CONTRACT 3364H AmendmentAgreement No. 3364H
EIGHTH AMENDMENT TO PROPERTY MANAGEMENT AGREEMENT NO.
3364 BETWEEN THE EL SEGUNDO SENIOR CITIZEN HOUSING
CORPORATION AND CADMAN GROUP, INC., A CALIFORNIA
CORPORATION
This EIGHTH 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 (the "Agreement") is made and entered into this 26th
day of April, 2023, 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"), collectively referred to herein as the "Parties."
WHEREAS, the Parties entered into the Agreement on October 1, 2004;
WHEREAS, the Agreement has since been amended on seven occasions; and
WHEREAS, the Parties wish to amend the Agreement again to extend the tenn for an
additional three years and to make other mutually agreed upon changes to its terms.
NOW, THEREFORE, in exchange for valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Parties agree as follows:
Section 1.4 of the Agreement is hereby amended to read as follows:
"l .4 TERM
The term of this Agreement shall extend to and including October 31, 2026, subject
to the provisions set forth in Section 19 regarding termination."
2. Section 1.7 of the Agreement is hereby amended to read as follows:
"1.7 APARTMENT FOR MANAGER'S ON -SITE PERSONNEL
OWNER must provide MANAGER with one apartment unit on the Premises which
MANAGER may sublet only for the use of its designated employee/on-site manager.
The apartment unit will be provided to MANAGER rent free, except that
MANAGER or MANAGER's sublessee shall be responsible for paying the cost of
utilities and telephone in the same manner as other tenants. The specific apartment
may be selected by OWNER. In the event this Agreement expires or is earlier
terminated, MANAGER shall be responsible for paying the then -applicable market
rent for the unit beginning 30 days after the Agreement expires/terminates and
extending until such time as the unit is vacant. This section shall survive termination
of this Agreement."
Agreement No. 3364H
Section 2 of the Agreement is hereby amended to read as follows:
"Section 2: BANK ACCOUNTS
The operating account established under this Agreement may be with a bank selected
by MANAGER and must be in the name of, and owned by, OWNER, but under
MANAGER's control. MANAGER's designees are the only parties authorized to
draw upon such account. No amounts in any accounts established under this
Agreement may, in any event, be commingled with any other funds of MANAGER or
its other clients."
4. Section 10.3 of the Agreement is hereby amended to read as follows:
"10.3 APPROVAL FOR EXCEPTIONAL MAINTENANCE EXPENSE
The expense to be incurred for any one item of maintenance, alteration, refurbishing,
or repair cannot exceed the sum of $7,500, unless such expense is first specifically
authorized by OWNER, or is incurred under such circumstances as MANAGER
reasonably deems to be an emergency. The foregoing limitation does not apply to
any expense or expenses incurred in connection with preparing a vacant unit for
rental."
5. Section 15.1 of the Agreement is hereby amended to read as follows:
"15.1 FEE FOR MANAGEMENT SERVICES
Beginning November 1, 2023, MANAGER will be paid the fee of $16,250.00 per
month for its proper performance of all the services as set forth herein. Beginning
November 1, 2024, the monthly management fee will increase to $16,500.00.
Beginning November 1, 2025, the monthly management fee will increase to
$16,750.00."
6. 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.
7. Except as otherwise provided herein, all terms and conditions of the Agreement, as previously
amended, shall remain in full force and effect.
[signatures on following page]
Agreement No. 3364H
IN WITNESS HEREOF, the Parties hereto have affixed their respective signatures on the
date first hereinabove written.
EL SEGUNDO SENIOR CITIZENS
HOUSING CORPORATION
President
Chief FRAcial Pfficer
APPJ�YED AS TO FORM:
CITY TTORNEY
ATTEST
Cif IO-w
Cif of El Segundo
CADMAN GROUP, INC.
NEIL R. CADMAN, PRESIDENT
Neil R. Cadman
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Taxpayer ID