Preview
FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023
MANAGEMENT AGREEMENT
HUD SUBSIDIZED RENTAL PROPERTY
between
RECEIVER: Peter A Seocchetti, as Court Appointed Receiver of
Little Falls Garden Apartments, LLC
and
AGENT: Innovative Property Management Services LLC
PROPERTY 759 E. Monroe Street
LOCATION: Little Falls, New York
BEGINNING: April 1, 2023
ENDING: Upon the expiration or termination of the Receivership, or by court
direction.
1
FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023
THE AGREEMENT
Peter A. Scocchetti, as Court Appointed Receiver of
Little Falls Garden Apartments, LLC (the "Receiver")
and
Innovative Property Management Services , LLC
POBox512
Rhinebeck, New York 12572
WITNESSETH
That the parties hereby mutually agree with each other as follows:
FIRST: The Receiver upon approval of the Court, appoints, Innovative Management
Property
Services, LLC as Agent, and the Agent
hereby appointment,accepts on the terms and conditions herein
provided, as Managing Agent of Little Falls Garden Apartments of fifty, (50) units located at 759
consisting
"Building"
E. Monroe Street Little Falls, NY (hereinafter referred to as the or "Project").
SECOND: The Agent shall manage the building to the extent, for the period and upon the terms of this
Agreement. The Agent shall perform the following services in the name of and on behalf of the Receiver, and
the Receiver hereby gives the Agent the authority and powers required to perform these services. The Agent
shall perform the services set forth as follows:
(a) Within tl e budget of Receiver, cause to be hired, paid, and supervised, all staff necessary to be
employed in order to properly maintain and operate the Building who, in each instance, shall be the Receiver's
and not the Agent's employees, and cause to be discharged all persons unnecessary or undesirable, except that
no person presently employed for the Building shall be discharged without the prior written consent of the
Receiver.
(b) Ordinary repairs or alterations involving an expenditure in excess of $1,000 for any one
item or in excess of applicable amounts set forth in the owner's budget shall be made only with the prior
approval of the Receiver, but
emergency repairs, i.e., those immediately necessary for the preservation or safety
of the Building or for the safety of Receiver, tenants or other persons or required to avoid the suspension of any
necessary service in the Building, may be made by the Agent, irrespective of the cost thereof, without the prior
approval of the Receiver. The Receiver shall receive immediate notification of any such emergency repairs.
(c) Recommend and, with the approval of the Receiver, cause all such acts and tasks to be done
in or about the Building as shall be necessary or desirable to comply with any and all orders or violations
affecting the Building, placed thereon by any federal, state, or municipal authority having jurisdiction thereover,
and orders of the New York Board of Fire Underwriters, the New York Fire Insurance Exchange, or other
similar body, except that if failure
to promptly comply with any such order or violation to be complied with
after consultation with the Receiver if available, or after consultation with the Receiver's attorney. The Agent
shall promptly notify the Receiver's attorneys after receipt of any such order or violation.
FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023
(d) Generally, perform all tasks deemed or desirable
reasonably necessary by the Receiver for the
proper management of the Building. All services and facilities required under this Agreement to be provided to
Receiver shall be provided on a
non-discriminatory basis.
(e) The Agent shall collect and, as necessary, receipt for all monthly rents or other assessments and
other charges due to the Receivership for the operation of the Building and all rental or other payments or
concessionaires, i.e., laundry. The Agent will collect rent and will not accept cash.
(f) Rentals. The Agent will offer for rent and will rent the dwelling units in the Project. Incident
thereto, the following provisions will apply:
a. The Agent will make preparations for initial of the
rent-up existing vacant units and on
going rentals.
b. The Agent will show the premises to prospective tenants.
c. The Agent will prepare all leases and will execute the same in its name,
dwelling
identified thereon as agent for the Owner.
d. The Agent will follow the tenant selection policy.
e. The Agent will certify and recertify tenants as required the Building's contract with
by
the United States Department of Housing and Urban Development.
f. The Agent will collect, deposit, and disburse security deposits, as required, in
accordance with the terms of each tenant's lease provided, however, the disbursement
of any deposits must be approved by the Receiver prior to making any payment being
made. The amount of each security deposit will be as specified in the lease. Security
deposits will be deposited in an account to be set up by the Receiver, pursuant to the
Order signed on January 17, 2023 appointing such Receiver the "Order". Deposits shall
be placed in an interest-bearing account, separate from all other accounts and funds,
with the same bank as set forth in the "Order". This account will be carried in the
Account."
