agent will take and process applications for rentals. If
an application is rejected, the applicant will be told the
reason for rejection, and the rejected application, with
reason for rejection noted thereon, will be kept on file for
one (1) year. A current list of prospective tenants will be
maintained.
e. The Agent will prepare all dwelling leases and parking
permits, and will execute the same in its name, identified
thereon as Agent for the Owner. The terms of all leases will
comply with the pertinent provisions of the Regulatory
Agreement, the Rent Supplement Contract, and the directives of
the Secretary. Dwelling leases will be in a form approved by
the Owner and the Secretary, but individual dwelling leases
and parking permits need not be submitted for the approval of
the Owner or the Secretary.
f. The Owner will furnish the Agent with rent schedules, as from
time to time approved by the Secretary. showing fair market
rents and basic rents for dwelling units, and other charges
for facilities and services. In no event will such fair
market rents and other charges be exceeded. Eligibility for
dwelling rents that are less than such fair market rents, and
the amount of such lesser rent, will be determined in
accordance with the Regulatory Agreement and the directives of
the Secretary.
g. The Agent will counsel all prospective tenants regarding
eligibility for dwelling rents that are less than fair market
rents, and will prepare and verify eligibility certifications
and recertifications in accordance with the Regulatory
Agreement, the Rent Supplement Contract, and the Directives of
the Secretary.
h. The Agent will negotiate commercial leases and concession
agreements, and will execute the same in its name, identified
thereon as agent for the Owner, subject to the Owner's prior
approval of all terms and conditions. Commercial rents will
not be less than the minimums from time to time approved by
the Secretary.
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i. The Agent will collect, deposit, and disburse security
deposits, if required, in accordance with the terms of each
tenant's lease. The amount of each security deposit will be
as specified in the Management Plan Security deposits will be
deposited by the Agent in an interest-bearing account,
separate from all other accounts and funds, with a bank or
other financial institution whose deposits are insured by an
agency of the United States Government. This account will be
carried in the Agent's name and designated of record as
"Security Deposit Account".
11. Collection of Rents and Other Receipts. The Agent will collect when
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due all rents, charges, and other amounts receivable on the Owner's
account in connection with the management and operation of the Project.
Such receipts (except for tenant's security deposits, which will be
handled as specified in Subsection 101 above) will be deposited in an
account, separate from all other accounts and funds. with a bank whose
deposits are insured by the Federal Deposit Insurance Corporation. This
account will be carried in the Agent's name and designated of record
as "Rental Agency Account".
12. Enforcement of Leases. The Agent will secure full compliance by
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each tenant with the terms of his lease. Voluntary compliance of the
Social Services Director when available, will counsel tenants and make
referrals to community agencies in cases of financial hardship or under
other circumstances deemed appropriate by the Agent, to the end that
involuntary termination of tenancies may be avoided to the maximum extent
consistent with sound management of the Project. Nevertheless, and
subject to the pertinent procedures prescribed in the Management Plan,
the Agent may lawfully terminate any tenancy when, if in the Agent's
judgment, sufficient cause (including but not limited to nonpayment of
rent) for such termination occurs under the terms of the tenant's lease.
For this purpose, the Agent is authorized to consult with legal counsel
to be designated by the Owner, to bring actions for eviction and to
execute notices to vacate and judicial pleadings incident to such
actions; provided, however, the Agent keeps the Owner informed of such
actions and follows such instructions as the Owner may prescribe for the
conduct of any such action. Subject to the Owner's approval. attorney
fees and other necessary costs incurred in connection with such actions
will be paid out of the Rental Agency Account as Project expenses.
13. Maintenance and Repair. The Agent will cause the Project to be
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maintained and repaired in accordance with the Management P]an and local
codes, and in a condition at all times acceptable to the Owner and the
Secretary, including but not limited to cleaning, painting, decorating,
plumbing, carpentry, grounds care, and such other maintenance and repair
work as may be necessary, subject to any limitations imposed by the Owner
in addition to those contained herein:
Incident thereto, the following provisions will apply:
a. Special attention will be given to preventive maintenance and,
to the greatest extent feasible, the services of regular
maintenance employees will be used.
