Exhibit 10.1
Whereas, the parties have originally entered into a Contract for Managing Agents
as of July 1, 1983 with subsequent extension to June 30, 1997, and wish to
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extend further the Contract, it is agreed that:
1. The contract is extended for twelve (12) months, from July 1, 1997 to
June 30, 1998.
2. Article 5.1(a) of the Owner-Agent Agreement is amended as follows:
MANAGING AGENT FEE - $ 70,379 per month. This amount
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represents the sum of:
$ 63,229 the Project's Base Rate: plus
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$ 7,150 the Project's Administrative Expense Fee.
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3. Article 5.1(e) of the Owner-Agent Agreement is amended as follows:
SITE MANAGER REIMBURSEMENT FOR THE YEAR ENDING JUNE 30, 1998 IS
$ 58,270.57 PER YEAR PAYABLE IN EQUAL MONTLY INSTALLMENTS, IN ACCORDANCE
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WITH THE ATTACHED SCHEDULE OF SALARY AND FRINGE BENEFITS.
4. The Management Plan [_] has [X] has not been amended. If amended, the
pages on which changes have beenn made are attached.
5. Other (Use attachments if necessary).__________________________________
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WE HEREBY CERTIFY THAT THE INFORMATION LISTED BELOW IS TRUE AND CORRECT.
a. There is a Fidelity Bond for at least 25% of the annual rent
roll insuring both the Owner and the Managing Agent.
b. There is a current Real Estate Broker's License in the name of
the Managing Agent.
c. The Site Manager was hired on January, 1987 and [X] is
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currently certified by National Assn Of Home Builders as RAM
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(Name of Organization)
or [_] is not certified.
OWNER: Xxxxxxxxxxxxx Village, Inc. AGENT: Cherry Green Property Corp.
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/s/ Xxxxxx Xxxxxxx 10/8/97 /s/ Xxxxxx Xxxxxxx 10/8/97
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Signature Date Signature Date
Xxxxxx Xxxxxxx Xxxxxx Xxxxxxx
Treasurer vice-President
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Name/Title (Please Type) Name/Title (Please Type)
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FOR DHCR USE ONLY
[X] Accepted [_] Amended Development Xxxxxxxxxxxxx Village
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By [ /S/ ] Date 10/22/97 DHCR Number HC-9
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HM-184 (4/97) MASAT (Ext.)
