Rental Housing Property Management Agreement
Page 3
Article I. Definitions
The following definitions reflect the terms as used in this agreement:
(a) "Fiscal Year" is the year ending _____________________.
(b) “Funders” includes those entities providing financing for the Project, as set forth
in the Project Requirements.
(c) "Gross Collections" are all amounts actually collected by Agent, as rents or other
payments, including any federal rental assistance, but excluding (i) income
derived from interest or investments, (ii) discounts and dividends on insurance,
and (iii) Tenant Deposits.
(d) "Lease" is any rental agreement whereby Owner has agreed to let and Tenant
has agreed to accept a Rental Unit in the Project identified in the Lease in
accordance with the terms of the Lease. The form of Lease entered into by a
Tenant must meet the requirements set forth in Section 4.3(d) and have
attached thereto the form of lease rider described in Section 4.3(e).
(e) "Operating Account" is an account in Agent's name on behalf of the Owner
designated of record. The account name should identify the Project and be
approved in writing by Owner, at such financial institution as Owner may specify
from time to time in writing.
(f) “Project Requirements” are the leasing and other requirements contained in
any documents signed by Owner in connection with the acquisition, financing,
and ownership of the Project (the "Requirements"), including the Project
Documents. The financing documents include the following requirements which
relate to tenant income and rent limits, insurance requirements, lease
provisions, reporting and recordkeeping requirements, and grievance
procedures:
The Agent shall comply with all applicable HUD requirements of the
Neighborhood Stabilization Program. In the event of any conflict between the
HUD requirements and either this Management Agreement, the
Management Plan, or directives from Owner, the HUD requirements will
prevail.
Per NSP directives for meeting the requirements of the 25% set aside, all
units covered under this agreement will be subject to Low HOME unit rent
calculations.
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Rental Housing Property Management Agreement
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Rental Housing Property Management Agreement
DOC: 2.0 MB | PDF: 780.7 KB (22 pages)
( 4.4, 19 votes )
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