Synopsis of Duties Contained within Management Agreement

Sterling Condominium Services Inc. agrees to perform the following services:

ACCOUNTING AND ADMINISTRATION

1. Collect all maintenance fees.
2. Bank all receipts in a separate "Trust Account".
3. Pay all approved invoices out of said account.
4. Follow up on all delinquencies including: preparation and mailing of "friendly" reminders; preparation and mailing of follow up correspondence; coordination of legal action according to the Condominium Act or wishes of the Board of Directors.
5. Prepare a monthly financial report.
6. Prepare a "Year End' financial report for audit.

ON-GOING MANAGEMENT ACTIVITIES

1. Provide on-site inspections to ensure that all maintenance is properly performed.
2. Act as liaison between the Board and the Owners to ensure co-ordination of all the various problems and also to provide a line of communication through one focal point.
3. Provide an after office hour service phone number for emergencies.
4. Prompt service will be provided within a reasonable time and will be recorded accordingly.
5. Any serious complaint will be investigated and reported to the Board with appropriate recommendations.

MONTHLY BOARD OF DIRECTORS MEETING

1. Provide Directors with an agenda for the meeting.
2. The Property Manager could take the minutes of the meeting, if the Board requests it.
3. Provide Directors with copies of all pertinent correspondence during the previous month in order to bring them up to date.
4. Provide Directors with a "Management Report" showing status of all activities within the Corporation:
    A. Arrears
    B. Violation of by-laws
    C. Completed repairs or replacements
    D. Upcoming problems in maintenance.
5. Provide a financial report.
6. The Manager or a representative of Sterling to attend regular meetings with the Board.

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