Page 29 - Ocean Bay Club Management Proposal

ASSOCIATION PROPERTY MANAGEMENT AGREEMENT

THIS AGREEMENT (Agreement) is made and entered into this ___ day of ________, 2023 by and between
Ocean Bay Club, a non-profit corporation organized and existing under the laws of South Carolina (“Association”)
and Tradd Management, LLC, (“Manager”).

I. APPOINTMENT: The Association hereby appoints Manager and Manager hereby accepts appointment on the
terms and conditions hereinafter provided as exclusive Manager of Ocean Bay Club, located in Horry County, State
of South Carolina, and consisting of 166 Units (“Units” or “Dwellings”), together with lands, appurtenances, real
property, and general and limited common elements (“Property”).

The Association, acting by and through the Board of Directors of the Association (“Board”), shall be responsible for
the administration of the programs, services, activities and violation procedures as established in the governing
documents of the Association including, without limitation, the Declaration, Articles of Incorporation, By-Laws,
Rules & Regulations and policies of the Board and the Association (“Association Documents”). The Association,
acting through the Board of Directors, does not, by the execution of this Agreement, transfer control of the
Association or its responsibilities to the Manager.

II. TERM AND TERMINATION: Unless sooner terminated, as elsewhere herein provided, this Agreement shall
remain in full force and effect for One (1) year commencing on October 1, 2023 (Term). This Agreement shall renew
automatically for successive One (1) year periods (Term) without further action by the Parties, unless either Party
sends written notice to the other Party of their intent to terminate. This Agreement may be terminated with or without
cause by either Party by providing Ninety (90) days written notice. The Association agrees to payment of
compensation due to Manager described in this Agreement and its Exhibit A through the effective date of such
termination (“Termination Date”).

Upon termination of this Agreement, the Manager shall deliver to Association all records within Forty (40) days of
the Termination Date. All Association funds held by Manager or located in any financial institution holding funds
shall be duly accounted for and delivered within forty-eight hours (48) hours of the Termination Date.

III. RESPONSIBILITIES AND DUTIES OF THE MANAGER: The Manager shall assist the Board in the
administration of the Association’s Property as hereinafter more specifically set forth. It is not the intention of the
Parties to transfer control of the Association’s Corporate Officers, or the responsibility thereof, to the Manager. The
Manager shall be responsible for directing the implementation of the general management policy decisions of the
Board with respect to the property and the affairs of the Association, and shall be subject to the Board with respect
to matters of policy, but shall be entitled to exercise its discretion in the details of implementation of such policies.

A. Accounting/Financial Services:

1. Manager shall assist the Board in preparing annual operating and reserve budgets and periodic
updates.

2. Manager shall prepare an annual letter to Members appending the budget adopted by the Board
and Assessments as calculated in accordance with Association Documents.

3. Manager shall prepare, review, analyze and submit to the Board monthly and annual financial and
accounting reports showing cash flow, disbursements, balances and other financial details.

4. Manager shall maintain financial and accounting records to facilitate the preparation of annual
audits and tax returns to be performed by an independent Certified Public Accountant.

1 Association _____ Manager _____