Contracts; Authority to Sign; Contractor Requirements. (i) Manager agrees to negotiate, enter into in its own name, or as the agent of Owner or the applicable Property Owner, and thereafter supervise the performance of all trade, service and supply contracts that are entered into in accordance with the Approved Annual Business Plan and Budget and are reasonably required in the reasonable and ordinary operation of each Property, including, without limitation, contracts for elevator maintenance, gas, electricity, water, and all other utilities and the maintenance thereof, telephone, cleaning, groundskeeping, snow removal, security, pest control and other services as set forth in the Approved Annual Business Plan and Budget (collectively, the “Contracts”); provided, however, that Manager shall not enter into or amend, supplement or modify any Material Service Contract without obtaining Owner’s prior written consent. Unless otherwise provided herein or approved by Owner in writing, Manager shall, at the expense of Owner, in accordance with the Approved Annual Business Plan and Budget, duly and punctually pay and perform on behalf of Owner all obligations under the Contracts and enforce and preserve the rights of the contracting party and the obligations of the other parties under such Contracts, but Manager shall have no obligation to expend its own funds therefor. Manager shall have the right to arrange for the purchase by Owner, at Owner’s expense, in an economical and efficient manner of all inventories, supplies and equipment which, in the ordinary course of business, are commercially reasonably necessary and appropriate to maintain and operate each Property in accordance with the Standards of Conduct and the Approved Annual Business Plan and Budget (subject to Permitted Variances). No Contracts shall exceed the costs set forth in the Approved Annual Business Plan and Budget (subject to Permitted Variances), unless otherwise approved by Owner in writing. Manager shall promptly deliver original counterparts of all Contracts to Owner at Owner’s request or, if not so requested, hold the same on Owner’s behalf.
Contracts; Authority to Sign; Contractor Requirements. (i) Manager agrees to negotiate and thereafter supervise the performance of all trade, service and supply contracts which shall be executed by Manager as agent for Owner which are required in the prudent conduct of the reasonable and ordinary operation of the Project, including, without limitation, contracts for electricity, gas, telephone, cleaning, groundskeeping, snow removal, security, pest control and other services as set forth in the operating and capital expense budget most recently submitted to and approved in writing by Owner (collectively, the “Contracts”). Manager shall arrange for the purchase of by Owner, in an economical and efficient manner all inventories, supplies and equipment which, in the ordinary course of business, are necessary and appropriate to maintain and operate the Project in a first class manner. Manager shall exercise reasonable efforts to qualify for early payment, cash and trade discounts, refunds, rebates, credits, and concessions, and Owner shall be credited with the full amount of any such discount, commission, or compensation obtained or received by Manager, directly or indirectly, in connection with any such purchase.
Contracts; Authority to Sign; Contractor Requirements. (i) Property Manager agrees to negotiate and thereafter supervise the performance of all trade, service and supply contracts which shall be executed by Property Manager, as agent for Owner (notwithstanding the provisions of Section 1.4 above), at Owner’s direction that are required in the prudent conduct of the reasonable and ordinary operation of the Property, including, without limitation, contracts for electricity, gas, telephone, cleaning, groundskeeping, snow removal, security, pest control and other services as set forth in the operating and capital expense budget most recently submitted to and approved in writing by Owner (collectively, the “Contracts”). Property Manager shall arrange for the purchase by Owner, in an economical and efficient manner of all inventories, supplies and equipment which, in the ordinary course of business, are necessary and appropriate to maintain and operate the Property in a first-class, high-quality manner. Property Manager shall exercise reasonable efforts to qualify for early payment, cash and trade discounts, refunds, rebates, credits and concessions, and Owner shall be credited with the full amount of any such discount, commission or compensation obtained or received by Property Manager, directly or indirectly, in connection with any such purchase. No Contracts shall exceed 105% of the costs set forth in the Annual Budget. Property Manager shall maintain original counterparts of all Contracts at Property Manager’s office.
