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<br />.. -~~~..,.....,:;...~_._~:.:.:~; <br />-.~.~--,,- <br /> <br />,. ..~ _.._....:.;...~. .~:..,... ~.~- <br /> <br />tenants of each Property, such as common area utilities and snoW removal and (ill) to the extent ' <br />Manager has theretofore achieved savings within the Approved Budget for such Property on <br />, other line items. Manager shall give prompt notice of any such emergency repairs to Owner for <br />which reasonable funds were not provided in the applicable Approved Budget. <br /> <br />2.7. Serv~ce and Utility Contracts. Manager shan, at Owner's expense, make <br />contracts forr;lectricity, gas, steam, fuel, water, telephone, wind,ow cleaning, landscaping1 snow <br />removal, vermin extermination and other services as may be required for the efficient operation <br />of :the Premises, qll in accordance with the Approved Budget, or otherwise as approved by the <br />Own.er. ' . ' <br /> <br />2.8. Monthly Account Statements. On or before the twentieth (20th) day of each <br />calendar month, Manager shall reri1it to Owner1s account any funds on hand not reasonably <br />expected to be needed for operation and management of each Property in accordance with the <br />Approved Budget for such Property. On or before the twentieth (20th) day of each calendar <br />, month, Manager shall subri1it to Ovmer as to each Property a detailed monthly statement of <br />receipts and disbursements for the previous calendar month in form and content acceptable to <br />Owner. Each such monthly statement shall iTI.dude a statement of income and expense1 a <br />detailed expense report; a cash collection analysis, a schedule of security deposit activityl a <br />statement of receipts and disbursements, and a summary of the leasing activity relating to such <br />Property, or otherwise as necessary for the performance of Manager's obli.gations hereunder. <br /> <br />2.9. Advances by Manager. Owner shall reimburse Manager promptly for any <br />monies which Manager may advance at Owner's request for the account of 'Owner. Nothing <br />herein contained, however, shall be construed to obligate Manager to make any such advances. <br /> <br />2.10. Property Management Accounts. Manager shall maintain an operating accoUnt <br />for each Property in a bank selected by Manager and approved by OVvn.er (a "Property <br />Management Account'l). If required by applicable law, all security deposits collected by <br />Manager from tenants of each Property shall be deposited in a separate account in a bank <br />approved by Owner and shall be separated from the applicable Property Management Account. <br />Manager's employees who handle or are responsible for Owner's monies shall be covered by a <br />fidelity bond or Employee Dishonesty Insurance. The amount of said bond or insurance and the <br />issuer thereof to be approved by Owner1 in its reasonable discretion, but in no event shall the <br />face amount of such coverage exceed $500,000. Each account shall provide that funds deposited <br />therein may be withdravm by Manager, unless and until otherwise directed by the Owner in <br />writing. <br /> <br />2.11. Reimbursement of Expenses. ' Except as otherwise expressly provided herein, <br />Manager shall be reimbursed by Owner for all reasonable expenses, fees, charges, outlays, <br />salaries and other costs paid or incurred by Manager hereunder to the extent the same are either, <br />included within'the Approved Budget for each Property or are otherwise authorized by Owner; <br /> <br />-3- <br /> <br />P4 <br />