EXHIBIT 10.2
EXTENSION OF CONTRACT FOR MANAGING AGENT
Agreement made as of the first day of July 1996 by and between Xxxxxxxxxxxxx
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Village, Inc. .
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Owner, and Cherry Green Property Corp. Managing Agent for the
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premises known as Xxxxxxxxxxxxx Village 10 - 00 Xxxxxx Xxxxxx, Xxx Xxxx, XX
00000
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(Address and Location) Project#
Thereas, the parties have previously entered into a Contract for Managing
Agents as of July 1, 1983 with subsequent extensions to June 30, 1996, and
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wish to extend further the Contract, it is agreed that:
1. The Contract is extended for twelve (12) months, from July 1, 1996 to
June 30, 1997.
2. Article 5.1(a) of the Owner-Agent Agreement is amended as follows:
Managing Agent Fee - $ 68,663.00 per month. This amount
represents the sum of:
$61,687.00 the Projects Base Rate; plus
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$ 6,976.00 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, 1997 is
$56,952.50 per year payable in equal monthly installments, in accordance
with the attached schedule of salary and fringe benefits.
4. The Management Plan [ ] has [XX] has not been amended. If amended, the
pages on which changes have been made are attached.
5. Unless thirty (30) days prior to the expiration of this contract, either
the owner or the agent gives thirty (30) days written notice to the
other party and DHCR of its intention not to renew, or DHCR gives such
thirty (30) days written notice to both parties, this contract shall be
extended on the same terms and conditions for an additional 12 months
ending June 30, 1998. The monthly managing agent fee for the extended
year shall be the fee agreed to in Article 5.1(a) above, modified by any
DHCR authorized increments or by any lesser amount agreed to by the
owner and the agent, or by other adjustments provided for by DHCR.
6. 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 Broker's License in the name of the Managing Agent.
c. The Site Manager was hired on January 1987 and [XX] is currently
certified by NAHB or [ ] is not certified
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(name of organization)
As Registered Apartment Manager
OWNER: Xxxxxxxxxxxxx Village, Inc. AGENT: Cherry Green Property Corp.
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/s/Xxxxxx Xxxxxxx 10/17/96 /s/Xxxxxx Xxxxxxx 10/17/96
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Signature Date Signature Date
Xxxxxx Xxxxxxx - Treasurer Xxxxxx Xxxxxxx - vice President
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Name/Title (Please Type) Name/Title (Please Type)
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Approved: New York State Division of Date: 10/24/96
Housing & Community Renewal ----------------
By: /s/
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Assistant Director of Management
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Name and Title
Distribution: HC Pres., MGP, Man. Agt., HMR, Admin., HAA
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