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d. Purchasing and procurement of contract services are delineated in <br />the Management Agreement. Additionally, expenses over One <br />thousand, five hundred dollars ($1,500.00) require the Owner's <br />specific approval, except for emergency repairs where the Agent <br />will communicate with the Owner as soon as possible. Purchase <br />contracts in excess of One Thousand Five Hundred Dollars <br />($1,500.00) must be put out for bid. <br />4. In order to ensure strict compliance with all regulatory restrictions herein, <br />the Agent will systematically review all pertinent regulatory agreements <br />and establish a manual of instructions, schedules and tickler files <br />indicating relevant deadlines, reporting formats, etc. This manual will be <br />distributed to all bookkeeping and accounting personnel on Agent staff, <br />and to any accounting firms hired to provide audits and/or other reports for <br />the Property. <br />5. The Agent shall prepare, as part of the monthly reports to the Owner, an <br />income /expense statement showing scheduled and actual rents, and a list <br />of tenant delinquencies. Delinquency reports shall indicate whether <br />tenants are thirty (30), sixty (60), or ninety (90) days behind on their rent. <br />6. Security Deposits <br />a. Agent shall collect a security deposit from each tenant. The <br />deposit shall be equal to one month's rent unless otherwise <br />restricted by any regulatory body including the rental subsidy <br />provider that governs the management of the Property or the <br />Owner. <br />b. Tenants shall be required to make a refundable security deposit in <br />accordance with the terms of their leases and applicable state and <br />local laws. Their security deposits shall be held in a separate <br />interest bearing trust account with a depository insured by an <br />agency of the federal government or a comparable federal deposit <br />insurance program. The balance of this account shall at all times be <br />equal to or exceed the aggregate of all outstanding deposits. <br />c. The PM will notify the RSC or the referring agency if he /she <br />becomes aware that applicants do not have the resources to make <br />the security deposit. The PM may consider a payment plan backed <br />by a service agency, after consultation with the applicant and the <br />RSC. <br />d. When a unit is vacated, the Agent will perform a move -out <br />inspection to determine any damages to be corrected or cleaning <br />necessary over and above normal wear and tear, which shall be <br />Exhibit H - 12 - <br />