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The fee earned in respect of any month during the term hereof may be withdrawn by <br />Agent from the Operating Account after the conclusion of each such month. <br />6. Term. <br />(a) The initial term of this Agreement shall be deemed to have begun on December <br />_, 2008 and end on December , 2011. <br />(b} After the initial term, the term of this Agreement shall be deemed renewed and <br />extended, automatically, for successive calendar months, unless either party gives the <br />other party at least 30 days prior written notice of its election not to renew at the <br />expiration of the renewal period specified in the notice. <br />(c) Notwithstanding the foregoing, this Agreement may be terminated by Owner for <br />cause, if Agent defaults in the performance or observance of any covenant or condition to <br />be performed or observed by Agent under this Agreement or the Regulatory and <br />Operating Agreement, and such default continues for a period of 30 days after written <br />notice of default from Owner. "Cause" shall be defined as any one or more of the <br />following events: <br />(i) dishonesty, malfeasance, or breach of fiduciary duty; <br />(ii) misappropriation of funds by Agency or any officers, employees, or agents of <br />Agent; <br />(iii} substantial or repeated failure of Agent to comply with any material term or <br />condition of this agreement or of the Management Plan; <br />(iv) past or present falsification by an officer, employee or agent of Agent or <br />any document or information submitted by Agent in connection with the subject mattex of <br />the Agreement, including falsification of by means of incomplete documents or <br />information; <br />{v) Agent's bankruptcy, insolvency, assignment for the benefit of creditors, <br />marshaling of assets or other events; <br />(vi) actions or inactions on the part of the Agent which endanger the safety of the <br />residents of the Property; <br />(vii) material failure to abide by any and all laws, regulations (including <br />regulations of the 1RS); <br />(vii) causing the Owner (or the Authority) to incur any material expense in <br />connection u~•ith events occurring with respect to the Property and not, in a timely <br />fashion, reimbursing or indemnifying the Owner (and the Authority) regarding same; <br />3 <br />