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Agenda - Council Work Session - 12/07/2010
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Agenda - Council Work Session - 12/07/2010
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3/18/2025 2:50:18 PM
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12/2/2010 4:25:10 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council Work Session
Document Date
12/07/2010
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4.3. Extraord�na v Serv€c�s If Manager is requested or required to perform <br />extrao;dinazy services not customarily a part of the usual services performed by managers of <br />similar properties, it is agreed by the parties hereto that Manager shall receive additional <br />compensation therefor in an equitable amount to be agreed upon between parties in good faith. <br />Such extraordinary services would include, without' limitation, assisting in the refinancing of <br />Property and providing .construction design or space planning services. If the parties cannot <br />agree on the amount of such additional compensation, said matter shall be submitted to binding <br />arbitration in accordance with the rules of the American Arbitration Association. <br />4.4.. Come ati v' w. It is the intention. of both Owner and Manager that <br />Manager eceive fair and reasonable compensation for the performance of its management <br />to review the schedule of <br />duties specified Herein. Accordingly, Owner an d Manager .agree <br />compensation of Manager set forth on Exhibit B hereto. upon written request of either party, <br />given by either party not more often than once every two (2) calendar years during the terra. <br />hereof. if applicable, owner and Manager agree to negotiate in good faith a revised <br />compensation schedule in the event that the compensation paid to Manager by owner <br />hereunder either materially exceeds or is -materially less than compensation currently being the <br />paid to other property managers of similar reputation and and Manager r similar <br />cannot reasonably agree <br />geographical area in which Property is located. if Owner <br />on a revised compensation schedule within thirty (30) days after written notice of request for <br />such .compensation review by either party, any remaining disputes. shall be settled by <br />arbitration in accordance with the rules established by the American Arbitration Association.. <br />Such arbitration shall be held within the city in which the Property in question is located. <br />ARTICLE V. <br />TERM <br />5.1. Term This Agreement shall commence on the Ist day of December, 2005 and <br />shall continue in full force and effect on a month to month basis thereafter, until the same shall . <br />have been terminated in accordance with the provisions of this Article V. <br />5.2. e tion. Either party may termin this Agreement without�cause, upon 60 <br />days written notice to the other party. <br />5.3. Final Accountin . Upon termination of this Agreement for any reason or the <br />withdrawal of any Property, Manager shall deliver to Owner the following with respect to each <br />Property or with respect to the Property withdrawn, as the case be. <br />(a) a final accounting, reflecting. the balance of income and expenses on each such <br />Property as of the date of termination or withdrawal to be delivered within thirty (30) <br />days after such termination or withdrawal; <br />-6- <br />P7 <br />
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