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an accurate and timely fashion. The audited financial statement and the tax <br />return are due no later than 75 days after the close of each fiscal year. <br />9. Agent shall submit to Owner an annual operating budget ninety (90) days <br />prior to the close of each fiscal year. <br />F. Procurement of Contract Services <br />At least three competitive bids must be obtained for contracts over $1,500 <br />such as landscape maintenance and services related to periodic capital <br />improvements (exterior painting, roofing, etc.). This three bid <br />requirement may be amended in order to comply with regulatory <br />requirements of lenders and funders. <br />2. The Agent shall prepare bid specifications and supervise the bid proposals <br />and acceptance procedures. In the event that items need to be purchased <br />that either were not budgeted, or that would bring the Property over <br />budget, the Agent will promptly inform the Owner, who will review and <br />approve such additional purchases. <br />G. Insurance <br />The Owner ensures that the Property is covered by insurance as specified in the <br />regulatory agreements that govern the management of the Property. Insurance <br />coverage is reviewed and renewed annually. All insurance policies and renewals <br />thereof shall be issued by a carrier and in an industry acceptable form. Property <br />insurance policies shall name the Owner as a named insured for general liability <br />insurance and a loss payee for the property insurance. The John Stewart <br />Company, the Santa Ana Redevelopment Agency, the City of Santa Ana, the <br />Housing Authority of the City of Santa Ana and any other companies or public <br />agencies that require so shall be listed as additional loss payee. <br />Per the Management Agreement the Agent shall promptly investigate and make a <br />full written report of all damage or destruction to the Property in excess of $500 <br />and all accidents or claims for damages relating to the ownership, operation or <br />maintenance of the Property. The report shall include the estimate cost of repair, <br />if applicable. Agent shall also cooperate with and make any reports or satisfy any <br />other requirements of the insurance policy or policies covering a loss or claim. <br />Owner reserves the right to pre- approve any claims made against the insurance for <br />such incidents. <br />Il. OCCUPANCY <br />A. Plan for Sustaining Occupancy <br />Exhibit H - 14 - <br />