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and tenant to assist the tenant. Tenants will be required to pay a percentage of past due rent plus a current amount until the rent is current. 4. Late charges of $5.00 may be charged after the 5th day of the month. The Agent shall maintain a delinquency report which shall be available for review by Owner and City upon request. 5. Partial payments shall not be accepted for the current month, unless the payment is made under a work -out agreement for past due rent or for damage charges. Payment is to be in the form of a check or money order. Payments in cash are to be discouraged for security reasons. G. ACCOUNTING AND RECORDS CONTROL 1. The Annual Operating Budget shall be prepared by Agent. The Annual Operating Budget shall anticipate and estimate the financial requirements of the Development, including Owner's quarterly distribution from Development income. The Annual Operating Budget shall be prepared at least ninety (90) days prior to the beginning of the Project's fiscal year. This budget shall then be submitted to the Owner for Owner's review, recommendations and approval. Upon approval, the Owner will forward the Annual Operating Budget to the City of Pleasanton and CHFA for their approval. If, the City's review reveals the need for budget amendments or adjustments, as determined by City, the City shall direct the Agent to develop a revised budget. The City shall have the unconditional right to disapprove of the Annual Operating Budget. Monthly monitoring of receipts and disbursements shall be performed by the Agent to compare actual expenses to the Annual Operating Budget. Any deficits or projected deficits shall be reported to the Owner and City for Owner's and City's consideration and action. 2. The Agent shall strictly adhere to the approved budget and perform careful monthly monitoring in order to promptly identify potential problems and to develop plans to meet Development needs. The Agent will monitor the monthly income and disbursements using an actual -to- budgeted expense report for comparison. 3. An annual management plan shall be prepared for the Development. The annual management plan shall specifically address management and maintenance goals to be achieved during the year, including the scope and cost of the major repair or replacement items (i.e., capital improvements) to be accomplished. Bids will be sought for all work items identified in the plan. The annual budget submitted to the Owner, the City of Pleasanton and CHFA will incorporate annual management plan items to be completed during the year and will set aside funds (i.e., increase the reserve accounts if necessary) to meet the anticipated major cost items. The City and CHFA shall have the right to direct the Agent to amend the Plans to conform with City and CHFA policies and directives. 4. Owner and City shall be kept informed of the fiscal operations of the Development on a monthly basis. The following list of monthly reports shall be prepared by the Agent and shall be available to the Owner, City and CHFA for review. 18:Mgmtplan.EHI 6 11/29/89