Commercial Property Management Agreement

COMMERCIAL PROPERTY MANAGEMENT AGREEMENT

(form update 10-23-09)

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other location as may be mutually agreed upon in writing. Manager shall ensure such control over 241

accounting and financial transactions as is reasonably required to protect Owner's assets from theft, 242

error or fraudulent activity on the part of Manager's employees or other agents. Losses arising from 243

such instances are to be borne by Manager and shall include but not be limited to: 244

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(a) Theft of assets by Manager's employees or other agents. 246

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(b) Overpayment or duplicate payment of invoices arising from either fraud or error. 248

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5.2 Account Classification. Manager shall adopt a Chart of Accounts acceptable to Owner. 252

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5.3 Financial Reports. Manager shall furnish reports of all transactions occurring during the prior month. 254

these reports are to be received by Owner on or before the 10th day of the month after the above 255

described accounting period and must show all collections, delinquencies, uncollectible items, 256

vacancies, and other matters pertaining to the management, operations, and maintenance of the 257

Property during the month. The report shall include the items listed on Schedule "B", attached hereto 258

and made a part hereof, and a comparison of monthly and year-to-date actual income and expense with 259

the Approved Operating Budget for the Property. In addition, Manager shall prepare forms prescribed 260

by Owner to facilitate the input of financial information into Owner's accounting system. 261

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5.4 Supporting Documentation. As additional support to monthly financial statements. Management 263

shall provide such additional supporting documentation as may reasonably be requested by Owner. 264

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5.5 Transfer of Funds. If Owner elects in writing to have Manager collect rents payable for Leases with 266

respect to the Property, on or before the 15th of every month, Manager shall remit the cash balance in 267

the Operating Account after deducting the authorized working capital amount and known major 268

expenditures that will be paid between that date and the last day of the month and the sums which 269

Owner is required to maintain in the Operating Account. 270

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Checks for remittances should be delivered to Owner, independent of required financial reports, in the 272

most expeditious manner possible as directed by Owner. 273

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5.6 Accounting Principles. All financial statements and reports required by Owner will be prepared in 275

accordance with generally accepted accounting principles with the execution that Owner may specify 276

that the statements be prepared on a cash basis. 277

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ARTICLE VI 279

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OWNER'S RIGHT TO AUDIT 281

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