HomeMy WebLinkAboutC03-067 Corum Real Estate GroupFub-12-2003 05:d2pm From-EAGLE COUNTY ATTORNEY OFFICE
9703288699 T-126 P 003/004 F-114
EXTENSION TO
PROPERTY MANAGEMENT AGREEMENT
T>~><YS E7~TENSY4N T4 PROPERTY MANAG>F.1V11~NT AGEME wafter
referred to as the "Extension"), entered into in Eagle, Colorado, this `7 day of ~~~; 2003,
by and between MOUNTAIN GLEN HOUSING CORPORATION, a Colorado non-profit
Corporation (hereinafter referred to as the "Owner") and Comm Real Estate Gro~lp (hereinafter
refereed to as the "Manager").
~~1tEAS, the Owner and the Manager entered into a Property Management Agreement
(hereinafter referred to as the "Management Agreement"} datLd August 15, ?003, relating to the
management of the Mountain Clen Housing Project; and
WHEREAS, the Management Agreement is in force for a term of six months and will
expire February 15, ?003; and
WHEREAS, the Owner and the Manager hereto agree to extend the Management
Agreement; and
WHEREAS, the Owner and the Manager lierew agree that the term of the Management
Agreement shall be a term of month to month; and
NO`4V, THEREE4RIE, in consideration of the mutual covenants herein contained and of
other good and valuable consideration, the parties hereto a~~ee as follows:
Owner and Manager agree as follows-
Tlus Extension hereby granted shall become effective February lb, 2003, and the term
shall be month to month.
2. If at any t7me during the term of the Management Agreement, the Owner or Manager
desires to terminate this Agreement, Owner and Manager are required to provide Notice fifteen
(15) days prior to the end of the monthly term.
3. Yn accepting this appointment, Manager aclrnowletlges that this Management
Agreement is subordinate to and Manager is subject to the terms and conditions of the Financing
Documents.
4. By the 25~' day of each month, the Manager shall receive remuneration for it's services
in managing the Project for the prior month as follows
F~-12-2003 05:42pm From-EAGLE COUNTY ATTORNEY OFFICE 9703288699 T-126 P.004/004 F-114
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(1) A fixed fee in the amount of $2,000 per month (prorated for the first month); and
(3} A variable fee in the amount of four percent (4%) of the gross collected income
fTOm the Premises per month in excess of $50,000, however, in no event shall the
amount of the variable fee exceed the amount of the fixed fee; and in no event
shall the sum of fees in {1) and this (2) exceed four percent (4%} of the gross
monthly collected income.
Gross receipts for these purposes are all amounts received lrom the operation of the Premises
including, but not limited to, rents, parking fees, security deposit forfeitures {but not security
deposits), laundry income, and fees.
To the extent that rental income from the income .from the property in any month is not sufficient
to pay the properly management fee due under this Agreement, such fee shall accrue without
interest until rental income is available, at which time accn~ed portions of the fee shall be then
due and payable.
All other terms and conditions of the Management Agreement shall remain the same and
in full force and effect.
IN' ViIYTNESS WHEREOF, the parties have executed this Agreement the day and year
above written.
OWN1;R:
MOUNTAIN GLEN HOUSING
CORPORATION
'Witness:
B~
By.
Date:_ 3 1 ~0200~
MANAGER:
CORUM: REAL ESTATE GRQUP
Witness:
sy: gay:
Q.~
Date: 3~ ~3
2
