2011-100 Housing - The Landings at Winmore, LLC - Crosland, LLC - Community Home Trust - Development Agreement $300,000

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d. Agent is authorized to purchase all materials, equipment, tools, appliances, supplies and services reasonably necessary for proper maintenance and repair. The Agent will secure for and credit to Owner any discounts, commissions or rebates obtained as a result of such purchases. e. Notwithstanding any of the foregoing provisions, the prior approval of the Owner will be required for any expenditure which exceeds $2,500 in any one instance for labor, materials, services, or other in connection with the maintenance and repair of the Property, except for recurring expenses or on a one-time planned expenditures within the limits of the approved annual budget or emergency repairs involving manifest danger to person or property or required to avoid suspension of any necessary service to the Property. In the latter event, Agent will inform Owner of the acts as promptly as possible. 2.13 Utilities and Services. Agent will make site arrangements for water, electricity, trash disposal, exterminating services, decorating, cable TV and telephone services to the Property. Agent will make such contracts as may be necessary to secure such utilities and services, acting as agent for the Owner. All dwelling units will be individually metered for electric service. Residents will contract directly with the utility company. An interruption notice to a resident will be treated as material noncompliance of the lease and will be grounds for eviction. If the resident regains service within seven days, the eviction procedures will be dropped; however, the resident will be responsible for any charges incurred due to the eviction procedures. 2.14 Operating Account. All deposits to and disbursements from the Operating Account will be governed by the terms of the Management Agreement, Section 14. 2.15 Budgets. a. Agent will prepare and submit a recommended operating, reserve for replacements, and capital expenditures budget for initial Development Fiscal Year and by September 15th of each Development Fiscal Year thereafter, which budget shall be subject to Owner's approval. The recommended budgets submitted by Agent shall be approved or revised by Owner within fifteen (15) days after submission thereof by Agent. b. Owner will promptly inform the Agent of any changes incorporated in the approved Development Fiscal Year budget. c. Agent shall keep Owner informed of any anticipated material deviation fiom the receipts or disbursements statedtn the approved budgets.