Exhibit 10.109
[DIHC Letterhead]
SENT VIA FAX
July 15, 1997
Mr. Xxxxxxx Xxxx
President
Concord Realty Advisors, Inc.
000 X. Xxxxxxxx Xxxxxx
Suite 613
Chicago, Illinois 60611
Re: Dearborn Site - Management Agreement
Dear Xxxxxxx:
This letter outlines the services and fees for managing the site
located at Dearborn, State and Xxxxx. We are confident that you and your firm
will protect our interest in Chicago while we formulate a strategy for the site.
Services and Term
o Ensure that contracts are in place to maintain the property's appearance
and condition, including landscaping, fence maintenance, rodent control,
trash removal and weed control. Prior to each contract's expiration,
evaluate the service provider, and renew/relet the contract for one year
with a 30 day cancellation provision. Please coordinate with Xxxxxxx
Xxxxx, Inc. to obtain current contracts, and provide a summary of
contractors and contract terms currently in place. Any and all contracts
and expenditures will be signed or approved by DIHC Management Inc. if
they exceed $3,000.00 in any one year.
o Ensure that invoices from contractors are accurate, then submit to DIHC
Management Corporation for payment. We will pay the service providers
directly on a monthly basis when we make our management fee payment to
Concord Realty Advisors Inc.
2
o Inspect the property at least twice a month and document your findings in
a monthly inspection report. This report should be submitted to DIHC along
with approved invoices by the 10th of the month.
o Act as liaison with local and state government.
o Monitor interior of site for structural changes.
o Coordinate public relations efforts.
o Provide budget and accounting for DIHC service providers.
o Coordinate and supervise the current water removal process with STS and
Xxxxx Diesel.
o The term of this agreement commences on July 1, 1997 and expires on
December 31, 1997. It may be canceled by either party with thirty days
written notice.
Insurance
o Please provide us with a certificate of Insurance and have all DIHC
entities involved named as additional insured.
o DIHC will provide Concord Realty Advisors with a certificate of insurance,
where they are named as additional insured.
Management Fee
o The management fee for these services will be $2,500 per month, plus out
of pocket expenses paid upon receipt and review of the monthly report (due
on the 10th). This fee will be prorated for any partial month in the term.
x Xxxxxxxx for special projects are billed on an hourly basis at a blended
hourly rate of $100.00.
It is herewith agreed upon that the water removal project might
involve additional work beyond the regular property management arrangement and
will be billed on an hourly basis.
If any other work or project is beyond the management scope
described above, you will notify us thereof, and we will make arrangements for
additional compensation if necessary. Xxxxxxx, thank you for agreeing to assist
with this asset in Chicago.
Sincerely,
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
Vice President and Senior Investment Manager
