Agenda - Council Work Session - 03/24/2009

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MANAGEMENT AGREEMENT , ',~ ' AGREEMENT made as of the &':day of July, 2006, by and between the City of Ramsey, a Minnesota Municipal' Corporation ("Owner") and Premier Commercial Properties, Inc., a Minnesota Corporation (/lManagerlf). RECITALS WHEREAS, Owner is the holder of fee simple title to each' of the properties described on Exhibit A attached hereto and incorporated herein (such properties being individually referred to as "Property" and collectively referred to as "Properties"), and desires to engage Manager to manage and operate the same; and ' WHEREAS, Manager desires to manage and operate the Properties for and on behalf of Owner on the terms, and subject to the conditions hereinafter set forth. ' IN CONSIDERATION of the mutual promises and covenants contained herein, Owner and Manager agree as follows: ARTICLE 1. APPO~ENTiPROPERTIES 1.1. Appointment. Owner hereby designates and appoints Manager to act as the managing agent with respect to each Property identified on Exhibit A hereto, and hereby delegates to the,Manag!;r the power, authority and responsibility hereinafter described. 1,2. Identification of Properties. The list of Properties may be amended at'any time during the continuance' of this agreement for the purpose of including additional Properties within the Agreement upon the written c~nsent of Owner and Manager. ARTICLE II. }4ANAGEMENTi BUDGET . 2.1. Man~li~ment. Manager shall use its best efforts to manage the Premises in a commercially reasonable manner and collect the rents and other income ~erefrom in a timely manner. 2.2. p:mployees. The Manager shall cause to be emplo,yed at 'all times asuffic:ient number of capable employees to properly, adequately, safely and economically ,manage, operate, maintain, and account for each Property. All matters pertaining to the employment, -12-