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b. Subject to the Owner's prior approval, the Agent will contract
with qualified independent contractors for the maintenance and
repair or air-conditioning Systems and for extraordinary
repairs beyond the capability of regular maintenance
employees.
c. The Agent will systematically and promptly receive and
investigate all service requests from tenants, take such
action thereon as may be justified, and will keep records of
the same. Emergency requests will be received and serviced on
a twenty-four (24) hour basis. Complaints of a serious nature
will be reported to the Owner after investigation.
d. The Agent Is authorized to purchase all materials, equipment,
tools, appliances. supplies, and services necessary to proper
maintenance and repair.
e. Notwithstanding any of the foregoing provisions, the prior
approval of the Owner will be required for any expenditure
which exceeds One Thousand Dollars ($1,000.00) in any one
instance for labor, materials, or otherwise in connection with
the maintenance and repair of the Project, except for
recurring expenses within the limits of the operating budget
or emergency repairs involving manifest danger to persons or
property, or required to avoid suspension of any necessary
service to the Project. In the latter event, the Agent will
inform the Owner of the fact; as promptly as possible.
14. Utilities and Services. In accordance with the Management Plan and
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the operating budget, the Agent will make arrangements for water,
electricity, gas, fuel oil, sewage and trash disposal, vermin
extermination, decorating, laundry facilities, and telephone services.
Subject to the Owner's prior approval, the Agent will make such contracts
as may be necessary to secure Such utilities and services.
15. Employees. The Management Plan prescribes the number, qualifications
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and duties of the personnel to be regularly employed in the management of
the Project, including a Rental Manager, a Tenant Relations Manager, and
maintenance, bookkeeping, clerical, and other managerial employees. All
such personnel will be employees of the Project and not the Agent and
will be paid directly by the Project out of the Rental Agency Account,
but will be hired, supervised and discharged through the Agent, subject
to the following conditions:
a. As more particularly described in the Management Plan, the
Rental Manager will have duties of the type usually associated
with his position, and the Tenant Relations Manager will be
responsible for the conduct of the social services program for
the Project. Each will be directly responsible to the Agent's
Project Manager or other officer, and neither will have
authority to supervise or discharge the other. Nevertheless,
the Rental Manager and Social Services Director will coordinate
their activities in the interest of good overall management.
b. Unless otherwise specified in the Management Plan, the
compensation (including fringe benefits) of the
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Rental Manager, Social Services Director, maintenance, bookkeeping,
clerical, and other personnel will be within the Agent's sole
discretion, provided minimum wage standards are met.
c. The Owner will reimburse the Agent for any compensation
(including fringe benefits) paid to the Project management and
maintenance employees, as prescribed in the Management Plan,
not otherwise paid directly by the Project, and for all local,
state, and federal taxes and assessments (including but not
limited to Social Security taxes, unemployment, insurance, and
xxxxxxx'x compensation insurance) incident to the employment
of such personnel. Such reimbursements will be paid out of the
Rental Agency Account and will be treated as Project expenses.
d. Compensation (including fringe benefits) payable to the
Project staff, such as the Rental Manager, Social Services
Director, Maintenance, Tenant Relations Manager and all
bookkeeping, clerical, and other assessments incident to the
employment of such personnel, will be borne solely by the
Project, and will not be paid out of the Agent's fee. The
rental value of any dwelling unit furnished rent-free to the
project staff will be treated as a cost to the Project.
e. The Agent will establish and follow an employment policy that
affords residents of the Project maximum opportunities for
employment in the management and operation of the Project and,
to the extent consistent with that consideration, employment
opportunities to lower-income persons in the area. While
personnel will be employed primarily on the basis of ability,
the Agent will make conscientious efforts to provide special
assistance and training for Project residents and members of
minority groups who are not initially qualified.
f. Notwithstanding any of the foregoing provisions, direct
payments may be made to all employees and personnel and for
expenses of the Project in accordance with HUD Handbook 4391.5
and this Section 15 shall be construed in conformity with and
shall be controlled by the provisions of such Handbook as
amended or administratively interpreted by the Secretary.
