Loading...
HomeMy WebLinkAboutBPW-12-06-17-11/Lauth Management, LLC/Property Management and Leasing AgreementRESOLUTION NO. BPW 12-06-17-11 RESOLUTION OF THE CITY OF CARMEL BOARD OF PUBLIC WORKS AND SAFETY ACKNOWLEDGING RECEIPT OF CONTRACT WHEREAS, pursuant to Indiana Code 36-1-4-7, the City of Carmel, Indiana ("City"), is authorized to enter into contracts; and WHEREAS, pursuant to Indiana Code 36-4-5-3(9), only the Mayor is authorized to sign City contracts; and WHEREAS, pursuant to his authority under Indiana law, Mayor James C. Brainard has caused to be signed the City contract attached hereto as Exhibit A (the "Contract"); and WHEREAS, Mayor Brainard now wishes to present the contract to the City's Board of Public Works and Safety for it to be publicly acknowledged, filed in the Clerk -Treasurer's Office, and made available to the public for review. follows: NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Board of Public Works and Safety as 1. The foregoing Recitals are incorporated herein by this reference. 2. The receipt of the Contract is hereby acknowledged. 3. The Contract shall be promptly filed in the office of the Clerk -Treasurer and thereafter made available to the public for review. SO RESOLVED this day of 2017. CITY OF CARMEL, INDIANA By and through its Board of Public Works and Safety BY - a 0� P r.e James Brainard, Presiding Officer D e: M Ann rke, 7�e/ 6 j/ -7 Date: / Lori S. W S:\EBass\h4yDocuffients\BPW-Resolutions\2017\Acknowledge Lauth Mgmt, LLC for Mowhaw Landing Property Mgmt Agreement.docz1128/2017 11:48 AM JAS PROPERTY MANAGEMENT AGREEMENT Between THE CITY OF CARMEL, INDIANA And LAUTH MANAGEMENT, LLC For MOHAWK LANDING, CARMEL, IN PROPERTY MANAGEMENT AND LEASING AGREEMENT THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement"), made as of the 8h day of June, 2017 (the "Effective Date'), by and between the City of Carmel, Indiana, an Indiana municipal corporation (hereinafter referred to as the "Owner"); and Lauth Management, LLC, an Indiana limited liability company (hereinafter referred to as the "Agent"). WITNESSETH: WHEREAS, the Owner is the owner of certain real property commonly known as Mohawk Landing located at the southeast corner of S. Rangeline Road and E. 1260' Street in Carmel, Indiana known as 700 — 731 Rangeline Road (the "Premises"); and WHEREAS, the Owner desires to employ the Agent to assist in the management, administration, and maintenance of the Premises, and the Agent is willing to accept such employment, all on the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows: 1. Appointment of the Agent. The Owner hereby appoints the Agent, and the Agent hereby accepts such appointment, on the terms and conditions hereinafter provided, as the Agent to manage and administer the Premises. The Agent is authorized to and is engaged in the business of managing and operating similar properties. 2. Term and Termination. (a) This Agreement shall commence on the Effective Date and shall continue on a month-to-month basis, unless sooner terminated as provided in this Agreement. This Agreement shall automatically extend for successive one month terms unless Owner or Agent provides written notice to the other party of its intent to terminate this Agreement in connection with Section 2(b) herein. (b) The Owner and Agent shall each have the right to terminate this Agreement, with or without cause, on not less than thirty (30) days' prior written notice to the other part'. (c) Upon the termination of this Agreement, the Owner shall pay to the Agent, within forty-five (45) days following such termination, all fees required to be paid hereunder through the date of the temunation of this Agreement. Upon termination, the 2 parties shall account to each other with respect to all uncompleted business, and the Agent shall promptly deliver to the Owner all property files, books and records and other instruments, documents, personal property and any and all other files relating to the Premises or the Owner as may be in the possession of the Agent. 