Project's name and designated of record as "Security Deposit
TWRD: The Agent will indemnify the Receiver against and hold the Receiver, its officers and
employees, harmless from, except as arising from or related to the gross negligence, fraud or willful conduct of
Receiver, any other party duly authorized by the Court to act pursuant to the Receivership as follows:
attorneys'
(a) any liability, damages, cost and expenses (including reasonable fees) sustained or
incurred for injury to any person or property in, about, and in connection with the Building, from any cause
whatsoever, except as arising from or related to the negligence, fraud, or willful conduct of Receiver or any
other party duly authorized by the Court to act pursuant to the Receivership;
(b) any liability, damages, penalties, costs and expenses, statutory or otherwise, for all acts performed
or all failures to perform by the Agent. The Agent will carry liability insurance (with limits acceptable to the
Receiver in its reasonable judgement, worker's compensation, and employer's liability insurance; will include
the Receiver as a party insured under the liability policy and will deliver a copy of such liability policy to the
3
FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023
R cei er n Â
the Agent hal efen any actiÆor epdin a i claims f j o so%äý pr a 20
acts perfornied b th en f t st
own natne, a d
an useyttÿrney herÆSts\ Es@êhoosirifTH ec n
noticedhall cooperate ful wiÆ th Age@ánd it ey¼ ed G i
The Rec¼iver h Fproinpt furï i tl e a BrneklDa
hich are perthieIt to)à id cláin r he defe u 1 ac ons rode di th tent
oe n n tio 1 efe
proceediág e7 ey
the san at thetheDt s sole¼o indbpense
(a) C t c te T b ê
(b) ith4fee o ediate f i f n
Haneous admm st p ra ng exp se upse n s
examp me re not ed to sta erst t
FIFTH he eceivepinayyancel his agi ment ithout ause )0 däys prio Written t e
Coùrt Orde deferatinatiðn hhe b ioiEâfthshesi ñlfi g nÎisâüihoriiáñok t c e
gag
such party to th ith on the st d Vthe onthperminating said A reemen he jastMa)th
(thirpda ti tBDùii iés)lia$ûceDnt Ech ith é Q
birsiness and fh Âgent shall eli e he Recei¼Er a leapës,)énses, r 6ûie f s ecord
and other instruinent e$ting td B^i
Preview
FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023 MANAGEMENT AGREEMENT HUD SUBSIDIZED RENTAL PROPERTY between RECEIVER: Peter A Seocchetti, as Court Appointed Receiver of Little Falls Garden Apartments, LLC and AGENT: Innovative Property Management Services LLC PROPERTY 759 E. Monroe Street LOCATION: Little Falls, New York BEGINNING: April 1, 2023 ENDING: Upon the expiration or termination of the Receivership, or by court direction. 1 FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023 THE AGREEMENT Peter A. Scocchetti, as Court Appointed Receiver of Little Falls Garden Apartments, LLC (the "Receiver") and Innovative Property Management Services , LLC POBox512 Rhinebeck, New York 12572 WITNESSETH That the parties hereby mutually agree with each other as follows: FIRST: The Receiver upon approval of the Court, appoints, Innovative Management Property Services, LLC as Agent, and the Agent hereby appointment,accepts on the terms and conditions herein provided, as Managing Agent of Little Falls Garden Apartments of fifty, (50) units located at 759 consisting "Building" E. Monroe Street Little Falls, NY (hereinafter referred to as the or "Project"). SECOND: The Agent shall manage the building to the extent, for the period and upon the terms of this Agreement. The Agent shall perform the following services in the name of and on behalf of the Receiver, and the Receiver hereby gives the Agent the authority and powers required to perform these services. The Agent shall perform the services set forth as follows: (a) Within tl e budget of Receiver, cause to be hired, paid, and supervised, all staff necessary to be employed in order to properly maintain and operate the Building who, in each instance, shall be the Receiver's and not the Agent's employees, and cause to be discharged all persons unnecessary or undesirable, except that no person presently employed for the Building shall be discharged without the prior written consent of the Receiver. (b) Ordinary repairs or alterations involving an expenditure in excess of $1,000 for any one item or in excess of applicable amounts set forth in the owner's budget shall be made only with the prior approval of the Receiver, but emergency repairs, i.e., those immediately necessary for the preservation or safety of the Building or for the safety of Receiver, tenants or other persons or required to avoid the suspension of any necessary service in the Building, may be made by the Agent, irrespective of the cost thereof, without the prior approval of the Receiver. The Receiver shall receive immediate notification of any such emergency repairs. (c) Recommend and, with the approval of the Receiver, cause