HomeMy WebLinkAboutSOB22-02 Eagle County Housing and Development AuthorityPROPERTY MANAGEMENT AGREEMENT
BETWEEN
SENIORS ON BROADWAY, LP
AND
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
THIS AGREEMENT, entered into on _______________ and effective as of the 1st day of January
1, 2022, by and between SENIORS ON BROADWAY LP , a Colorado limited partnership (hereinafter
called “Owner”) and the EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY, a public
body corporate and politic (hereinafter called “Manager”).
WHEREAS, Owner is the owner of the property located at 750 Broadway St, Eagle, CO
consisting of 14 apartment units and associated facilities ("Premises"); and
WHEREAS, the Premises is operated pursuant to IRS Code Section 42, Low Income Housing Tax
Credits (“LIHTC”) which were allocated by the Colorado Housing and Finance Authority (“CHFA”); and
WHEREAS, Owner agrees to have the project managed by competent professionals; and
WHEREAS, Manager has the personnel and resources necessary to competently and
professionally manage the multifamily residential apartment complex and has familiarized itself with the
Premises, including its physical condition and operations under LIHTC; and
WHEREAS, Owner wishes to obtain the benefits of Manager’s expertise in the field of real estate
management by relinquishing to Manager control and discretion in the operation, direction, management,
and supervision of the Premises subject to the terms and provisions of this Agreement, and Manager for a
fee agrees to assume said control and discretion in the operation, management and supervision of the
Premises on behalf of Owner.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and of other
good and valuable consideration, the parties hereto agree as follows:
ARTICLE 1
APPOINTMENT
Owner hereby contracts with Manager to manage, operate, direct and supervise the Premises on behalf of
Owner and to provide services as required under Article 6 of this Agreement.
ARTICLE 2
TERM
Subject to and upon the terms and conditions set forth herein, or in any exhibit or addendum hereto, this
Agreement shall commence on January 1, 2022, and shall continue in force, ending at 11:59 p.m. on
December 31, 2024, subject, however, to the termination provisions in Article 13.
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ARTICLE 3
RELATIONSHIP
All actions by Manager in performing its duties and providing services pursuant to this Agreement shall
be for the account of Owner. With the exception of the exclusions outlined in Article 11, Owner agrees to
be responsible for all costs, expenses, and disbursements incurred by Manager, consistent with Section
7.2, in providing management and operational services hereunder, such as, for example, but not limited to,
contracts for landscaping or maintenance services and orders for supplies and equipment.
ARTICLE 4
DELEGATION AND ASSIGNABILITY
Manager shall have the right to delegate its responsibilities under this Agreement to employees of
Manager or to engage independent contractors for performance of any part of the services to be provided
hereunder. Neither Owner, nor Manager, shall assign all or any part of this Agreement without the prior
written consent of the other parties to this Agreement.
ARTICLE 5
This article intentionally left blank.
ARTICLE 6
SERVICES OF MANAGER
6.1 Management and Operation. Manager shall manage, operate, and maintain the Premises in a
manner normally associated with the management and operation of a reasonable quality apartment project
and in a manner reflective of the standards set forth by the real estate management industry. Manager
shall act in a fiduciary capacity with respect to the proper protection of and accounting for Owner’s assets.
6.2 Employees. Manager shall have in its employ at all times a sufficient number of capable
employees to enable it to properly and safely manage, operate and maintain the Premises. The salaries of
all such employees shall be paid from the Operating Account. All matters pertaining to the employment,
supervision, compensation, promotion, and discharge of such employees are the responsibility of
Manager.
6.3 Budgets. Manager shall prepare and submit to Owner a proposed Operating Budget and a
proposed Capital Budget for the management and operation of the Premises for the forthcoming calendar
year by October 31st of each year.
Owner shall consider the proposed budgets, consult with Manager, and agree on an approved
Operating Budget and an approved Capital Budget for the forthcoming calendar year. The approved
budgets shall serve as a guideline to Manager in maintaining and operating the Premises, and Manager
agrees, subject to the provisions of Article 7, to use diligence and to employ all reasonable efforts in order
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to effect that the actual cost of maintaining and operating the Premises shall not exceed the approved
budget pertaining thereto.
