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i C. Manager shall distribute to tenants rental billing statements for each month on or about the 15th day of the immediately preceding month and shall distribute applicable late payment notices to tenants on or about the 101h day of each month. D. Collect all rental payments and other income and deposit such funds in an operating account established by Manager and approved by Owner for the Property. Manager shall pay all operating expenses of the Property out of such operating account(to the extent of available funds in such account). Manager shall disburse the Property's excess cash flow to Owner on a monthly basis. Manager shall promptly and diligently pursue collection of tenant delinquencies subject to approval of Owner,the cost of which shall be and expense payable from the Property operating account. E. Notify Owner in writing if at any time the gross income(or cash in the operating account)from the Property shall not be sufficient to pay the expenses and charges which may be incurred with respect to the Property. Manager shall also provide to Owner a sources and uses statement to document such cash shortages and Owner shall provide sufficient monies to eliminate such cash shortage. Manager shall have no responsibility to pay any expenses which cannot timely paid due to a lack of sufficient funds in the operating account. F. Develop and maintain accurate records with respect to the management of the Property Including: leases,service contracts,correspondence,invoice,tenant billings, receipts and expense payments related to the Property. Owner will,after the commencement date of this Agreement, promptly make available to Manager any pertinent records related to the Property and tenants,including records maintained by the previous property manager,if any. G. Review all real estate tax bills,water and sewer charges,utilities and other assessments and pay such amounts,on Owner's behalf,out of the operating account(to the extent of the available funds). H. Promptly report to Owner conditions at the Property requiring attention by Owner or Manager. I. Contract,on behalf of Owner,for the making of necessary repairs and the performance of the other necessary work and replacement of damaged,worn or inoperative equipment or fixtures in the Property. Owner's written approval shall be required for expenses not contained in the approved operating budget,which exceed$2,500. Additionally, In the event the Manager,in its good faith and reasonable judgment, deems an expenditure not provided for in an approved budget to be an emergency(that Is Immedlately necessary to protect persons or property), Manager shall be authorized to make such expenditure on behalf of the Owner, provided the Manager notifies Owner by telephone of the nature of the emergency and the scope of the work to be done,and 2