3. Duties of the Agent. The Agent, in fulfilling its obligations under this Agreement, shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent managing agent acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Consistent with the foregoing, the Agent shall perform the following services: (a) cause to be hired, paid and supervised, all persons necessary to be employed in order to properly administer and operate the Premises; (b) cause the Premises to be maintained in a good, safe and clean condition and in a condition comparable to that of other properly maintained properties of similar type and location to that of the Premises, and cause routine repairs and incidental alterations of the Premises to be made, subject only to the limitations contained in this Agreement. Any single repair or alteration involving an expenditure in excess of Five Hundred and 00/100 Dollars ($500.00) and not expressly set forth in the Budget (as hereinafter defined) shall be made only with the prior written approval of the Owner, but repairs immediately necessary for the preservation or safety of the Premises or the occupants thereof or other persons, or required to avoid the suspension of any necessary service in or to the Premises (" Emergenc�Repairs"), may be made by the Agent with the prior verbal approval of the Owner, provided the Agent acts reasonably in making such repairs and alterations; (c) cause all such acts and things to be done in or about the Premises as shall be necessary or desirable to comply with any and all orders of, or to remove any and all violations affecting the Premises placed thereon by, any federal, state, county or municipal authority having jurisdiction thereover, and if failure promptly to comply with any such order or to remove any such violation would or might expose the Owner or the Agent to criminal liability, the Agent may cause such order to be complied with or such violation to be removed in the same manner and subject to the same requirements set forth above for an Emergency Repair; (d) enter into contracts for maintenance, telephone, janitorial, rubbish removal, security services, fire sprinkler and fire alarm testing and inspection, pest and vermin extermination, architects and engineers services required for the planning and supervision of alterations and/or repairs made or proposed to be made to the Premises, and other services as shall be advisable, but any such recurring service contract having a term longer than ninety (90) days AND not expressly set forth in the Budget (as hereinafter defined) must be authorized in writing by the Owner; 3 (p) if requested by the Owner, procure and maintain, at the Owner's sole cost and expense, liability insurance policies with coverage and from carriers satisfactory to the Owner, with a combined single limit with respect to each occurrence in an amount specified by the Owner for injury (or death) and damage to property with not less than thirty (30) days cancellation required, each such policy to name the Owner as an insured and the Agent as an additional insured; promptly notify the Owner and the insurance carrier of any personal injury or property damage occurring to or claimed by any person on or with respect to the Premises; and forward to the insurance carrier any summons, subpoena or other similar legal document served upon the Agent relating to actual or alleged potential liability of the Owner, the Agent or the Premises; (q) the Agent shall implement the "Initial Budget" as attached hereto as Exhibit B and shall be authorized to make the expenditures and incur the obligations provided for according to the Claim Payment Process; (r) prepare and submit to the Owner, on or before October I st of each calendar year of the term of this Agreement, for the Owner's consideration, a budget (the `Budget") setting forth the estimated receipts and expenditures for the operation and management of the Premises for the next succeeding calendar year. Within thirty (30) days of receipt of the Budget, the Owner will submit to the Agent a revised Budget, which shall set forth any revisions in the Budget that the Owner shall deem appropriate and which revised Budget shall be deemed approved by the Owner. The Agent shall implement the revised Budget and shall be authorized to make the expenditures and incur the obligations provided for according to the Claim Payment Process; (s) within fifteen (15) days of the end of each calendar month, prepare and submit to the Owner a monthly financial package detailed on Exhibit A including a statement of the income and expenses for the Premises for such month; (t) cause an inventory to be taken at least annually of all furniture, office equipment, materials, maintenance tools, supplies, and any other major equipment or material belonging to the Owner; (u) enforce sign control and place and remove, or cause to be placed and removed, such signs at the Premises as the Owner requests or approves; and (v) generally, provide services deemed necessary or requested by the Owner for the proper management of the Premises. 