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i I PROPERTY MANAGEMENT AGREEMENT THIS AGREEMENT made and entered into as of the day of by and between City of Roseville(hereinafter called"Owner")and Gaughan Enterprises,Inc.,a Minnesota Corporation d/b/a Gaughan Companies(hereinafter called "Manager"). WITNESSETH WHEREAS,Owner is the owner of Lexington Shoppes located at 2719 N Lexington Ave Roseville, MN SS113 (hereinafter called"Property");and NOW,THEREFORE,inconsideration of the sum of one dollar($1.00)in hand each paid to the other,the receipt and sufficiency of which is hereby acknowledged,and other considerations hereinafter set forth,the parties hereto agree to the other as follows: 1, Owner does hereby designate and appoint Manager as the exclusive property manager for the Property. Owner shall,from time to time,designate an individual to whom Manager shall report with respect to the management of the Property. 2. The term of this Agreement shall commence Upon closing of Purchase Agreement by and between City of Roseville and Roseville Center Limited Partnership and shall continue through,a minimum of twelve(12)months;provided,however,that the term shall be automatically renewed from month-to-month thereafter until the Agreement Is either extended or terminated by either party in accordance with the subsequent provisions hereof(such initial period and any renewal period hereinafter collectively,the"Term"). 3. Manager shall,during the Term, perform the following property management duties with respect to the Property,in a diligent and efficient manner and subject to the restrictions hereinafter set forth: A. Submit an operating budget within a mutually agreed upon timeline which shall outline the management staff contemplated,the nature of outside contracts to be obtained, the plans and procedures to be utilized in the operation of the Property and special projects. After approval of the operating budget by Owner,Manager agrees to operate the Property in accordance with the operating budget and not to significantly deviate from these without Owner's prior approval. B. Provide Owner with monthly reports detailing both the financial and physical status of the Property and maintain an on-going list of open items undertaken in the management of the Property. 1