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(d) To purchase equipment, to~ls, vehicles, appliances} goods,
supplies and materials as it shall determine in its sole discretion are
reasonably necessary to perform its duties, includinq the maintenance, up-
keep, cleaninq, repair, replacement, refurbishing and preservation of the
property of the Association or any parts thereof. Purchases shall be in the
na.me of the Association or the Management Firm as the Management Firm,
in its sole discretion, elec~s.
, (e) Cause to be placed and kept in force, all insurance required
or permitted in the Leclaration,. to act as agent for the Association and the
Poard of Administration thereof, each Unit Cwner and for each Cwner or
holder of any other insured interests; to adjust all claims arising under said
insurance policies; tb brinq suit thereon and deliver relea.ses upon payment
of claims; to otherwise exercise all of the rights, powers and ~privileqes of
any or all of the insured parties; and to receive on behalf of any or all of the
insured parties, all insura.nce proceeds subject, however, to the provisions
of the reclaration. -
(f) Mainta.in all financial record books of the L~oard of Adminis-
tration, and the Association and Accounts and~ther records as provided
for in the L~y-Laws of the Ass~ciation and authorized or req_aired by the
reclaration and/or the Condominium A ct; issue certificated of accounts
to members and mortgagees and lien holders without liability for errors
unless as a result of qross negligence. ~uch records shall be kept at the
office of the Management Firm and shall be available for inspection by the ~
Poard, its members, or any duly-appointed agent, or agents thereof, -
durinq normal business hours. The Poard may also conduct an external
audit, provided the costs for the same are borne by~the Association and said
independent auditor, in any instance, must be acceptable to the Management
Firm whose acceptance sh.all not be unreasor~a.ble withheld. A s a standard
procedure, the Management Firm sha1T render to the Association a statement
for each ^a,lendar yea,r no later than A pril 1, next thereafter. The Man~.ge-
j ment Firm shall perform a continual internal audit of the financial records
~ of the A ssociation for the purposes of verifying the same, but no independent
~ or externa.l audit ~hall be required of it.
~ (g) To propose, in its sole discretion, the "proposed budget"
as the ~.me is defined in the Condominium A ct to the Loard of A dm inis-
tra.tion of Turtle Reef Condominiums II for their approval; and t~ determine .
in its sole discretibn its duties to said Crganization for the term of this
Agreement, subject, however, to the specific limita.tions~here~f wh2re
otherwise provided. Upon said budget's being determined annually, the
Mana.gement Firm shall submit annually to the ~oard, the operating budget
for the next ensuinq year setting farth the anticipated in~~me and expenses
of the Associa.ti~n for the y.ea.r and sa,id Management Firm shall s~ecify
therein each Unit Cwner's monthly assessment based thereon. S~o~,:ld an
incr~ase in such assessments be required or special asses~ments be re-
quired during the year, the same shall be Qroposed by the~ Management
Firm to the R~ard. ~
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~ - (h) The Mar~agement Firm shall ~ollect all a~sessments. The
~ allocated prora~ta assessinents of each U nit G~vner of the A ssociation shall
~ be made payable ta the Manaqement Firm or such other f irm or entity
~ as the Management Firm shall direct; and the Manaqement Firm shall -
have ttie riqht to designate such member or members of the L~oard or the
Associa.tion itself as it determines to collect said assessments on behalf
of the Manaqement Firm and deliver the same to it. The N!anagement
W. R• scoT* Firm shall, however, on a best efiorts basis, strive to ~urchase all services
~n~~~*uw and employ and return employees at the lowestg~rice and pay available, ta,king
into account the quality of materia.ls or service or employment so purchased
6TVAAT. R~a? or. reta.ined. _ ~ ' _ .
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