16. Disbursements from Rental Agency Account.
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a. From the funds collected and deposited by the Agent in the
Rental Agency Account pursuant to Section 11 above, the Agent
will make the following disbursements promptly when payable:
(1) Compensation payable to Employees in accordance with
Section 15 above, including reimbursement to the Agent
for compensation paid to employees in accordance with
Subsection 15c above, and for the taxes and assessments
payable to local, state, and Federal governments in
connection with the employment of such personnel.
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(2) The aggregate payment required to be made monthly by
the Owner to the Mortgage, including the amounts due
under the mortgage for principal amortization,
interest, mortgage insurance premium, ground rents,
taxes and assessments, fire and other hazards insurance
premiums, and the amount specified in the Certificate
of Incorporation or Regulatory Agreement for allocation
to the Reserve for Replacements.
(3) For projects insured under Section 236, the monthly
remittance to the Secretary of all dwelling rents
collected in excess of the "basic rents" approved by
the Secretary, Form 3l04, Monthly Report of Excess
Income, will be prepared each month and submitted to
the Secretary whether or not there are such excess rent
collection; for the month. The original form covering
each month and the excess Tent collections made during
that month (if any) will be mailed within ten (10) days
after the end of that month directly to the Assistant
Commissioner-Comptroller. Department of Housing and
Urban Development, Xxxxxxxxxx, X.X. 00000.
(4) All sums otherwise due and payable by the Owner as
expenses of the Project authorized to be incurred by
the Agent under the terms of this Agreement, including
compensation payable to the Agent, pursuant to Section
27 below,for its service hereunder.
b. Except for the disbursements mentioned in the Subsection 16A
above, funds will be disbursed or transferred from the Rental
Agency Account only as the Owner may from time to time direct
in writing.
c. In the event that the balance in the Rental Agency Account is
at any time insufficient to pay disbursements due and payable
under Subsection 16a above, the Agent will inform the Owner of
that fact and the Owner will then remit to the Agent
sufficient funds to cover the deficiency. In no event will the
Agent be required to use its own funds to pay such
disbursements.
17. Budgets. Annual operating budgets for the Project will be as
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approved by the Owner. Except as permitted under Subsection l3e above,
annual disbursements for each type of operating expense itemized in the
budget will not exceed the amount authorized by the approved budget. In
addition to preparation and submission of a recommended operating budget
for the initial fiscal year (as provided in Subsection 6a above), the
Agent will prepare a recommended operating budget for each subsequent
fiscal year beginning during the term of this Agreement, and will submit
the same to the Owner at least thirty (30) days before the beginning of
the fiscal year. The Owner will promptly inform the Agent of any changes
incorporated in the approved budget, and the Agent will keep the Owner
informed of any anticipated deviation from the receipts or disbursements
stated in the approved budget.
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18. Records and Reports. In addition to the requirements specified in
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the Management Plan or in other provisions of this Agreement, the Agent
will have the following responsibilities with respect to records and
reports:
a. The Agent will establish and maintain a comprehensive system
of records, books, and accounts in a manner conforming to the
directives of the Secretary, and otherwise satisfactory to the
Owner and the Consenting Parties. All records, books, and
accounts will be subject to examination at reasonable hours by
any authorized representative of the Owner or either of the
Consenting Parties.
