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8. Resident Selection and Admission. <br />Agent will offer for rent and rent the Property's dwelling units in accordance with the <br />Management Plan, which will incorporate and reflect the following: <br />{a} Agent will take all applications on appropriate forms from applicants for <br />admission to the Property. All administrative functions in connection with determining <br />housing eligibility will be performed by Agent in accordance with the Owner's existing <br />policies and procedures, including application intake, applicant interview and screening, <br />verification procedures, determination of eligibility for admission to units in the Property, <br />qualification for preference, record maintenance, and waiting list maintenance. <br />(b) Agent will prepare all dwelling leases, on forms approved by Owner, and will <br />execute the same in Agent's name, identified thereon as agent for Owner. It will be the <br />responsibility of Agent to revise the leases as required by changes in applicable Tax <br />credit requirements and state laws, and to obtain Owner's approval prior to implementing <br />any amended lease. <br />(c) Agent will collect, deposit, and disburse security deposits, if required, in <br />accordance with the terms of each resident's lease. Security deposit amounts will be in <br />accordance with applicable guidelines of Owner. Security deposits will be deposited by <br />Agent, separate from all other accounts and funds, with a bank or other financial <br />institution whose deposits are insured by the Federal Deposit Insurance Corporation, or <br />any successor agency thereto created by law. The account ("Security Deposit Account") <br />will be carried in Agent's name and designated of record as "The Landings -Security <br />Deposit Trust Account." Agent will comply with any applicable state or local laws <br />regarding security deposits, including, without limitation, any applicable laws concerning <br />payment of interest thereon. <br />{d) A joint inspection of each dwelling unit will be conducted by Agent and the new <br />resident prior to move-in, and a checklist of the unit's condition will be signed by Agent <br />and the resident upon occupancy. Prior to a planned move-out, a joint inspection of the <br />unit will be conducted by Agent and the resident. Where required repairs exceed normal <br />wear and tear, Agent will resolve appropriate charges with the resident. Annual <br />inspections of occupied units will be conducted in order to ascertain the adequacy of care <br />of the units by the resident and any necessary repairs. Agent shall certify that service <br />requests are issued for each identified defect identified during the annual inspections. A <br />representative of the Owner and/or the Authority may choose to participate in the <br />inspections described in this section. <br />(e) As residents are accepted for occupancy, Agent will conduct an orientation <br />session with each family, including dialogue with the family regarding its interests and <br />expectations regarding community life, on-site. The residents' responsibilities relating to <br />the lease, rules and regulations and property policies will be discussed. Instructions will <br />be provided to the residents for steps they must take in contribution to the maintenance of <br />the unit. A listing of those who will be occupying each apartment will be kept, and <br />