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PROPERTY MANAGEMENT AGREEMENT <br />FOR <br />THE LANDINGS AT WINMORE APARTMENTS <br />THIS AGRE)MENT is made this 2~ day of 2010, between The <br />Landings at Winmore LLC ("Owner"), 227 W. Trade Street, Suite 800, Charlotte, North <br />Carolina 28202; and Crosland Residential Management Services, LLC ("Agent"), 227 W. <br />Trade Street, Suite 800, Charlotte, North Carolina 28202. <br />Back~ronnd and Purpose <br />A. Owner expects to complete by December 1, 2010, The Landing at Winmore <br />Apartments, containing tfty eight (58) dwelling units. All 5$ units will be operated as <br />qualified low-income units under Section 42 of the Internal Revenue Code. <br />B. Owner wishes to retain Agent to manage the facility. <br />Agreement <br />1. Appointment. <br />Owner appoints Agent as exclusive managing agent for the premises described in Section <br />2 hereof (the "Property"), and Agent accepts that appointment, upon the terms and <br />conditions set forth in this Agreement. <br />2. Property. <br />The property to be managed by Agent under this Agreement consists of the land, <br />buildings, and other improvements described below and shown on Exhibit A (the <br />"Property"), specifically, the new multifamily residential buildings for The Landings at <br />Winmore Apartments, located in Carrboro, North Carolina, containing 58 dwelling units, <br />together with related land and other improvements (the "Project"). <br />3. Definitions. <br />As used in this Agreement: <br />(a) "Development Fiscal Year" shall mean the fiscal year of the Property, which shall <br />end December 31. <br />(f) "Gross Operating Revenue" shall mean all revenues generated by the Property <br />including but not limited to all rents paid by tenants occupying the Property together with <br />the Operating Subsidy paid by the Authority to the Owner. <br />