b. With respect to each fiscal year ending during the term of
this Agreement, the Agent will have an annual financial report
prepared by a Certified Public Accountant or other person
acceptable to the Owner and Secretary, based upon the
preparer's examination of the books and records of the Owner
and the Agent. The report will be prepared in accordance with
the directives of the Secretary, will be certified by the
preparer and the Agent, and will be submitted to the Owner
within sixty (60) days after the end of the fiscal year, for
the Owner's further certification and submission to the
Secretary and the Mortgagee. Compensation for the preparer's
services will be paid out of the Rental Agency Account as an
expense of the Project.
c. The Agent will prepare a monthly report comparing actual and
budgeted figures for receipts and disbursements, and will
submit each such report to the Owner within fifteen (15) days
after the end of the month covered.
d. The Agent will furnish such information (including occupancy
reports) as may be requested by the Owner or the Secretary
from time to time with respect to the financial, physical, or
operational condition of the Project.
e. By the fifteenth (15th) day of each month, the Agent will
furnish the Owner with an Itemized list of all delinquent
accounts, including rental accounts, as of the tenth (lOth)
day of the same month.
f. During rent-up (the period it takes a project to reach 95%
occupancy) the Agent will furnish by the tenth (10th) day of
each month, the Owner with a statement of receipts and
disbursements during the previous month, and with a schedule
of accounts receivable and payable, and reconciled bank
statements for the Rental Agency Account and Deposit Account
as of the end of the previous month.
g. If, after the Project reaches sustaining (95%) occupancy, the
rental collections plus HUD subsidy fall below operating
expenses for a subtained period of sixty (60) days the Agent
will immediately send written notification of the same to the
appropriate HUD Area/Insurance Office.
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i. Notwithstanding any of the foregoing provisions. this Section
18 shall be construed in conformity with and shall be
controlled by the provisions of HUD Handbook 4381.S as amended
or administratively interpreted by the Secretary.
19. Fidelity Bond. The Agent will furnish, at its own expense, a
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fidelity bond in the principal sum of $534,456, which is at least equal
to the gross potential income for two months and is conditioned to
protect the Owner and the Consenting Parties against misappropriation of
Project funds by the Agent and Agent's employees and on-site employees
expressed in Section 15. The share of the cost of the bond attributable
to on-site employees shall be paid for from project income. The other
terms and conditions of the bond, and the surety thereon, will be subject
to the approval of the Owner and the Consenting Parties.
20. SEE ATTACHMENT # 2
21. Tenant-Management Relations. The Agent will encourage and assist
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residents of the Project in forming and maintaining representative
organizations to promote their common interests, and will maintain good-
faith communication with such organizations to the end that problems
affecting the Project and its residents may be avoided or solved on the
basis of mutual self-interest.
22. On-site Management Facilities. Subject to the further agreement of
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the Owner and Agent as to more specific terms, the Agent will maintain a
management office within the Project.
23. Insurance. The Owner will inform the Agent of insurance to be
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carried with respect to the Project and its operations, and the Agent
will cause such insurance to be placed and kept in effect at all times.
The Agent will pay premiums out of the Rental Agency Account, and
premiums will be treated as operation expenses. All insurance will be
placed with such companies, on such conditions, in such amounts and with
such beneficial interests appearing thereon as shall be acceptable to the
Owner and Consenting Parties, and shall be otherwise in conformity with
the mortgage; provided that the name will include public liability
coverage, with the Agent designated as one of the
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insured, on amounts acceptable to the Agent as well as the Owner and the
consenting Parties. The Agent will investigate and furnish the Owner with
full reports as to all accidents, claims, and potential claims for damage
relating to the Project, and will cooperate with the Owner's insurers in
connection therewith.
24. Compliance with Government Orders. The Agent will take such actions
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as may be necessary to comply promptly with any and all government orders
or other requirements affecting the project, whether imposed by Federal,
state, county or municipal authority, subject, however, to the limitation
stated in Subsection 13c with respect to repairs. Nevertheless, the Agent
shall take no such action so long as the owner is contesting, or has
affirmed its intention to contest, any such order or requirement. The
Agent will notify the Owner in writing of all notices of such orders or
other requirements, within seventy-two (72) hours from the time of their
receipt.
