Agenda - Council - 06/27/2006 - Laserfiche WebLink

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subject to the provisions of Section 5.4 below. Manager acknowledges that, in the event of termination of this Agreement as to any Property on the basis of the sale thereof, Manager will perform duties and tasks not customarily performed in the ordinary course of business. Accordingly, in such event, in the final accounting contemplated by Section 5.8 hereof, Manager shall be entitled to one (1) extra month of property management fee at the rate set forth on Exhibit B hereto. 5.4. Termination Within First Year. Owner acknowledges that, as to each Property being managed by Manager on behalf of Owner hereunder, Manager will incur certain initial and up-front costs in assuming its duties as Manager with respect thereto. If this Agreement is terminated as to any Property within one (1) year after the date on which Manager assumes management of such Property for any reason other than conversion of funds or an act of dishonesty as set forth in Section 5.2 above, Owner shall, in connection with such termination, pay to Manager a termination fee equal to $600.00, in addition to any other amounts due hereunder. 5.5. Notice of Management Default. Owner shall not otherwise terminate the services of Manager hereunder without cause. In the event that Owner determines that Manager has defaulted in the performance of any obligation, duty, or covenant contained herein with respect to any Property, Owner shall provide written notice to Manager. If Manager fails to cure such default within thirty (30) days after receipt of such written notice, · Owner may terminate this Agreement as to such Property. 5.6. Notice of Owner Default. In the event that Owner shall be in default in the performance of any duty, covenant or obligation contained herein as to any Property, Manager shall provide written notice thereof to Owner, and, if Owner fails to cure such default within thirty (30) days after receipt of such notice, Manager may terminate this Agreement as to such Property. 5.7. Repeated and Substantial Failure to Perform. Notwithstanding anything to the contrary set forth herein, either party may terminate this Agreement on thirty (30) days written notice to the other party if such other party has repeatedly and substantially failed to perform its obligations hereunder, and such written notice specifies, in reasonable detail, the nature and time of such repeated and substantial defaults. 5.8. Final Accounting. Upon termination of this Agreement for any reason or the withdrawal of any Property, Manager shall deliver to Owner the following with respect to each Property or with respect to the Property withdrawn, as the case may be: (a) a final accounting, reflecting the balance of income and expenses on each such Property as of the date of termination or withdrawal to be delivered within thirty (30) days after such termination or withdrawal; -372- -7-