EXERCISE IN DEALING WITH ITS OWN PROPERTY,
ALL OF THE FOLLOWING:
(1)
SUPERVISE AND OVERSEE THE PROPERTY MANAGER
TO CONFIRM THEIR PERFORMANCE IN ACCORDANCE WITH THE PROPERTY MANAGEMENT
AGREEMENT, AS APPLICABLE, AND PROMPTLY REPORTING DEFICIENCIES TO THE COMPANY IN
REASONABLE DETAIL TOGETHER WITH PROPOSED
ACTIONS TO BE TAKEN IN RESPECT
THERETO;
(2)
VERIFY THAT APPROPRIATE INSURANCE IS
MAINTAINED BY EACH CONTRACTOR PERFORMING WORK ON THE PROPERTY WITH RESPECT TO
THE CAPITAL IMPROVEMENT PROGRAM;
(3)
ASSISTING IN OBTAINING A LOAN AND ANY AND
ALL OTHER NECESSARY FINANCING REQUIRED TO CARRY OUT THE PURPOSES OF THE COMPANY;
(4)
EXCEPT TO THE EXTENT THAT THE PROPERTY
MANAGER IS REQUIRED TO DO THE SAME UNDER ITS RESPECTIVE PROPERTY MANAGEMENT
AGREEMENT, DEMAND, RECEIVE, ACKNOWLEDGE AND, IF THE APPROVAL OF THE MANAGING
MEMBERS HAS BEEN OBTAINED, INSTITUTE LEGAL ACTION FOR RECOVERY OF ANY AND ALL
REVENUES, RECEIPTS AND CONSIDERATIONS DUE AND PAYABLE TO THE COMPANY, IN
ACCORDANCE WITH PRUDENT BUSINESS PRACTICES;
(5)
KEEP ALL BOOKS OF ACCOUNT AND OTHER RECORDS
OF THE COMPANY AND DELIVER IN A TIMELY MANNER ALL REPORTS IN THE MANNER PROVIDED
IN ARTICLE 5 BELOW (IT BEING UNDERSTOOD THAT
GHGP WILL BE DEPENDENT ON THE
PROPERTY MANAGER PREPARING AND DELIVERING PROPERTY SPECIFIC INFORMATION);
(6)
TO THE EXTENT ANY FUNDS FROM THE PROPERTY
COME INTO GHGP'S OR GKH'S POSSESSION, PROMPTLY REMIT SUCH FUNDS TO THE COMPANY'S
BANK ACCOUNT IN THE MANNER PROVIDED IN ARTICLE 5 BELOW AND NOT COMMINGLE SUCH
FUNDS WITH THE FUNDS OF ANY OTHER PERSON;
(7)
PREPARE IN A TIMELY MANNER FOR APPROVAL IN
ACCORDANCE WITH THE TERMS HEREOF, AND IMPLEMENT THE CAPITAL IMPROVEMENT BUDGET;
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(8)
EXCEPT TO THE EXTENT THAT THE PROPERTY
MANAGER IS REQUIRED TO DO THE SAME UNDER ITS THE PROPERTY MANAGEMENT AGREEMENT,
COORDINATE THE DEFENSE OF ANY CLAIMS, DEMANDS, SUITS OR LEGAL PROCEEDINGS MADE
OR INSTITUTED AGAINST THE COMPANY OR THE MEMBERS BY OTHER PARTIES, THROUGH LEGAL
COUNSEL FOR THE COMPANY ENGAGED IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT;
DELIVER TO THE MANAGING MEMBERS PROMPT NOTICE OF THE RECEIPT OF ANY MATERIAL
CLAIM OR DEMAND OR THE COMMENCEMENT OF ANY SUIT OR LEGAL PROCEEDING AND PROMPTLY
PROVIDE THE MANAGING MEMBERS ALL INFORMATION RELEVANT OR NECESSARY THERETO;
(9)
EXCEPT TO THE EXTENT THAT THE PROPERTY
MANAGER IS REQUIRED TO DO THE SAME UNDER THE PROPERTY MANAGEMENT AGREEMENT,
COMPLY WITH THE TERMS AND PROVISIONS OF THE LOAN AGREEMENTS OR OTHER LOAN
DOCUMENTS ASSUMED OR EXECUTED BY THE COMPANY OR ITS SUBSIDIARIES INCLUDING THE
TERMS AND CONDITIONS OF ANY NOTE, MORTGAGE AND/OR LOAN DOCUMENT EVIDENCING THE
FINANCING OF THE PURCHASE OF THE PROPERTY (PROVIDED, THAT GHGP ACKNOWLEDGES THAT
IT, AND NOT THE PROPERTY MANAGER, IS PRIMARILY RESPONSIBLE FOR THE CAPITAL
IMPROVEMENT PROGRAM AND ENSURING THAT THE CAPITAL IMPROVEMENT PROGRAM DOES NOT
CONFLICT WITH THE TERMS OF THE LOAN AGREEMENTS AND OTHER MATERIAL AGREEMENTS);
(10)
EXCEPT TO THE EXTENT THAT THE PROPERTY MANAGER
IS REQUIRED TO DO THE SAME UNDER THE PROPERTY MANAGEMENT AGREEMENT, DURING THE
TERM OF THIS AGREEMENT, PROMPTLY COMPLY WITH ALL PRESENT AND FUTURE