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19:MGMTAGR.EHI (12/18/89) 9 17. Employees The Management Plan prescribes the number, qualifications and duties of the personnel to be regularly employed in the management of the Development. All such personnel will be employees of Agent and not Owner, and will be hired, paid, supervised and discharged by Agent. (a) The compensation (including fringe benefits) of the resident manager and any site maintenance employees will be as prescribed in the Management Plan. Compensation of site personnel will be within Agent's sole discretion, provided that minimum wage standards are met and in accordance with the budget. (b) Agent will be reimbursed for compensation (including fringe benefits) payable to the on -site management and maintenance employees as prescribed in the Management Plan, and for all local, state, and federal taxes and assessments (including but not limited to Social Security taxes, unemployment insurance and workman's compensation insurance) incident to the employment of such personnel. Such reimbursements will be paid out of the Development Operating Account and will be treated as a Development expense. (c) Compensation (including fringe benefits) payable to on -site staff, such as Resident Manager, plus all local, state, and federal taxes and assessments incident to the employment of such personnel will be borne solely by the Development, and will not be paid out of Agent's fee. The rental value of any dwelling units furnished rent -free to the Resident Managers will be treated as a cost of the Development. 18. Inspection of Units. Agent shall inspect all units in the Development at least annually and shall invite Owner and a representative of the City and CHFA to join in the inspection. Advance notice shall be given to tenants as provided in the tenant leases and subject to law. 19. Budgets. Annual Operating Budgets for the Development will be approved by Owner, the City and CHFA. Annual disbursements for each type of operating expenses itemized in the budget will not exceed the amount authorized by the approved budget. Agent will prepare a recommended operating budget for each fiscal year during the term of this Agreement, and will submit the same to Owner at least ninety (90) days before the beginning of the fiscal year. Owner will promptly inform the Agent of changes, if any, incorporated in the approved budget. Owner will obtain the approval of the City and CHFA as set forth in the Management Plan. Agent will keep Owner informed of any anticipated deviation from the receipts or disbursements stated in the approved budget. Owner shall have the responsibility of informing the City and CHFA of any anticipated deviation from the receipts or disbursements stated in the approved budget. 20. Records and Reports. In addition to any other requirements specified in the Management Plan or other provisions of this Agreement, Agent will have the following responsibilities with respect to records and reports: (a) Agent will establish and maintain a comprehensive system of records, books and accounts in the manner satisfactory to Owner and City. All records, books and accounts will be subject to examination at reasonable hours by any authorized representative of Owner, the City and CHFA;