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84005507
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Last modified
3/4/2012 1:59:28 PM
Creation date
11/20/2008 10:04:45 PM
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DEEDS
Inst Number
84005507
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84 ---- 05550 i d <br />be allocated monthly among the Units in Rental Use that month in the same - <br />proportion that the particular advertised monthly rental price of the Owner's <br />Unit bears to the aggregate advertised monthly rental price of all the The <br />Yancey units available for Rental Ilse. Any adjustment made in a particular, <br />Unit's monthly rent to reflect additional occupants, or capital improvements <br />shall be considered an adjustment in that Unit's advertised monthly :rental <br />price for any month the additional rent is paid or advertised. The Unit <br />Owner's allocation of Receipts shall be deposited in a Custodial Accou_nt,Aa_stl <br />described in Paragraph 15. <br />"Rental Pool Management Fee" for purposes of this Agreement shell mean <br />the monthly management fee payable to the Agent and calculated as five <br />percent of the Receipts for the previous month. The monthly Rental: Pool s <br />Management Fee shall be allocated among the Units in Rental Use that month- - <br />in the same proportion that the particular advertised monthly rental price of <br />the Owner's Unit hears to the aglureaate acivertiged monthly rental Ar.-a- of all: <br />The Yancey units available for Rental Use. <br />"Disbursements" for purposes of this Agreement shall mean all expendi- <br />tures and expenses not otherwise defined herein arising from the operation of <br />the rental pool, including but not limited to the expenses to rent, lease, <br />sublease, advertise, insure, pay governmental charges and fees, pay audit <br />fees, pay legal fees, redecorate, repair, replace and maintain the Owner's <br />Unit in first class condition. The monthly i2isbursements shall be allocated <br />monthly among the Unit's in Rental Use ._onth in ?'lie proportion that the <br />Owner's Class "A" Property's Allocate interests (as defined as Class A <br />Property's Allocated Interests in Exhibit "F" of the Declaration) of the Unit <br />bears to the aggregate Class "A" Property's Allocated Interests of all The <br />Yancey units in Rental Use. <br />"Capital Expenditures" for purposes of this Agreement are those expen- <br />ditures which are not currently deductible under the provisions of the Inter- <br />nal Revenue Code and applicable regulations, including but not limited to <br />recarpeting and replacement of fixtures, appliances, heating, ventilating and <br />cooling equipment located within the Unit. The Agent may but is not <br />required to incur Capital Expenditures on behalf of the Owner out of the <br />Owner's allocation of the Receipts in the event of an emergency to life or <br />property or in order to preserve the Unit in first class condition as deter- <br />mined by the Agent in its sole and good faith discretion. <br />"Association Assessments" for purposes of this Agreement shall mean the <br />monthly and special assessments made against the Unit by The Yancey <br />Association, Inc. ( "Association ") under the Nebraska Uniform Condominium <br />Act, Declaration, and the Association's Articles of Incorporation and Bylaws. <br />The Agent may but is not required to pay the Association Assessments on <br />behalf of the Owner out of the Owner's allocation of the Receipts. <br />10. Management Fee and Other Charges <br />The Agent shall receive a Rental Pool Management Fee equal to 5% of the <br />total Receipts collected from the rental pool operation. The fee shall be <br />payable no later than the 10th of each month, and shall be based on the <br />Receipts collected from the 1st day of the preceding month thru the last day <br />of the preceding month. Any late fees charged to tenants for late payment of <br />&V <br />IN <br />
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