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84 - 005507
<br />Rental Use shall not be effective until after December 31, 1985, unless.
<br />the Agent in the Agent's sole discretion, determines that such Unit's
<br />participation in Rental Use prior to December 31, 1985 will not cause The
<br />Yancey or Agent to exceed the lawful dumber of. unaccredited iacvoowrst
<br />under federal and state securities laws, and the Agent notifies the
<br />Owner in writing that this limitation is waived.
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<br />Any Unit initially reserved fofor ersonai Use and aubsequemy
<br />made available for Rental Use shall not share in the Receipts, Rental.' .
<br />Pool Management Fees, Turnover Fee, Incentive Fee or Disbursements as,.
<br />those terms are defined herein until the earlier of: W the date *U al
<br />lease signed for such unit, or (ii) the date 60 days after-the owners and`
<br />Unit have fully complied with the terms and conditions of 4(a) throtitgh,
<br />4(d) above.
<br />5. Termination of Agreement.
<br />If the Agent fails to carry out its material duties and responsibilities as=
<br />set forth herein, after being given 30 days' written notice to cure, the Owner'
<br />may cancel this Agreement upon giving 90 days' written notice. if the Owner
<br />fails to carry out its material duties and responsibilities as set forth herein, .
<br />after being given 30 days' written notice to cure, the Agent may cancel this-
<br />Agreement upon giving 30 days' written notice.
<br />S. Delegation of Owner's Author
<br />The Owner, by execution of this Agreement, acknowledges that partici-
<br />pation in the rental pool is dependent upon the Owner's willingness to main-
<br />tain the Owner's Unit in a first class rental occupancy condition.
<br />If the Unit is available for Rental Use, or the owner gives the Agent
<br />written notice that the Unit is available for Rental Use, then Owner hereby
<br />delegates the following authority and decisions to Agent, at Agent's sole and
<br />good faith discretion subject to the terms and conditions of this Agreement:
<br />a. Maintain the Unit in first class standards, including but not limited
<br />to redecoration, replacement, repairs, and maintaining walls, ceilings, floors,
<br />draperies, carpeting, appliances, heating, ventilation, air conditioning
<br />equipment, and other Unit equipment and items constituting the Owner's
<br />property.
<br />b. Make all decisions regarding the selection of tenants and subtenants;
<br />setting of all rental pool rents, fees and charges; and the collection and
<br />distribution of all income and revenues from the operation of the rental pool.
<br />Agent shall make a good faith effort to collect rental pool rents, revenues,
<br />fees and charges from tenants and subtenants, but Agent is not a guarantor
<br />or a surety to Owner for such rents, revenues, fees and charges.
<br />c. Enter into and execute contracts, leases, subleases, addenda and
<br />modifications regarding the operation of the Unit.
<br />d. All other proper and necessary authority for renting, leasing,
<br />subleasing, redecorating, repairing, replacing, and maintaining the Unit and
<br />improvements contained therein or appurtenant thereto.
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