1996 S Management Agreement 501 West Franklin Street

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• ORIGINAL SIGNATURES COPY 0 COUNTY OF ORANGE Dom.: /3(J C C e1. NORTH CAROLINA This Agreement entered into as of the 20th day of August, 1996 between the County of Orange, a body politic, (hereinafter referenced as "County") and Stephen J. Manton, d/b/a ESM Associates, an unincorporated association (hereinafter referenced as "ESM"), WITNESSETH: WHEREAS, effective July 23, 1996 County acquired property at 501 West Franklin Street, Chapel Hill, North Carolina (hereinafter"the property"); and WHEREAS, the property is occupied by a number of tenants; and WHEREAS, ESM is experienced in the business of property management and has experience with the property as well as the tenants. NOW, THEREFORE, the parties hereto mutually agree as follows: 1. Employment of Manager. County agrees to employ ESM to operate the property as exclusive manager, and ESM agrees to accept such employ, on the terms provided in this agreement. ESM shall be an independent contract vis-a-vis County. No representation will be made by either party to anyone that ESM is other than an independent contractor. 2. Term of Agreement. This agreement shall commence on August 1, 1996 and unless sooner terminated as provided herein, shall end on June 30, 1997. This agreement renews annually for years corresponding to County's fiscal year (July 1 - June 30) unless written notice of termination is received by one party from the other party at least ninety (90) days prior to the date termination is proposed. 3. Maintenance. (a) Condition of Property. ESM shall maintain the property in good repair and provide the tenants with a safe and comfortable environment. (b) ESM may hire contractors/vendors deemed necessary for the proper maintenance and operation of the property within the guidelines for expenditures set forth in section 4(a). 4. Expenditures. (a) Expenditure approval. Any expenditure in excess of$500 per incident shall be made by ESM only with the prior approval of County. Total expenditures for the year, including those items which may exceed $500 per incident and are approved by County, shall not exceed $15,000 without written authorization from County. However, any emergency repairs--repairs immediately necessary for the preservation or safety of the property or its occupants, or required to avoid suspension of necessary services to the property--shall be made by ESM without County's prior approval. County shall, however, be immediately notified of such repairs and the reason for their