25. Nondiscrimination. In the performance of its obligations under this
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Agreement, the Agent will comply with the provisions of any Federal,
state or local law prohibiting discrimination in housing on the grounds
of race, color, sex, creed or national origin, including Title VI of the
Civil Rights Act of 1964 (Public Law 88-352, 78 Stat. 241), all
requirements imposed by or pursuant to the Regulations of the Secretary
(24 CFR; Subtitle A, Part 1) issued pursuant to that Title; regulations
issued pursuant to Executive Order 11053, and Title VIII of the 1968
Civil Rights Act.
26. Agent's Compensation
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a. The Agent will be compensated for its services under this
Agreement by monthly fees, to be paid out of the Rental Agency
Account and treated as Project expenses. Such fees will be
payable on the 1st day of each month. Each such monthly fee
will be an amount equal to 4.O percent of gross collections
received during the preceding month. Gross collections
include rental income, rent supplement receipts, Section 23
leasing receipts from a Local or State Housing Authority, and
income from other sources such as coin-operated laundry
equipment. In Section 236 projects, any rents collected from
the rental units in excess of basic rents do not count as part
of gross collections, and the assistance payment made by HUD
to the mortgagee is not included in gross collections.
b. In addition to the compensation mentioned in paragraph 27(a)
above and in accordance with HUD Handbook 4381.5 the Agent
shall be entitled to receive the Supplemental Management Fund
of N/A for the services performed of reviewing the project
application from the standpoint of project manageability,
preparing the Management Plan and the extra work involved in
carrying out a successful rent-up program. Said Fund shall be
disbursed to the Agent in the manner specified in said HUD
Handbook 4381.5, together with such additional reimbursement
of project expenses as is permitted in said Handbook as
amended or administratively interpreted by the Secretary.
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27. Term of Agreement. This Agreement shall be in effect for a period
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of two years beginning on the date of initial closing, subject, however,
to the following conditions:
a. This Agreement will not be binding upon the Principal Parties
until endorsed by the Consenting Parties.
b. This Agreement may terminated by the mutual consent of the
Principal Parties as of the end of any calendar month,
provided at least thirty (30) days advance written notice
thereof is given to each of the Consenting Parties.
c. In the event a petition in bankruptcy is filed by or against
either of the Principal Parties, or in the event either makes
an assignment for the benefit of creditors or takes advantage
of any insolvency act, the other party may terminate this
Agreement without notice to the other, provided prompt written
notice of such termination is given to each of the Consenting
Parties.
d. It is expressly understood and agreed by and between the
Principal Parties that the Secretary or the Mortgagee shall
have the right to terminate this Agreement at the end of any
calendar month, with or without cause, on thirty (30) days
advance written notice to each of the Principal Parties,
except that in the event of a default by the Owner under its
Articles of Incorporation under the obligation of the
mortgage, the Secretary or the Mortgagee may terminate this
Agreement immediately upon the issuance of a notice of
cancellation to each of the Principal Parties. It is further
understood and agreed that no liability will attach to either
of the Principal parties in the event of such termination.
e. Upon termination, the Agent will submit to the Owner any
financial statements required by the Secretary and,after the
Principal Parties have accounted to each other with respect to
all matters outstanding as of the date of termination, the
Owner will furnish the Agent security. in form and principal
amount satisfactory to the Agent, against any obligations or
liabilities the Agent may properly have incurred on behalf of
the Owner hereunder.
