2005 RES R-166-05 - Laserfiche WebLink

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the Property Manager as refetcnced below, mh a confidential list setting forth the name, age, annual income, apartment numbcI and monthly rental of the Residents as of the Effective Date. Such information shall be provided by the Property Manager to the Agency, upon the Agency"s request. By executing this Agreement, the Agency agrees that the confidential list of the Residents, and all information contained therein, shall be maintained as confidential and not disclosed to non-parties to this Agreement, except as required by law. During the Operating Period. Colton Non -Profit will not rent, lease or otherwise allow the occupancy of any units in Colton Palms that were not occupied by a Resident listed pursuant to the provisions of this paragraph, or which are subsequently vacated by a Resident. Should any apartment unit within Colton Palms be occupied by any person other than a Resident whose name is set forth on the list provided by Colton Non -Profit pursuant to this paragraph, Colton Non -Profit shall take all reasonable actions to evict said person from Colton Palms. Notwithstanding the foregoing, the Property Manager may relocate existing Colton Palms Residents from their units to other vacant units in the Colton Patens complex. 3.1 .4 The Partiesjointiy have selected Investors' Property Services to manage Colton Palms during the Operating Period (the "Property Manager"). The Property Manager shall serve at the direction of, and will be compensated by, Colton Non -Profit. The Property Manager may not be terminated except upon mutual consent of the Parti;: s, which consent shall not be unreasonably withheld. If for any reason during the Operating Period, the Property Manager resigns, is terminated, or is otherwise unable to fulfill its duties as Property Manager, the Parties will jointly select a replacement Property Manager. If, at that time, the Parties cannot agree upon the termination of the Property Manager or on a replacement Property Manager, the Parties shall submit the dispute to ,Judge Kennedy of JAMS for binding resolution. 1.5 Upon the execution of this Agreement, the Parties shall direct the Property Manager to prepare all estimated budget for the operation of Colton Palms during the Operating Period I'he estimated budget shall include an estimate of the monthly operating shortfall, if any, for Colton Palms during the Operating Period. The estimated budget will take into consideration the possibility that a numher of units will be vacated during the Operating Period and provide for, among other things, the purchase of liability insurance for Colton Palms with coverage limits approved by the Agency and naming, when applicable, the Agency as the loss payee, and estimated reserves for all anticipated capital expenditures, loss contingencies and expense items during the Operating Period. Upon receipt of the estimated budget, the Parties shall meet and confer in an effort to agree upon a final pro forma operating budgcl. If the Parties cannot agree upon a final pro forma operating budget, the Parties promptly shall submit the dispute to Judge Kennedy for mediation, and, should mediation fail to resolve the dispute, for binding resolution. 3. 1.6 Beginning on the Effective Date, the Agcncv shall pay, on a quarterly basis (3 -month period), the estimated quarterly operating shortfall, if any. for Colton Palms, up to a maximum amount of $120,000 for the entire Operating Period. All such funds shall be used solely for the operation and maintenance of Colton Palms. �s661447