all such acts and tasks to be done in or about the Building as shall be necessary or desirable to comply with any and all orders or violations affecting the Building, placed thereon by any federal, state, or municipal authority having jurisdiction thereover, and orders of the New York Board of Fire Underwriters, the New York Fire Insurance Exchange, or other similar body, except that if failure to promptly comply with any such order or violation to be complied with after consultation with the Receiver if available, or after consultation with the Receiver's attorney. The Agent shall promptly notify the Receiver's attorneys after receipt of any such order or violation. FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023 (d) Generally, perform all tasks deemed or desirable reasonably necessary by the Receiver for the proper management of the Building. All services and facilities required under this Agreement to be provided to Receiver shall be provided on a non-discriminatory basis. (e) The Agent shall collect and, as necessary, receipt for all monthly rents or other assessments and other charges due to the Receivership for the operation of the Building and all rental or other payments or concessionaires, i.e., laundry. The Agent will collect rent and will not accept cash. (f) Rentals. The Agent will offer for rent and will rent the dwelling units in the Project. Incident thereto, the following provisions will apply: a. The Agent will make preparations for initial of the rent-up existing vacant units and on going rentals. b. The Agent will show the premises to prospective tenants. c. The Agent will prepare all leases and will execute the same in its name, dwelling identified thereon as agent for the Owner. d. The Agent will follow the tenant selection policy. e. The Agent will certify and recertify tenants as required the Building's contract with by the United States Department of Housing and Urban Development. f. The Agent will collect, deposit, and disburse security deposits, as required, in accordance with the terms of each tenant's lease provided, however, the disbursement of any deposits must be approved by the Receiver prior to making any payment being made. The amount of each security deposit will be as specified in the lease. Security deposits will be deposited in an account to be set up by the Receiver, pursuant to the Order signed on January 17, 2023 appointing such Receiver the "Order". Deposits shall be placed in an interest-bearing account, separate from all other accounts and funds, with the same bank as set forth in the "Order". This account will be carried in the Account." Project's name and designated of record as "Security Deposit TWRD: The Agent will indemnify the Receiver against and hold the Receiver, its officers and employees, harmless from, except as arising from or related to the gross negligence, fraud or willful conduct of Receiver, any other party duly authorized by the Court to act pursuant to the Receivership as follows: attorneys' (a) any liability, damages, cost and expenses (including reasonable fees) sustained or incurred for injury to any person or property in, about, and in connection with the Building, from any cause whatsoever, except as arising from or related to the negligence, fraud, or willful conduct of Receiver or any other party duly authorized by the Court to act pursuant to the Receivership; (b) any liability, damages, penalties, costs and expenses, statutory or otherwise, for all acts performed or all failures to perform by the Agent. The Agent will carry liability insurance (with limits acceptable to the Receiver in its reasonable judgement, worker's compensation, and employer's liability insurance; will include the Receiver as a party insured under the liability policy and will deliver a copy of such liability policy to the 3 FILED: MONTGOMERY COUNTY CLERK 03/09/2023 11:15 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 03/09/2023 R cei er n  the Agent hal efen any actiÆor epdin a i claims f j o so%äý pr a 20 acts perfornied b th en f t st own natne, a d an useyttÿrney herÆSts\ Es@êhoosirifTH ec n noticedhall cooperate ful wiÆ th Age@ánd it ey¼ ed G i The Rec¼iver h Fproinpt furï i tl e a BrneklDa hich are perthieIt to)à id cláin r he defe u 1 ac ons rode di th tent oe n n tio 1 efe proceediág e7 ey the san at thetheDt s sole¼o indbpense (a) C t c te T b ê (b) ith4fee o ediate f i f n Haneous admm st p ra ng exp se upse n s examp me re not ed to sta erst t FIFTH he eceivepinayyancel his agi ment ithout ause )0 däys prio Written t e Coùrt Orde deferatinatiðn hhe b ioiEâfthshesi ñlfi g nÎisâüihoriiáñok t c e gag such party to th ith on the st d Vthe onthperminating said A reemen he jastMa)th (thirpda ti tBDùii iés)lia$ûceDnt Ech ith é Q birsiness and fh Âgent shall eli e he Recei¼Er a leapës,)énses, r 6ûie f s ecord and other instruinent e$ting td B^i