6.4 Collection of Receivables. Manager shall use reasonable and diligent efforts -- including
collection suits and proceedings, but subject to Owner’s prior approval -- to collect promptly all rents
(including laundry income and all other income) and other charges which may become due at any time
from any tenant or from others for services provided in connection with or for the use of the Premises or
any portion thereof. Manager shall collect and identify any income due Owner from miscellaneous
services provided to tenants or the public, including, but not limited to, cleaning income, tenant storage
and coin operated machines of all types (e.g., vending machines, etc.). All monies so collected shall be
deposited daily in the Operating Account.
All legal expenses incurred in bringing an approved suit or proceeding shall be submitted to
Owner for its approval. In connection with such suits or proceedings, only legal counsel designated by
Owner shall be retained. Manager shall not write off any income items without prior approval of Owner.
6.5 Leasing. Manager shall be responsible for the leasing of the Premises. Manager shall have the
specific authority to negotiate leases and rental agreements in connection with amendments, renewals,
extensions, modification, or cancellation of existing leases and preparation of new leases, consistent with
LIHTC rules and regulations, and any successor contract or other low and moderate income guidelines
approved by Owner from time to time. Manager shall make every reasonable effort to obtain and keep
desirable tenants for the Premises and perform whatever services may be required in connection with the
above-mentioned negotiations, including the establishment, implementation, and coordination of a
marketing plan.
6.6 Repairs, Decoration, and Alterations. Manager will cause Premises to be maintained and repaired
in accordance with state and local codes in a condition acceptable to Owner. Without limiting the
generality of the foregoing, Manager shall institute and supervise all ordinary and extraordinary repairs,
decorations and alterations, including the administration of a preventive maintenance program for all
mechanical, electrical, and plumbing systems and equipment. Subject to Section 7.8 of this Agreement,
Manager shall be responsible for arranging all remodeling and alteration work including obtaining bids
and proposals, obtaining tenant approval, invoicing tenants for reimbursement, collecting same and
making payment from the Operating Account for the work done after the initial construction and tenant
occupancy of the Premises.
Notwithstanding the generality of the foregoing, except for developing the Capital Budget,
Manager shall not be responsible for instituting or supervising major construction and rehabilitation
projects except as may be provided in a separate agreement with Owner.
6.7 Operating Activities. Manager shall institute and supervise all operational activities of the
Premises, such as, but not limited to, the following:
(a) Supervision of the security on behalf of Owner;
(b) Responsibility and supervision of maintenance, repair, and replacement of landscaping;
(c) Responsibility and supervision of a preventive maintenance program;
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(d) Responsibility and supervision for any necessary maintenance or repairs to the Premises;
and
(e) Any other activity incidental to the normal operation of an apartment project.
6.8 Property Taxes and Loan Payments. Manager shall make payment from the Operating Account
for property taxes and debt service on any security affecting the Premises.
6.9 Compliance. Manager has reviewed and shall be responsible for operational compliance with all
terms and conditions in IRC Section 42.
6.10 Payment of Expenses. Manager shall pay all operating expenses from the Operating Account.
6.11 Payroll. Manager shall prepare and pay all payrolls from the Operating Account and maintain
comprehensive payroll records.
6.12 Bank Relationship. Manager shall handle all operational banking matters related to its contractual
responsibility. Owner shall designate which bank(s) or financial institutions Manager shall use in
discharging this responsibility.
6.13 Property Inspection. Manager shall conduct periodic comprehensive inspections of the Premises
and report periodically to Owner in writing with any recommendation.
6.14 Maintenance of Records. Manager shall maintain complete and identifiable records and files on
all matters pertaining to the Premises. Such records, and records and financial reports pursuant to Section
6.18, shall be available to Owner, LIHTC investors, or CHFA during business hours upon two (2) days of
written notice.
6.15 Manager Availability. Manager shall maintain 24-hour availability for emergencies.
6.16 Tenant Relations. Manager shall administer a tenant relations program which maintains a high
visibility of management presence and service among tenants.
6.17 Owner Communications. Manager shall be available for communication with Owner and will
keep Owner advised of items affecting the Premises. Within five (5) days after Manager receives a
certified or registered letter from any tenant, a copy will be sent to Owner.
6.18 Financial Reports.
Financial reporting and record keeping:
(a) Manager, in the conduct of its responsibilities to Owner, shall maintain adequate and
separate books and records for the Premises in accordance with generally accepted accounting principles,
which shall be supported by sufficient documentation to ascertain that said entries are properly and
accurately recorded. Such books and records shall be maintained by Manager at a location acceptable to
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Owner. Manager shall maintain such control over accounting and financial transactions as is reasonably
required to protect Owner’s assets from theft, error or fraudulent activity.
