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(g) "HUD" shall mean the United States Department of Housing and Urban <br />Development, or any successor. <br />{h) "Management Plan" shall mean the plan prepared by Agent and approved by <br />Owner in accordance with Section 7 and attached hereto as Exhibit B. <br />(i} "Operating Account" shall mean the bank account established and maintained by <br />Agent in accordance with Section 14. <br />(rn) "Security Deposit Account" shall mean the bank account established and <br />maintained by Agent in accordance with Section 8 of this Agreement. <br />(n} "Tax Credit Restrictive Covenants" shall mean a Declaration of Land Use <br />Restrictive Covenants for Low-Income Housing Tax Credit Units between Developer and <br />the North Carolina Housing Finance Agency ("NCHFA"), which shall be recorded <br />against the Property in accordance with Section 42(h){6} of the Internal Revenue Code of <br />1986, as amended. <br />4. Statement of Work. <br />Agent shall furnish, or cause to be furnished, all tabor, materials, tools, equipment and <br />sen•ices necessary to perform and complete all of the work required for the management <br />and leasing of the Property, as described in this Agreement. <br />5. Agent's Compensation. <br />As compensation for all services rendered by Agent under this Agreement, Owner shall <br />pay Agent during the term hereof a monthly fee of Two Thousand <br />Two Hundred Sixty Two Dollars ($2,2b2} per month (calculated on an initial $39 per <br />unit/per month basis). Pa}-ment of the management fee shall commence the first date of <br />the first month after the first resident takes possession of a unit. The management fee <br />shall be adjusted, on an annual basis, commencing April 1, 2011 and as of April ls` of <br />each year thereafter (the "Adjustment Date''). The management fee set forth above shall <br />be adjusted for the increase in the Consumer Price Index for Urban Wage Earners and <br />Clerical Workers U.S. City Average, published by the United States Department of Labor <br />and Bureau of Labor Statistics (the "Index"), which is published for the calendar year <br />ended nearest to the Adjustment Date over the Index for the immediately preceding year. <br />Thus, if the Index, as published on December 31, 2011, is higher than the Index <br />published December 31, 2010, the management fee shall be increased by the percentage <br />increase incurred in the Index. At no time shall the management fee be adjusted to an <br />amount less than the amount set on the prior Adjustment Date. On or before March l5t of <br />each calendar year during the term of this agreement, Agent shall furnish Owner with a <br />statement setting forth the adjustment. Agent's compensation for the management of the <br />Public Housing Units may not exceed the limits of such fees established by any <br />applicable law, regulation, notice, or other applicable requirement of HUD or ,including <br />the Safe Harbor Standards for Mixed-Finance Rental Developments established by HUD, <br />dated April 9, 2003, or any successor document. <br />2 <br />