4. Subcontract Management Services. Agent shall have the authority to subcontract the management services listed herein with the prior written consent from Owner, which shall not be unreasonably withheld, conditioned, or delayed, when necessary to properly maintain and operate the Premises. Agent shall be responsible for obtaining bids, hiring, supervising and paying the fees of any such sub -manager. 5 (e) purchase in reasonable quantities and at the best available prices and quality, all supplies which shall be necessary to properly maintain and operate the Premises and conform to all applicable governmental codes; (f) check all invoices received for services, work and supplies ordered in connection with maintaining and operating the Premises and pay such bills from time to time using the Claim Payment Process (hereinafter defined); (g) supervise the moving in and out of occupants of the Premises and arrange the dates thereof so that there shall be a minimum of disturbance to the operation of the Premises, and inconvenience to other occupants thereof; (h) bill or cause to be billed tenants of the Premises rent, operating expenses, taxes and other amounts payable by such tenants under their respective leases, and use reasonable efforts (short of litigation) to collect such amounts; (i) consider and, when reasonable and consistent with the Owner's obligations, attend to complaints of tenants of the Premises in a timely manner, avoiding unreasonable delays; 0) cause to be prepared and filed all necessary forms relating to the maintenance and operation of the Premises required by any federal, state, county or municipal authority; (k) within fifteen (15) days after the end of each month render or cause to be rendered to the Owner regular monthly statements in the form attached hereto; (1) set up and maintain orderly and accurate files containing payment records, correspondence, receipted bills and vouchers and all other documents and papers pertaining to the Premises and the operation and maintenance thereof, and make same available to the Owner, the Owner's employees, officials, officers, accountants, lenders, attorneys and other representatives, and deliver the same to the Owner or its agent upon termination of this Agreement; (m) provide accounting services as identified on Exhibit A and cooperate with the Owner's employees, officials, accountants, auditors, and other representatives in regard to the inspection of the books of account of the Owner; (n) cooperate with the Owner's employees, officials and accountants in regard to the preparation and filing on behalf of the Owner of federal, state, city and any other income and other tax returns required by any governmental authority; (o) cooperate with the Owner's employees, officials and real estate tax advisor in the preparation of applications for correction of the assessed valuation and/or real estate tax liability for the Premises; 4 5. Leasing. Agent, at Owners request, shall provide leasing services for the Premises. Owner shall pay Agent for time spent on leasing activities in the form of a commission at a rate 4% of the base rent amount for any new lease or renewal, provided that on a month to month extension, the commission shall be at a rate of 4% of the base rent amount for the first month's rent only. 6. Scope of Agency. (a) The Owner authorizes the Agent, for the Owner's account and on its behalf, to the extent specified herein, to perform any lawful act or do anything lawful and necessary or desirable in order to carry out the Agent's agreements contained in Section 3 hereof. (b) Everything done by the Agent in compliance with the provisions of this Agreement shall, except where the context otherwise requires, be done as agent of the Owner, and any and all obligations, costs or expenses incurred by the Agent in such performance of its obligations under the Agreement shall be bome by the Owner and not by the Agent; provided, however, that the Agent shall not be compensated for its home office overhead or the compensation of personnel of the Agent above the level of property manager. Home office overhead shall not include overnight or other shipping or postage expenses, specialized software or licenses required by owner, bank or any other third party fees specific to the management of the Premises. Any payments made by the Agent hereunder shall be made out of such funds as the Agent may from time to time hold for the account of the Owner or as may be provided by the Owner. The Agent shall not be obligated to make any advance to, or for the account of, the Owner or to pay any amount except out of funds held or provided as aforesaid, nor shall the Agent be obliged to incur any extraordinary liability or obligation unless the Owner shall furnish the Agent with the necessary funds for the discharge thereof. 