(b) Manager shall adopt a Chart of Accounts (a system of classification of accounting entries)
as generally utilized in the residential property management industry.
(c) Manager shall furnish operating reports for the Premises of all transactions occurring from
the first day of the prior month to the last day of the prior month.
(d) Manager shall timely provide to Colorado Housing and Finance Authority, or their
respective agents, reports required by the LIHTC program, and any subsequent low and moderate income
housing programs implemented by Owner. Copies of such reports shall be transmitted to Owner
simultaneously.
(e) As additional support to the monthly financial statement, Manager shall make available to
Owner, upon request, copies or originals of the following:
1. All bank statements, bank deposit slips and bank reconciliations;
2. Detailed cash receipts and disbursements records;
3. Detailed trial balances;
4. Paid invoices;
5. Summaries of adjusting journal entries; and
6. Supporting documentation for payroll, payroll taxes and employee benefits.
(f) Manager shall maintain necessary liaison with Owner’s accountant.
6.19 Tenant Security Deposits. Security deposits shall be kept by Manager in a bank or financial
institution approved by Owner, and in accordance with laws applicable to tenant security deposits.
Manager shall maintain detailed records of all security deposits and such records will be open for
inspection by Owner.
6.20 Books, Cards, Etc. All books, cards, registers, receipts, documents, disks, tapes, and any other
papers or electronic records connected with the operation are the sole property of Owner, and Manager
will not publish, transmit, or release said information to any party without the prior consent of Owner.
ARTICLE 7
MANAGER’S AUTHORITY
7.1 Manager’s Authority. Manager’s authority is expressly limited to the provisions provided herein
or as may be amended in writing from time to time by Owner and mutually agreed to in writing.
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7.2 Approved Operating Budget. Owner’s approval of the Operating Budget shall constitute approval
for Manager to expend money from the Operating Account to operate and manage the Premises, and
Manager may do so without further approval as long as Manager does not exceed the aggregate amount
set forth in the approved budget.
7.3 Approved Capital Budget. Owner’s approval of the Capital Budget shall constitute an
authorization for Manager to expend any money for capital expenditures.
7.4 Contracts. Manager may enter into contracts for maintaining, repairing, or servicing the property
and any of the constituent parts of the property subject to the approved Operating Budget.
7.5 Compliance with Laws. It is the intent of Owner that the Premises be operated in full compliance
with federal, state and municipal laws, ordinances, regulations and orders relative to the use, operation,
repair, and maintenance of the Premises. Manager shall promptly endeavor to remedy any violation or
potential violation of any such law, ordinance, rule, regulation, or order which comes to its attention and
shall promptly report any violation or potential violation and proposed action to be taken to Owner.
7.6 Expenses Regarding Violations. Expenses incurred in remedying violations of the kind referred to
in Article 7.5 may be paid from the Operating Account provided such expenses do not exceed one
thousand and 00/100 dollars ($1,000.00) in any one instance. When more than such amount is required or
if the violation is one for which Owner might be subject to penalty, Manager shall transmit notice of such
violation to Owner to assure that prompt arrangements may be made to remedy the violation.
7.7 Emergency. In case of emergency, Manager may make expenditures for repairs which exceed
budget or prior approvals from Owner without prior written approval if it is necessary to prevent damage
or injury. Owner must be informed of any such expenditure within the next five (5) business days.
7.8 Structural Changes. Owner expressly withholds from Manager any power or authority to make
any structural changes in any building or to make any other major alterations or additions in or to any
such building or equipment therein, or to incur any expense chargeable to Owner other than expenses
related to exercising the express powers above vested in Manager without the prior written direction of
Owner.
7.9 Competent Employees. Manager is specifically authorized and directed by Owner to employ and
supervise competent employees to adequately and reasonably maintain and protect the Premises. The
personnel to be employed, the number of personnel and their compensation shall be subject to the
approval of Owner as part of the approved Operating Budget. All expenses incurred by Manager in
employing such staff shall be paid by Owner as provided in Article 11.
