CONTRACT 3364E AmendmentAgreement No. 3364E
FIFTH AMENDMENT TO PROPERTY MANAGEMENT AGREEMENT BETWEEN THE
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION AND CADMAN GROUP,
INC., A CALIFORNIA CORPORATION
This FIFTH AMENDMENT ("Amendment") to the PROPERTY MANAGEMENT
AGREEMENT BETWEEN THE EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
AND NEIL R. CADMAN DBA CADMAN GROUP (since incorporated as Cadman Group, Inc., a
California Corporation) dated October 1, 2004 ("Agreement") is made and entered into this 23rd day
of July, 2020, by and between the El Segundo Senior Citizen Housing Corporation, a California
nonprofit public benefit corporation ("Owner") and Cadman Group, Inc., a California Corporation
("Manager").
Section 1.4 of the Agreement is hereby amended to read as follows:
1.4 TERM
The term of this Agreement shall extend to and including October 31, 2023, subject to
the provisions set forth in Section 19 regarding termination.
2. Section 15.1 of the Agreement is hereby amended to read as follows:
15.1 FEE FOR MANAGEMENT SERVICES
Beginning November 1, 2020, MANAGER will be paid the fee of $15,000.00 per month for its
proper performance of all the services as set forth herein. Beginning November 1, 2021, the
monthly management fee will increase to $15,250. Beginning November 1, 2022, the monthly
management fee will increase to $15,500.
3 , This Amendment may be executed in any number or counterparts, each of which will be an
original, but all of which together constitute one instrument executed on the same date.
4. Except as otherwise provided herein, all terms and conditions of the Agreement shall remain in
full force and effect.
IN WITNESS HEREOF, the parties hereto have affixed their respective signatures on the date
first hereinabove written.
EL SEGUNDO SENIOR CITIZENS
1lO,,SING CORPORATION'
µ,
President
Chief Firiancial Officer
CADMAN GROUP, INC.
NEIL, ` M, N RES ENT
Neil R. Cadman
E- I - "N -q
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