Page 30 - Ocean Bay Club Management Proposal

5. Manager shall act as the exclusive agent for the Association to receive Assessments and other
revenues or payments.

6. Manager shall have the authority to bill, request, demand, collect and give receipt for all
Assessments including electronic payments through the Association portal. If any Assessment is in default or not
duly paid, the Manager, pursuant to an action by the Board, may institute legal action in accordance with Association
Documents.

7. Manager shall be authorized to make payments for maintenance, staff, personnel, equipment,
tools, goods, supplies, utilities, insurance, consultants, and other expenses reasonably necessary to perform activities
related to the operation, maintenance, repair, replacement and preservation of the Property.

8. At any time during the fiscal year should it appear to the Manager that the assessments or the
collection of assessments are insufficient to pay current or anticipated Association expenses and obligations, the
Manager shall inform the Board in writing and request that the Board take action to remedy the insufficiency. Failure
by the Association to provide the funds shall be a material breach of this Agreement.

9. Manager shall deposit all funds accruing to the Association to FDIC-insured financial institutions
and pay all Association expenses and obligations in accordance with this Agreement. The Manager shall have the
sole and exclusive right to select financial institutions which are in good standing with federal or state governmental
agencies.

10. Manager shall segregate all Association funds and not comingle funds with any other entity or
organization.

11. Manager shall not have any duty or obligation to advance any of its funds on behalf of the
Association and will be promptly reimbursed if funds are advanced.

B. Administrative Services:

1. Manager shall be available to attend four (4) Board meetings per year in person or via
teleconference, up to three (3) hours each in duration. In addition, Manager shall attend one (1) Annual Meeting and
one (I) Organizational Board Meeting per year. The Manager shall assist the Board in preparing meeting agendas,
notices, minutes and other materials. Manager will be paid an hourly rate as set forth in Exhibit A for additional
meetings, meetings longer than three (3) hours of duration, and other specialized services specifically identified in
this Agreement.

2. Manager shall assist the Board in drafting, preparing, maintaining and distributing minutes,
membership lists, financial records, accounts, bulletins, correspondence, communications and other documents and
records.

3. Association financial and other records shall be retained by the Manager and be available for
inspection during regular business hours.

4. Manager shall employ staff with appropriate credentials and identify staff contacts for the
Association. Manager shall respond to Unit Owner contacts and provide reports to the Board on Unit Owner concerns
and complaints.

5. Manager shall establish, maintain and facilitate access to electronic technology and a portal site
for banking, communication and other purposes.

2 Association _____ Manager _____