ARTICLE 8
INSURANCE
8.1 Owner to Obtain Adequate Insurance. Manager will obtain, on Owner’s behalf, insurance in
Owner’s name and at Owner’s expense, insuring against physical damage, liability for loss against
business interruption, and damage or injury to property or persons of third persons which may arise out of
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the occupancy, management, operation, or maintenance of the Premises. Coverage terms and amounts
must be approved by Owner. Additionally, Manager shall:
(a) notify Owner within twenty-four (24) hours after Manager receives notice of any such
loss, damage, or injury;
(b) take no action (such as admission of liability) which might bar Owner from obtaining
any protection afforded by any policy Owner may hold or which might prejudice Owner in its
defense to a claim based on such loss, damage, or injury; and
(c) agree that Owner shall have the exclusive right, at its option to conduct the defense to
any claim, demand, or suit within limits prescribed by the policy or policies of insurance.
8.2 Information Furnished. Manager shall furnish whatever information is requested by Owner for the
purpose of establishing the placement of insurance coverages and shall aid and cooperate in every
reasonable way with respect to such insurance and any loss thereunder. Owner shall include in its hazard
policy covering the Premises, personal property, fixtures, and equipment located thereon. Manager shall
make recommendations regarding the amounts and types of insurance to be carried by Owner but Owner
shall make the final determination of the amounts of insurance, the types of coverage, the insuring
companies and the agencies writing such insurance.
8.3 Subcontractor’s Insurance. Manager shall require that subcontractors brought onto the Premises
have insurance coverage. Manager shall obtain and keep on file a Certificate of Insurance which shows
that the subcontractor is insured.
ARTICLE 9
OWNER’S RIGHT TO AUDIT
9.1 Owner’s Right to Audit. Owner reserves the right to conduct examinations, without notification,
of the books and records maintained for Owner by Manager no matter where books and records are
located. Owner also reserves the right to perform any and all additional audit tests relating to Manager’s
activities; either at the Premises, or at any office of Manager, provided such audit tests are related to those
activities performed by Manager for Owner.
9.2 Government Right to Audit. Manager is subject to audit by the Colorado Housing and Finance
Authority pursuant to the LIHTC allocation, and Manager will cooperate in any such audit.
9.3 Correction of Discrepancies. Should Owner or CHFA discover either weakness in internal control
or errors in record keeping, Manager shall correct such discrepancies either upon discovery or within a
reasonable period of time. Manager shall inform Owner in writing of the action taken to correct such
audit discrepancies. Any and all such audits conducted by Owner will be at the sole expense of Owner.
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ARTICLE 10
BANK ACCOUNTS
10.1 Operating Account. Manager shall deposit on a regular basis all rents and other funds collected
from the operation of the Premises for the purpose of paying operating expenses in a bank approved by
Owner.
10.2 Security Deposits. Manager shall keep and maintain security deposits in a separate account
pursuant to Section 6.19 herein.
10.3 Change of Banks. Owner may direct Manager to change a depository bank or the depository
arrangements for its respective Premises.
10.4 Access to Accounts. Owner shall be permitted access through additional signature cards if
requested.
ARTICLE 11
PAYMENT OF EXPENSES
11.1 Expenses Paid From Operating Account. The following costs are to be paid directly from the
Operating Account:
(a) Any and all costs necessary to the management, operation, leasing, and maintenance of the
Premises that are covered within the approved budgetary guidelines as outlined in Articles 6 and 7.
(b) Costs of the gross salary and compensation for the operations and accounting personnel
who are associated directly or indirectly with the management of the Premises. Said costs shall include
gross salaries and bonuses, payroll taxes, insurance, workmen’s compensation, and other employee
benefits.
(c) All operations and accounting expenses incurred by Manager in the execution of
Manager’s responsibilities pursuant to the terms of this Agreement, the initial set-up and continuing costs
of the electronic data processing, and the computer service costs of the monthly operating report,
including both the summary and detailed accounts.
(d) Cost of all non-standard printed forms, notices, checks, invoices, purchase orders, reports,
envelopes, etc. required for compliance with the terms and conditions of this Agreement, or as may be
requested by Owner; the cost of all audits required by the terms of this Agreement.
(e) Any other costs approved in writing by Owner to Manager.
11.2 Office of Manager. Manager reserves and is granted the right to maintain an office in the complex
of a size reasonably related to the operation of the Premises. Manager shall not be required to pay for
heat, light, or rent for the premises occupied as its office.
