HomeMy WebLinkAbout3FEB-10-2000 13 40 FROM UNICO PROPERTIES, RENTONN TOn
4307300 P.1G
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92 Transfer of Funds. On the 15th day of every prescribed monthly accounting period,
Manager shall remit to Owner ninety percent (90%) of the cash balance in the Operating Account after
otdu-zing the authorized working capital amount, which authorized working capital amount shall be the sum
i of (i) the estimated amount of the operating expenses for the prescribed monthly accounting period and (ii)
:mown expenditures that will be paid between the 15th day and the end of the prescribed monthly accounting
period.
On the last day of the prescribed accounting period, Manager shall remit to Owner all funds in
excess of the authorized working capital amount by deposit to an account designated by Owner.
The schedule for transfer of funds and the balance permitted to remain in the Operating Account
may be changed from time to time by written instructions from the Owner not less than 10 days in advance of
the effective date. (If more than one Property is managed under this Agreement and separate bank accounts
are maintained for each Property, Owner will issue a separate letter of instruction for transfer of funds for
each Property.)
9.3 Sezregation of Accounts. In each instance where Manager manages several Properties for
Owner, Manager shall segregate the income and expenses of each Property so that gross income from each
Property will be appliea only to the bills and charges from that Property.
9.4 Security Deposit Account. Where law requires that tenant security deposits be separately
maintained, a separate account (or separate interest bearing account) will be opened by Manager at a bank
approved by Owner. Such account shall be maintained in accordance with applicable law. The account will
be used only for maintaining tenant securiy deposits. The name of the account shall be designated by Owner
in writing.
Manager shall maintain detailed records of all security deposits deposited in such account, and such
records will be open for inspection by Owner's employees or appointees. Manager shall comply with all
statutory requirements, if any, relating to the rearm of security deposits.
9.5 Change of Banks. Owner may direct Manager from time to time to change a depository
bank or the depository arrangements.
ARTICLE 10. PAYMENT OF EXPENSES
10.1 Manager's ::osts to be Reimbursed. Aft.r initial payment by Manager, Manager may be
reimbursed out of the Operating Account for costs of the base salaries and bonus incentives and wages or pro
rata share thereof, payroll taxes, insurance, worker's compensation, benefits, payroll and benefits
administration fees of all personnel identified or, Schedule B, as revised by mutual written agreement of
Manager and Owner from time to time.
10.2 Costs Eligible for Payment from Operating Account. Manager shall pay from the
Operating Account all expenses properly incurred by Manager pursuant to this Agreement and set forth in the
Approved Operating Budget or otherwise approved by Owner in writing, including, without limitation, the
foliow1r.g expenses:
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