28. Interpretative Provisions.
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a. At all times, this Agreement will be subject and subordinate
to all rights of the Secretary. and will inure to the benefit
of and constitute a binding obligation upon the Principal
Parties and their respective successors and assigns. To the
extent that this Agreement confers rights upon the Consenting
Parties, it will be deemed to inure to their benefit, but
without liability to either, in the same manner and with the
same effect as though the Consenting Parties were primary
parties to the Agreement.
b. This Agreement constitutes the entire agreement between the
Owner and the Agent with respect to the management and
operation of the Project, and no change will be valid unless
made by supplemental written agreement, executed and approved
by the Consenting Parties as well as the Principal Parties.
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c. This Agreement has been executed in five (5) counterparts,
each of which shall constitute a complete original Agreement,
which may be introduced in evidence or used for any other
purpose without production of any other counterparts.
d. The provisions of this Agreement shall be subject to and
construed in conformity with the provisions of HUD Handbook
4381.5 as amended or administratively interpreted by the
Secretary. In the event of a conflict between the provisions
of this Agreement and the said handbook, the provisions of the
Handbook shall control.
IN WITNESS WHEREOF, the Principal Parties (by their authorized officers)
have executed this Agreement on the date first above written.
INTERSTATE GENERAL CORPORATION
General Partner for G. L. Limited
Partnership
OWNER: Interstate General Corporation
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By: /s/ Xxxxx X. Xxxxx
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Xxxxx X.Xxxxx
MANAGING AGENT: Interstate
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General Corporation
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By: /s/ Xxxxx X. Xxxxx
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Xxxxx X.Xxxxx
MORTGAGEE: Community Development
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Administration a division of the
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Department of Economic and Community
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Development of the State of Maryland
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BY: /s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx
SIGNED AND ATTESTED ______________________________________________________
Witness:
/s/ Xxxxxxxxx X. Xxxxxxxx
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Secretary's Endorsement:
Date: Dec.15, 1983
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The Secretary of the Department of Housing and Urban Development hereby
consents to the foregoing Management Agreement, dated _____________________
by and between ___________________________________________________ and
__________________________________________.
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Secretary of Housing and Urban
Development
By: /s/ ^^??
-----------------------------------
Title: Director Housing Management
Division
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HOUSING MANAGEMENT AGREEMENT
On the 30th day of September, 1985, the Management Agreement for G.L.
Limited Partnership, dated September 30, 1983, is amended as follows:
1. The opening statement is deleted and the following statement is
Substituted:
"This Agreement is made this 30th day of September, 1985, between
G.L. Limited Partnership(Owner) and Interstate General Properties
Limited Partnership (Manager)."
2. Delete Interstate Properties as Managing Agent.
3. Add Interstate General Properties Limited Partnership as Managing
Agent.
4. The term of the Management Agreement is hereby renewed for an
additional two year period.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
officers) have executed this Amendment to the Agreement on the 30th day of
September, 1985.
WITNESS: INTERSTATE GENERAL PROPERTIES
LIMITED PARTNERSHIP
SPONSOR:
/s/ ^^ X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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WITNESS: MANAGING AGENT: INTERSTATE GENERAL
PROPERTIES LIMITED
PARTNERSHIP
/s/ ^^ X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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HOUSING MANAGEMENT AGREEMENT AMENDMENT
As of January 1, 1987, the Management Agreement for G. L. Limited
Partnership, dated September 30, 1983, is to be amended as follows:
1. Delete Interstate General Properties Limited Partnership as Managing
Agent.
2. Add Interstate General Company L. P. as Managing Agent.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
Officers) have executed this Amendment to the Agreement on the 12th day of
December, 1986.
WITNESS: INTERSTATE GENERAL PROPERTIES
LIMITED PARTNERSHIP
SPONSOR:
/s/ ^^ By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, Xx. Vice President
WITNESS: MANAGING AGENT: INTERSTATE GENERAL
COMPANY L. P.
/s/ ^^ By: INTERSTATE GENERAL CORPORATION,
-------------------------- General Partner
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx, Asst. Vice President
HOUSING MANAGEMENT AGREEMENT AMENDMENT
As of January 1, 1987, the Management Agreement for G. L. Limited
Partnership, dated September 30, 1983, is to be amended as follows:
1. Effective January 1, 1987, the term of the Management Agreement shall
be annual (January 1 through December 31) with automatic yearly renewals.
