84005507 - Laserfiche WebLink

Browse

84 - 005507 rent shall be paid to the Agent, and shall not be considered a Receipt of the Rental fool. No further charge shall be made by the Agent for the services' of its professional or management staff, except as otherwise expressly provided in this Agreement. The Agent shall be reimbursed each ,nonth- for: any clerical services performed or other charges for toe rental pool.. a schedule of certain charges for 1985 is attached to the Rules and, lt4gulstions Agent shall increase the schedule of eartain changer- each von» _fl± n —+— ye per annum beginning on or after January 1, 1986 11. Leasing Fees. Each Owner whose Unit is available for Rental Use shall pay a.: -one- time' leasing fee for the initial leasing of the Unit equal to seven: percent: of the?' gross rents to be collected under the lease, sublease or agreement to rent, provided that the 7% leasing fee be calculated using no more than the first 1 12 ` months of the gross rents ( "Initial Leasing Fee "). The Initial Leasing Fee' shall be payable by the Owner at the later of the date on which a lease; sublease or agreement to rent is executed, or at the closing on the Owners purchase of a Unit. If the Initial Leasing Fee is payable on the date on which a lease, sublease or agreement to rent is executed, then the Agent shall have the power to take such amount from the Custodial Account as defined in Paragraph 14. The Initial Leasing Fee is the Owner's sole: responsibility and is not shared or allocated. After the initial leasing or renting - the Unit, the Agent shall also - receive a fee of $175 each time a new i ^s or agt€zment'to rent is signed (excluding renewals or subleases) tij. any Unit available for Rental Use ( "Turnover Fee "). This Turnover Fee will be increased each year at th3 rate of 8$ per annum beginning on or after January 1, 1986. The Turnover Fee is allocated in the same manner as Disbursements. As an incentive to Agent to achieve the maximum benefits to the Owner whose Unit is available for Rental Use, the Owner shall pay an "Incentive Fee" to the Agent. The Incentive Fee shall equal 25$ of the difference between the percentage of vacancy and collection loss projected each year, and the actual percentage of vacancy and collection losses experienced; provided that the actual percentage of vacancy loss is less than the projected percentage. The projected vacancy and collection losses include 20% of the gross rental roll of the Units available for Rental Use in the rentall pool in 1985, 8% in 1986, and 5% thereafter until the termination of this Agreement. ( "Projected Vacancy Rate ") The following is an example of how to calculate the Incentive Fee: If the 1985 gross rental roll of Units available for Rental Use is $245,760, as projected, the 20% 1985 Projected Vacancy and Collection Loss would be $49,152. In the event actual vacancy and collection loss is only equal to 10% or $24,576, the Owners of The Yancey whose Units where available for Rental Use would be entitled to 75% of the difference and the Agent would be entitled to 25% of the difference, or a total incentive payment of $6,144. In no event shall Agent be liable to the Owner if any of the above projections are not achieved. -6- a