The Village Racquet Club Association
C. Agent shall establish and maintain, in a bank of Agent’s choice, which bank shall be insured by the Federal Deposit Insurance Corporation (FDIC) and in a manner to indicate the custodial nature thereof, a separate bank account as Agent of Association for the deposit of the monies of Association, with authority to draw thereon for any payments to be made by the Agent to discharge any liabilities or obligations incurred pursuant to this Agreement and for the payment of the Agent’s fee, all of which payments shall be subject to the limitations of this Agreement. From funds collected, Agent shall pay the expenses for the operation of the Association in accordance with the Approved Budget or as authorized by the Board. D. Agent shall establish Association’s reserve accounts in Federally insured institutions or Treasury T‐bills or Treasury bonds and in accordance with Association investment policy and at Associations direction. Agent shall not be held liable in the event of bankruptcy or failure of a depository. E. Agent shall, when authorized by the Board and in accordance with the CC&R’s, allow independent auditors, Association members, government representatives and any other parties so authorized, access to all financial records and working space to review those records.
ARTICLE IV ASSOCIATION AND AGENT RESPONSIBILITIES
4.1 Documents furnished to Agent. Association shall furnish to Agent copies of the Association Documents, owner listing, financial information and any other documentation deemed necessary by the Association or requested by Agent for the purpose of carrying out the Services under this Agreement., 4.2 Agent as Additional Insured. Association shall name Agent and its employees as an additional insured on policies of comprehensive general liability and fidelity immediately after commencement of Agreement. Association shall have insurer forward a Certificate of Insurance evidencing such coverage with the stipulated requirement that Agent (additional insured) be given 30‐day notice of cancellation or non‐renewal. 4.3 Association Insurance Coverage. The Association must maintain the minimum insurance coverages required by the CC&R’s and no less than crime, employee dishonesty and fidelity bond coverage equal to or more than the combined amount of the current reserve balance in addition to three (3) months of the regular assessment monthly budgeted income.
On request of the Association, Agent shall review insurance coverage of Association and assist in obtaining advice from insurance brokers regarding the type and amount of coverage to maintain.
4.4 Indemnification. Association hereby agrees to defend, indemnify and hold harmless, Agent and its employees, agents, officers and directors against any and all claims, costs, suits, and damages including attorney’s fees arising out of the performance of this Agreement or with respect to Agent’s management of the property, including claims and damages and liability for injuries suffered, or death or property damage incurred relating to the Property.
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