The agreement may be cancelled at any time after thirty (30) days written
notice by either party.
2. Effective January 1, 1987, the Agent's compensation, as outlined under
Section 26(a), shall be computed at 6.5% of gross collections.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
Officers) have executed this Amendment to the Agreement on the 26th day of
February, 1987.
WITNESS: INTERSTATE GENERAL COMPANY L.P.
SPONSOR:
/s/ ^^?? By: /s/ Xxxxxxx X. Xxxxxx
-------------------------- ---------------------------------
Xxxxxxx X. Xxxxxx, Vice President
WITNESS: MANAGING AGENT: INTERSTATE GENERAL
COMPANY L. P.
/s/ ^^??
-------------------------- By: /s/ Xxxxx X. Xxxxx
-----------------------------
Xxxxx X. Xxxxx, Vice President
HOUSING MANAGEMENT AGREEMENT AMENDMENT
As of December 27, 1988, the Management Agreement for G. L. Limited
Partnership, dated September 30, 1983, is to be amended as follows:
Effective December 1, 1988, the Agent's compensation, as outlined under
Section 26(a), shall be computed at 4.5% of gross collections, plus
applicable fee "add ons" as permitted by HUD.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
Officers) have executed this Amendment to the Agreement on the 1st day of
March 1989.
WITNESS: INTERSTATE BUSINESS CORPORATION
SPONSOR:
/s/ Xxxxxx X. Morosek By: /s/ Xxxxxxxx X. Xxxxxxx
--------------------- ----------------------------
Xxxxxxxx X. Xxxxxxx
Vice President, Finance
WITNESS: MANAGING AGENT: INTERSTATE GENERAL COMPANY L. P.
/s/ Xxxxxx X. Morosek By: /s/ Xxxxxxxx X. Xxxxxxx
-----------------------------
Vice President, Finance
HOUSING MANAGEMENT AGREEMENT AMENDMENT
As of January 1, 1993, the Management Agreement for G. L. Limited
Partnership, dated September 30, 1983, and amended March 1, 1989, is
amended as follows:
Effective January 1, 1993, the Agent's compensation, as outlined under
Section 26(a), shall be computed at 2.5% of gross collections.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
Officers) have executed this Amendment to the Agreement on the 11th day of
March 1993.
WITNESS: INTERSTATE BUSINESS CORPORATION
SPONSOR:
/s/ Xxxxx Xxxxx By: /s/ J. Xxxxxxx Xxxxxx
------------------------- ----------------------------
J. Xxxxxxx Xxxxxx
Vice President
WITNESS: MANAGING AGENT: INTERSTATE GENERAL
COMPANY L.P.
/s/ Xxxxx Xxxxx By: /s/ Xxxx Xxxxxx
------------------------- ----------------------------
Xxxx Xxxxxx
Senior Vice President
HOUSING MANAGEMENT AGREEMENT AMENDMENT
As of January 1,1998, the Management Agreement for G.L. Limited
Partnership, dated September 30, 1983, is to be amended as follows:
1. Delete Interstate General Company L.P. as Managing Agent.
2. Add American Rental Management Company as Managing Agent.
IN WITNESS WHEREOF, the Principal Parties (by their duly authorized
Officers) have executed this Amendment to the Agreement on the 1st day of
December, 1997.
WITNESS: INTERSTATE GENERAL COMPANY L.P.
SPONSOR:
/s/ Xxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxx
--------------------- --------------------------
Xxxxx X. Xxxxx, President
WITNESS: MANAGING AGENT: AMERICAN RENTAL
MANAGEMENT COMPANY
/s/ Xxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxx
--------------------- --------------------------
Xxxxx X. Xxxxx, President