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ARTICLE 12
INSUFFICIENT INCOME
If at any time the gross income (or cash in the Operating Account) from the Premises shall not be
sufficient to pay the bills and charges which may by incurred with respect to the Premises, Manager shall
notify Owner immediately upon first projection or awareness of a cash shortage or pending cash shortage
and Owner and Manager shall jointly determine payment priority. Manager shall not be obligated to pay
said expenses and charges from its own account. After Manager has paid, to the extent of available funds,
all bills and charges based upon the ordered priorities set jointly by Owner and Manager, Manager shall
submit to Owner a statement of all remaining unpaid bills. Owner shall immediately and without delay
make all reasonable efforts to provide sufficient monies to pay any unpaid expenses before they become
delinquent.
ARTICLE 13
TERMINATION
13.1 Termination for Cause. Owner may terminate this contract upon fifteen (15) days written notice
with cause. Cause shall be defined as the occurrence of any of the following events:
(a) (i) the filing of a voluntary petition in bankruptcy; (ii) being adjudicated as bankrupt or
insolvent; (iii) filing of any merger petition or seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution, or similar relief under any present or future statute or law relating
to bankruptcy, insolvency, or other relief for debtors, whether federal or state; (iv) Manager seeking,
consenting to, or acquiescing in the appointment of any trustee, receiver, conservator or liquidator of
Manager, or of all or any substantial part of its properties (the terms “acquiescing,” as used herein, shall
be deemed to include but not be limited to the failure to file a petition or motion to vacate or discharge
any order, judgment or decree providing for such appointment within the time specified by law); (v) a
court of competent jurisdiction entering an order, judgment, or decree approving a petition filed against
Manager seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution, or
similar relief under any present or future statute or law relating to bankruptcy, insolvency or other relief of
debtors, whether federal or state, and Manager either consents to or acquiesces (as hereinabove defined)
in the entry of such order, judgment or decree, or such order, judgement or decree shall remain unvacated
or unstayed for an aggregate of sixty (60) days from the date of entry thereof; or (vi) the appointment of a
trustee, receiver, conservator or liquidator of Manager of all or any substantial part of its properties
without the consent of or acquiescence of Manager which remains unvacated or unstayed for an aggregate
of sixty (60) days; or
(b) (i) Manager fails to perform any of its services in the manner or within the time required
herein; or (ii) Manager commits or permits a breach of or default in any of its duties, liabilities or
obligations hereunder.
13.2 Termination for Convenience. Owner may terminate this contract for its convenience and without
cause upon ninety (90) days written notice to Manager.
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13.3 Manager’s Right to Compensation: Final Accounting. If this Agreement is terminated by any
party as provided above, it is further agreed:
(a) Notwithstanding any other provision herein to the contrary, Manager’s right to
compensation shall cease as of the effective date set forth in the notice of termination, except that
Manager shall be entitled to all monies owed to Manager by Owner up to the effective date of
termination.
(b) Manager’s powers and authority under this Agreement shall cease and terminate at the
effective date set in the notice of termination.
(c) Final Accounting. Manager shall deliver to Owner the following with respect to the
Premises:
(1) A final accounting after termination of this Agreement, reflecting the balance of
income and expenses on the Premises as of the effective date of termination to be delivered
within fifteen (15) days after such termination.
(2) Any balance or monies of Owner held by Manager with respect to the Premises,
shall be delivered immediately after such effective termination date and thereafter
promptly after same are received by Manager.
(3) All records, software, contracts, leases, receipts for deposits, unpaid bills, and other
papers or documents which pertain to the Premises also shall be delivered immediately
upon such effective termination date.
ARTICLE 14
COOPERATION
14.1 Should any claims, demands, suits, or other legal proceedings be made or instituted by any person
against Owner which arise out of any of the matters relating to the Agreement, Manager shall give Owner
all pertinent information and reasonable assistance in the defense or other disposition thereof, at the sole
expense of Owner. This obligation of Manager shall survive the termination or expiration of this
Agreement.
14.2 Upon termination of this Agreement, Manager will give to Owner all books, cards, registers,
receipts, documents, tapes, disks, and other information with respect to the Project and the management
thereof which Manager has in its possession and shall cooperate, as requested by Owner, in the transition
to a new manager of the Premises.
ARTICLE 15
MANAGER’S LIABILITY
15.1 Except as otherwise stated herein, Manager shall not in the performance of this Agreement, be
liable to Owner or to any other person for any act or omission of any agent or employee of Owner or
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Manager, or its subsidiaries or affiliates, unless the same results from negligence or willful misconduct of
Manager, its officers, employees, or agents.
