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Management Agreement Condominium

Provision Defining Manager's Responsibility for Sales and Rentals

1. Information Gathering. Manager will accept applications and references from all prospective tenant-shareholders, tenants, and subtenants. Manager will obtain such credit reports and investigate such credit reports and investigate such references relating to prospective tenant-shareholders, tenants, or subtenants as Manager deems appropriate or as Owner may request. Manager will also obtain such record searches in connection with any assignment of shares and proprietary leases as Owner may request.

2. Leasing and Sale Obligation. At Owner's request, Manager will list and offer for sale, lease, or sublease any unit in the Building or other space in the Building. Manager will use Manager's best efforts to sell, lease, or sublease such unit or space at the best price or best rent obtainable (and at a price or rent comparable to those of similar apartment buildings located in the vicinity of the Property). Any lease or sublease shall be for term not greater than [number] years, except as the Board of Directors of Owner otherwise approves in writing.

Manager shall, in the event of any assignment of shares and proprietary lease by a tenant-shareholder, prepare and deliver all documents reasonably required to effectuate such assignment (in accordance with the terms of the proprietary lease and the certificate of incorporation and bylaws of Owner).

3. Limits on Tenant-Occupants. Manager shall not permit any unit at the Property to be occupied and used other than for exclusively residential purposes. Manager shall not permit any person to occupy any apartment without a written proprietary lease or sublease and without paying rent (maintenance) for such unit.