7. Claim Payment Process. The Owner shall establish an account (the "Bank Account"), which shall be used exclusively for the collection and payment of funds for the management and operation of the Premises. Upon receipt of an invoice for a claim for goods or services related to the management or operation of the Premises, the Agent shall draft a check from the Bank Account. Agent will then submit the invoice and unsigned check to the Carmel Clerk Treasurer's Office for approval, signature and subsequent dispersal to the claimant. Owner shall provide reasonable view -only access to the Bank Account to the Agent.. 8. Management Fee. As compensation for the services to be rendered hereunder, the Owner shall pay to the Agent a monthly fee equal to the greater of five percent (5%) of gross cash receipts or 6 Two Thousand and No/100 Dollars ($2,000.00). The management fee shall be payable within forty-five (45) days after Owner's receipt of the invoice setting forth the calculation of such amount due. Such compensation shall be pro -rated for any portion of a month for which the Agent shall be employed by the Owner pursuant to the teams hereof. 9. Indemnity Obligations of the Owner. Owner agrees to indemnify the Agent from and against all claims, losses and liabilities (including, without limitation, reasonable attorneys' fees and disbursements) suffered, paid or incurred by the Agent in connection with or arising out of acts or omissions of the Owner or the Owner's agents, employees, contractors and subcontractors. The provisions of this Section 9 shall survive the termination of this Agreement. 10. Indemnity Obligations of the Agent. Agent agrees to indemnify the Owner, its agents, employees, officers and officials (other than the Agent) and hold them harmless from and against any claims, losses and liabilities and expenses (including, without limitation, reasonable attorneys' fees and disbursements), suffered, paid or incurred by the Owner in connection with, or arising out of any act or omissions of the Agent, its agents, employees, contractors or subcontractors, except in such event where such act was taken or omitted at the express direction of the Owner. The provisions of this Section 10 shall survive the termination of this Agreement. 11. Waiver of Subrogation. The Agent is (i) to be included as an additional insured under Owner's general liability insurance covering inherent and operational hazards associated with the management of the Premises, and (ii) to receive a waiver of all direct damage insurer's rights of subrogation against Agent under all direct damage insurance policies covering the Premises. 12. Notices. All notices, demands, requests, consents, approvals and other communications required or permitted to be given hereunder, or which are to be given with respect to this Agreement, shall be in writing and shall be deemed delivered upon the personal delivery thereof, or by delivery by facsimile electronic transmission, or on the next business day following service, provided such notices shall be addressed or delivered to the parties at their respective addresses set forth below, or, if to be delivered by electronic facsimile transmission, then to the facsimile telephone numbers set forth below. Copies of any notices delivered hereunder shall, concurrently with the delivery thereof, be delivered to the additional parties listed below by the same means of delivery used for delivery of the notices to the contracting parties (except in the case of personal delivery, in which case either one or more of the alternate means of delivery may be selected for the delivery of copies): 7 With respect to deliveries to the Owner: City of Carmel One Civic Square Carmel, Indiana 46032 Attn: Director of Administration With a Copy to: City of Carmel One Civic Square Carmel, Indiana 46032 Attn: Corporation Counsel With respect to deliveries to the Agent: Lauth Management, LLC Attn: Lease Administrator 111 Congressional Boulevard, Suite 300 Carmel, IN 46032 Telephone No. 317-848-6500 Facsimile No. 317-848-6511 All costs and expenses of the delivery of notices hereunder shall be borne and paid for by the delivering party. 13. Severability. If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law. 14. Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of Indiana. 15. No Assignment. Neither this Agreement nor the right to receive payments hereunder may be assigned by the Agent without the prior written consent of the Owner and any purported assignment without such prior written consent shall be void and of no effect. 