15.2 Notwithstanding any other provisions of this Agreement, in no event shall Owner make any claim
against Manager, or its affiliates or subsidiaries on account of any alleged errors of judgment made in
good faith in connection with the operation of the Premises hereunder by Manager or the performance of
any advisory or technical services provided by or arranged by Manager.
15.3 Owner shall not object to any expenditure made by Manager in good faith in the course of its
management of the Premises or in settlement of any claim arising out of the operation of the Premises
unless such expenditure is specifically prohibited by this Agreement.
ARTICLE 16
REPRESENTATION
Owner hereby represents that in entering into this Agreement, Owner understands that no guarantee is
made or implied by Manager, or any of its affiliated companies as to the future financial success of the
Premises.
ARTICLE 17
REASONABLE CONSENT
Whenever in this Agreement the consent or approval of Manager or Owner is required, such consent or
approval shall not be unreasonably withheld.
ARTICLE 18
NOTICES
All notices, demands, consents and reports provided for in this Agreement shall be in writing and shall be
given to the appropriate Owner or Manager at the address set forth below or at such other address as they
may specify hereafter in writing:
MANAGER: Eagle County Housing and Development Authority
PO Box 850
Eagle, CO 81631
Attn: Kim Bell Williams, Executive Director
with a copy to: Eagle County Attorney’s Office
P.O. Box 850
Eagle, Colorado 81631-0850
OWNER: Seniors on Broadway LP
P.O. Box 850
Eagle, CO 81631
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Such notice or other communication may be by electronic mail or may be mailed by United States mail,
postage prepaid, and may be deposited in a United States Post Office or a depository for the receipt of
mail regularly maintained by the post office. Such notices, demands, consents and reports may also be
delivered by hand, or by any other method or means permitted by law. Notice delivered by mail shall be
deemed given the third business day after deposit in the United States mail.
ARTICLE 19
COMPENSATION
By the 25th day of each month, Manager shall receive remuneration for its services in managing the
Premises for such month as follows: A Flat Fee in the amount of $673.00 per month is to be paid in the
form of a management fee. This fee may be increased from time to time at a rate no greater than 3% per
year.
To the extent that rental income from the property in any month is not sufficient to pay the property
management fee due under this Agreement, such fee shall accrue without interest until rental income is
available, at which time accrued portions of the fee shall be then due and payable.
ARTICLE 20
MISCELLANEOUS
20.1 Construction. The plural may include the singular and the singular may include the plural and this
Agreement shall be interpreted in this regard as the context may require.
20.2 Amendment. Except as otherwise herein provided, any and all amendments, additions or deletions
to this Agreement shall be null and void unless approved by the parties affected thereby in writing.
20.3 Headings. All headings herein are inserted only for convenience and ease of reference and are not
to be considered in the construction or interpretation of any provision of this Agreement.
20.4 Complete Agreement. This Agreement supersedes and takes the place of any and all previous
negotiations, representations, and oral agreements between the parties hereto.
20.5 Waiver. The waiver of any of the terms and conditions of this Agreement on any occasion or
occasions shall not be deemed as waiver of such terms and conditions on any future occasion.
20.6 Binding Nature. This Agreement shall be binding upon and inure to the benefit of Owner, each of
its successors and/or permitted assigns, and shall be binding upon and inure to the benefit of Manager,
and its permitted assigns. There shall be no third-party beneficiaries to this Agreement.
20.7 State Law and Venue. This Agreement shall be construed, interpreted, and applied in accordance
with and shall be governed by, the laws applicable in the State of Colorado. Venue for any dispute arising
from or related to this Agreement shall be in the courts of Eagle County, Colorado.
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20.8 Rebates. Manager agrees it will not collect or charge any undisclosed fee, rebate or discount, and
if any such should be received by Manager, these will be credited to the account of Owner.
20.9 Divisibility. In the event any Article or Section of this Agreement is deemed illegal or unlawful,
said Article or Section shall be struck from this Agreement and all other Articles and Sections shall
remain valid and in full effect.
IN WITNESS WHEREOF, the parties have executed this Agreement the day and year above
written.
OWNER:
Seniors on Broadway, LP
By Seniors on Broadway, LLC, its general partner
By Golden Eagle Elderly Housing Corporation, its
sole member
By: ____________________________________
Jeanne McQueeney, President
MANAGER:
EAGLE COUNTY HOUSING AND DEVELOPMENT
AUTHORITY
By: ________________________________________
Kim Bell Williams, Executive Director
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