HomeMy WebLinkAbout2FEB-10-2000 13:39 FROM UNICC PROPERTIES, RENTONN TO 4307300 P.15
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(b) Detailed cash receipts and disbursement records,
(c) Detailed trial balance,
(d) General ledger listing, including transaction level detail,
(e) All invoices, and
(f) Supporting documentation for payroll, payroll taxes and employee benefits of all
personnel listed on Schedule B.
7.5 Accounting Principles. All financial statements and reports required by Owner will be
prepared on a cash and accrual method of accounts in accordance with generally accepted accounting
principles or with such other methods as Owner may from time to time request in writing. Each monthly
report shall include a narrative description ofvariances from budgcst for the period and year-to-date.
7.6 Forecasts. Manager shall prepare, on a quarterly basis, projected cash forecasts for the
property until the assumed disposition date.
ARTICLE 8. OWNER'S RIGHT TO AUDIT
8.1 Right to Audit. Owner reserves the right for Owner's employees, and others appointed by
Owner, to conduct examinations, during regular business hours and following reasonable written notice to
Manager, ofthe books and records maintained for Owner by Manager no matter where the books and records
are located. Owner also reserves the right to perform any and all additional audit tests relating to Manager's
activities either at the Property or at any office of the Manager during regular business hours and following
reasonable written notice to Manager; provided such audit tests are related to those activities perfortned by
Manager for Owner.
Should Owner's employees or agents discover either weaknesses in internal control or errors in
recordkeeping, Manager shall correct such discrepancies either upon discovery or within a reasonable period
of time. Manager shall inform Owner in writing of the action taken to correct such audit discrepancies. Any
and all such audits conducted by Owner or its agents will be at the sole expense of Owner.
8.2 Production of Documents. Manager shall, upon Owner's written request from time to time,
submit copies of any lease, contract, bill, licerse, agreement or any other document relating to the Property or
to this Agreement in Manager's possession to the Owner.
ARTICLE 9. BANK ACCOUNTS
9.1 Operating Account. A separte and exclusive operating account (the "Operating Account")
shall be opened with a name designated by Owner for each Property in a bank designated by Owner.
Manager shall deposit all rents and other funds, except as required by Section 9.4, collected from the
operation of each P, operry, including any and all advance rents, into, and shall pay the operating expenses of
the respective Property and any otter payments relative to such Property as rcyuired by the terms of this
Agreement from, the Operating Account. If more than one account is required to operate any Property, each
account must have a unique name.