8 16. Binding Effect. Subject to the provisions of Section 15 hereof, all of the covenants, conditions and obligations contained in this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the Owner and the Agent to the same extent as if each such successor and assign were in each case named as a party to this Agreement. 17. Compliance with Laws. All parties shall comply with all applicable Federal, State and Local laws, rules, regulations and ordinances with respect to this Agreement. Agent certifies, by signing and submitting this Agreement, to the best of its knowledge and belief that it has complied with the applicable provisions of Section 1352, Title 31, U.S. Code. Agent represents and warrants that the Agent and its subcontractors, if any, shall obtain and maintain all required permits, licenses, registrations and approvals, as well as comply with all health, safety, and environmental statutes, rules, or regulations in connection with the performance of the Agent's obligations hereunder. Agent affirms under the penalties of perjury that it does not knowingly employ or contract with an unauthorized alien and shall not retain an employee or contract with a person that it subsequently learns is an unauthorized alien. Agent specifically agrees that it, (a) will not discriminate against any employee, applicant for employment to be employed in the performance of this Agreement, with respect to hire, tenure, terms, conditions, or privileges of employment because of race, religion, color, age, sex, handicap, national origin or ancestry, disabled veteran status or Vietnam era veteran status; (b) is enrolled in and uses the E -Verify program of the Illegal Immigration Reform and Immigration Responsibility Act of 1996, as amended, (the "E -Verify Program") to verify the work eligibility status of all Agent's employees hired after Agent's enrollment in the E -Verify Program unless the E -Verify program no longer exists, and will otherwise comply with Indiana Code 22-5-1.7 as to any subcontractor used by Agent; and (c) does not knowingly employ or contract with any authorized alien. Pursuant to Indiana Code 5-22-16.5, Agent certifies that it does not engage in investment activities within the Country of Iran. Breach of these covenants shall be deemed a material breach of the Agreement and the Owner may terminate the Agreement with verbal notice to Agent. 18. Breach. In the event either party hereto breaches or otherwise defaults under or with respect to any of the terms and conditions of this Agreement, then such party shall be liable and responsible for all losses, liabilities, costs and/or expenses, including without limitation, attorneys' fees and the costs of enforcing the terms of this Agreement as may be awarded to the prevailing party by a court of competent jurisdiction, and all other legal and equitable remedies, including, without limitation, injunctive relief. 19. Agent as Independent Contractor and Agent's Employees. 9 It is understood and agreed that the Agent is an independent contractor and this Agreement is not intended to provide or create any master/servant relationship between the Agent and the Owner. The Agent shall have in its employ at all times a sufficient number of capable employees or subcontractors to enable it to properly, adequately, safely and economically, provide services under this Agreement. All matters pertaining to the employment, supervision, compensation, promotion and discharge of such employees or subcontractors is the responsibility of the Agent and the Owner shall have no liability with respect thereto. 20. Fidelity Bond: The Agent shall obtain a fidelity bond, in form and substance and issued by a company reasonably acceptable to the Owner, covering all personnel of the Agent who have access to funds of the Owner. Such fidelity bond shall be in an amount equal to the total of all Owner funds to which the Agent has access. The cost of such fidelity bond shall be the expense of the Agent. The Agent shall provide the Association with a copy of such fidelity bond prior to the Effective Date. [Remainder of Page Intentionally Blank; Signature Page Follows] 10 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. OWNER: CITY OF CARMEL, INDIANA By and through its Board of Public Works and Safety By: Lr�-) /r e/ It s B 'nard, Presiding O By: Mary A>ui Burke, Member 51 Lori Watson, Member ATTEST: Christine S. Pauley, Clerk -Treasurer AGENT: LAUTH MANAGEMENT, LLC By: J n than L. Goodburn, thief Financial Officer KD_8901548_3.docx Exhibit A Accounting Services 1.) Bill base rents and additional rents to tenants on a monthly basis 