Orange County NC Website
account will be used for the payment of all reasonable and necessary Property <br />expenses including administrative expenses, operational expenses, maintenance <br />expenses and other expenditures. All deposits from rental, operating subsidies <br />and other income will be placed in this account for disbursements to various <br />vendors. All checks against this account will be written from the central office of <br />the Agent. <br />1. Agent will collect, deposit, and disburse security deposits, if required, in <br />accordance with the terms of each resident's lease. Security deposits will be <br />deposited by the Agent, separate from all other accounts and funds, with a bank or <br />other financial institution whose deposits are insured by the Federal Deposit <br />Insurance Corporation. The account will be carried in the Agent's name and <br />designated of record as "Wellspring Village Security Deposit Trust Account". <br />Agent will comply with any applicable state or local laws regarding security <br />deposits, including, without limitation, any applicable laws concerning payment <br />of interest thereon. <br />m. Agent will investigate and make a full written report of all personal injury <br />accidents relating to the operation of the Property, and will cooperate with the <br />insurance carriers to facilitate any claim handling that may be required from time <br />to time. <br />n. Expenses paid for by Owner and not borne by Agent are to be consistent with <br />HUD Management Agent Handbook, 4381.5, Chapter 6 and will include such <br />items listed below: <br />1. Site Manager's compensation and related payroll burdens. <br />2. Compensation of other on-site staff, such as maintenance, administrative, <br />and custodial personnel. <br />3. Cost of on-site office. <br />4. Cost of Property-specific and otherwise unreimbursed legal and <br />accounting expenses, and finance and accounting materials and services. <br />5. Cost of maintenance and repair, utilities, taxes, insurance, fringe benefits <br />related to on-site employees and other normal operating expenses. <br />6. Cost of security personnel and contract services. <br />7. Cost of preparing annual audited financial reports for Owner or Lender. <br />8. Cost of delinquency notices and eviction proceedings. <br />