2.) Collect base rents and additional rents from tenants on a monthly basis 3.) Prepare Year End Reconciliations 4.) Pay operational expense on behalf of Owner as they relate to the Premises 5.) Provide Owner with monthly financial statements 6.) Work directly with outside auditors if required 7.) Provide tax information to Owner's tax preparer Exhibit A to Property Management Agreement Exhibit B Initial Budget Exhibit B-1 to Property Management Agreement of O C O G yQ:, �p Iii {Qy x xO y !Q jOj pO yC Qd p W o 16 N MN Cp 8 �ry 1� ti g I- ID aV O O n hh' W N - � y 16 - R r n - 5 ,nn6 If - � r ps W mm y�{ S 4 _ 0 Exhibit B-1 to Property Management Agreement 0 o d d o a o c a c d d o e c� E N r y{ NC O OaS dl a r_� _ R N m r A .6 0 o a o o�e�H�aS3 25 � 8 R o A S mk QQ QQ o �S` o ' � 0 0 O 4 Y � yi y� `O r^- $ 0 0 0 0 o J: n g 0 9+ E 26 g' o ti COY J Io o 0 t2O O Ye f ;t_ 2 m m c c a o�9n8 oS iS R^ R tpV O (�1 svi cc LL m D Y& FS d K rc@ i C O ,y W 3 W tG�it+ r a2StSR oo a o g o c3 R r O Exhibit B-2 to Property Management Agreement Prepared For. Prepared lay; Y Mot•awx investments, LLC LaUth Management, gement, LLC •Keenan Med Software Evaluation Copy Software: Kardn Budge( System Property ID: 9090600 J4sr17 Version. 35.02 Property RSF; 15,867 Nov -17 Fite: Mohawk - 2017 GUdget.Om3 Cost Cevtter(s) RSP: 15,867 Mohawk - 2017 Budget � Pate: 12I612018 F6rOpet 8lxper Budpel Page: 3 Of 4 Badge, Butlget 2017 Monthly Budget Detail 61x1gM B1ldgat .1an17 Feb -17 Mer -17 AprA7 May -17 J4sr17 ,tut -17 Aug -17 Sep -17 Or417 Nov -17 Dol -17 Tma1 S+iSF Budget 0u0ge1 F6rOpet 8lxper Budpel &ragel Bufyet Badge, Butlget 6u0get 61x1gM B1ldgat TOTAL PROFESSIONAL FEES Aoco." and Al09ng F 0 0 0 0 1250 0 b5815.000110 0 0 O 0 0 0 1250 008 O Total TOT AL PpOFESSIONAL FEES 0 0 0 0 1,250 0 0 TOTAL NON-RECOVERABLE PROPERTY EXPEN 0 0 0 0 0 1,250 000 8210.00000 Ebur -NR 142 142 142 142 142 M2 142 142 142 142 142 142 8240.00000 Gas -NR 250 250 250 250 2% 250 250 25D 250 250 1,704 0,11 7' m 8250.00000 Water - NR 102 102 102 102 102 102 250 150 3p00 0.19 W X 8800-00000 RM PNxnbwV • NR 0 0 0 715 102 102 102 102 102 102 1,225 0.08 = 0 0 0 530 0 0 0 0 1.245 0.08 Al d+ Tole1 TOTAL NON-RECOVERABLE PR 494 494 494 1,200 494 0.01 4119 7,021 N rF 404 494 484 494 7,774 0.45 Total Operating Elmensee • Unriw enble 494 494 494 1.209 1,744 494 Ago CD I,Q24 494 494 484 494 642d 0$3 W O NedOPwaln9 I1XX W 12,800 12,890 12,765 10.882 2,001 10.000 6.323 13,420 16.764 14,090 3,147 16.759 133.432 841 W Debt Service -1 0 CD TOTAL INTEREST EXPENSE GN05.00000 ir!lerelt Espu .r 0 0 0 0 0 CD O 0 0 0 O 3970 3.842 7.812 0.49 Total TOTAL INTEREST EXPENSE O O 0 a 0 O Y 0 0 0 0 3,970 3,842 7,812 0.49 Total Debt Service 0 0 0 0 O 0 0 0 0 0 3,970 3,842 7,811 0 a9 Cash Ff.. cher Dahl Ssrriee 12880 12.890 12.765 10,882 2,801 101000 8.323 13,4;9 18.764 14.990 -1123 t2.917 t25.620 7 Capital Expenditures TOTAL BUILDINGS AND INPROVEIMENTS 1535.0000E &wldirg ln4xovs+nenls 0 0 O U 0 35.071) 1540.0000D Ts-41lrprovemenis 0 0 0 0 9,800 35.100 0 0 0 0 0 0 35000 2.21 0 0 20,740 0 0 0 65,840 4.14 Total TOTAL BUILDINGS AND IMPROV 0 0 0 0 8.800 70,100 0 0 20.740 0 O 0 104640 6.34 NET LEA8MT3 COSTS AND RELATED WTANGIS 167100000 Le—C.enwNeskns 0 0 0 0 2.022 0 0 0 5.9-3 0 0 0 8,796 0.55 Prepared For: Mohawk Invesiments, LLC Prepared By. Lauth Management, LLC - Keenan Med Property 10: 9090600 Property RSF: 15,867 COSI Center(s) RSF. 15,857 Software Evaluation Copy Mohawk - 2017 Budget 2017 Monthly Budget Detail Software: Karlin Budget System Version, 35.02 File: Mohawk • 2017 BudgeLDm3 Date: 12/6/2016 Page: 4 of 4 ToW NET LEASING COSTS ANO RELA 0 0 0 0 2,822 0 0 0 5.973 0 0 0 8.798 OS.5 TMaI Q: pwr Expwxl1ul% 0 0 0 0 12,622 70.100 0 0 O 26,773 p 0 O 100.436 6.90 Ceah Row altar CaPllal t:aPatldauas 12.89012.890o 12.766 10.882 •10,022 -60, IOD 8.323 13.420 -9.949 14.m-923 12,917 16.764 7.0 Expenses/Adjustments for Net Income O"Iw*rti- f Amorllaaden Ecp9 9035.D000O Daprn0iftow Egwroa-RE 2.833 2.833 2,633 2833 2,833 21833 2.833 2.823 2,83.3 9005.001700 Amonimlion Eglanle RE 300 307 300 300 300 301) 64 0 0 0 26.a9T 1.01 C9 .+ 64 64 r O 0 1.992 0.13 Total DepreciaWn 6 AMrtizalion Expen 91133 3.133 3.!33 3.133 3.133 3.133 2697 2.997 2,887 TOTAL AMORTIZATION Of F64ANCING COSTS 0 0 0 27,469 1.73 e� r+ 9123.00D00 Immist Exp • Finan&& Co 61 64 54 54 64 64 300 O 300 app 0 D O 1.281 0.06 aQ To1a% TOTAL AMORTIZATION OF FINA 64 G 64 64 64 64 f9 3W 3Up app 0 D O i.Z84 0.06 (p Tota( EVeft.WAdjuMenls for Nei V-. 3.197 3.107 3.19! 3.197 3.t97 3,197 3.197, 3.197 3.197 O 0 0 26,773 181 O M 14�61ncoma 8693 9,sw .W 9. 7.M -596 6.603 3.126 10,223 13.567 14,990 x123 12.017 98,847 6.1