This
Property Management Agreement (the “Agreement”)
is entered into ____________________ (the “Effective
Date”), by and between
________________________,
with an address of
_____________________________
(the “Manager”) and
_________________, with an
address of _______________________________,
(the “Owner”), collectively “the Parties.”
1.
Purpose.
Owner owns the property located at
__________________________________
(the “Property”). Manager is in the
business of managing properties of this type. Owner desires to engage Manager
to manage the Property.
2. Manager’s Responsibilities.
Manager agrees to perform the following duties and responsibilities with
regards to the Property:
Advertising of Property.
Manager shall advertise the Property for rent, engage and screen potential
renters, enter into rental agreement(s) with acceptable renter(s). Owner shall
reimburse Manager for all expenses related to such Advertising. Manager shall
notify Owner, in advance, of anticipated expenses related with such
Advertising.
Collection &
Disbursement of Rent. Manager shall be
responsible for all collection of Rent earned on the Property. Manager shall
then be responsible for disbursement of those proceeds to Owner. Owner shall
provide Manager with direction as to how proceeds shall be disbursed. Manager
shall further prepare and provide to Owner a detailed accounting of all rents,
expenses, and disbursements.
Maintenance & Repair.
Manager shall be responsible for performing, or hiring necessary personnel to
perform, all necessary maintenance and repairs to the Property. Owner shall
reimburse Manager for the cost of all such maintenance and repairs. Manager
shall provide Owner invoices of the actual costs.
Legal Proceedings.
In the event that collection and/or legal proceedings become necessary with
regard to the rental of the Property, Manager shall handle all such
proceedings. Owner shall reimburse Manager for all expenses incurred in the
pursuit of collection proceedings and/or legal proceedings. Manager shall not
be responsible for any legal proceedings that do not result from the management
and rental of the Property.
3.
Compensation.
The Parties agree Manager shall be
compensated as follows
__________
________________________________________________________________
_______.
4. Term.
This Agreement shall commence upon the Effective Date, as stated above, and
will continue until
____________________________________________________________.
5. Termination. This
Agreement may be terminated at any time by either Party upon ___ days written
notice to the other party. Upon termination, Manager shall disburse to Owner
any monies in Manager’s possession due and owing to Owner within thirty (30)
days from the date of termination. Owner shall reimburse Manager for any
expenses incurred or approved prior to the date of termination within thirty
(30) days from the date of termination.
6. Representations and
Warranties. Both Parties represent that they are
fully authorized to enter into this Agreement. The performance and obligations
of either Party will not violate or infringe upon the rights of any third-party
or violate any other agreement between the Parties, individually, and any other
person, organization, or business or any law or governmental regulation.
7. Indemnity.
The Parties each agree to indemnify and hold harmless the other Party, its
respective affiliates, officers, agents, employees, and permitted successors
and assigns against any and all claims, losses, damages, liabilities,
penalties, punitive damages, expenses, reasonable legal fees and costs of any
kind or amount whatsoever, which result from the negligence of or breach of
this Agreement by the indemnifying party, its respective successors and assigns
that occurs in connection with this Agreement. This section remains in full force
and effect even after termination of the Agreement by its natural termination
or the early termination by either party.
8.
Limitation
of Liability. UNDER NO CIRCUMSTANCES SHALL EITHER
PARTY BE LIABILE TO THE
OTHER PARTY OR ANY THIRD PARTY FOR ANY DAMAGES RESULTING FROM ANY PART OF THIS
AGREEMENT SUCH AS, BUT NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFIT OR
LOST BUSINESS, COSTS OF DELAY OR FAILURE OF DELIVERY, WHICH ARE NOT RELATED TO
OR THE DIRECT RESULT
OF A PARTY’S NEGLIGENCE OR
BREACH.
9. Severability.
In the event any provision of this Agreement is deemed invalid or
unenforceable, in whole or in part, that part shall be severed from the
remainder of the Agreement and all other provisions should continue in full
force and effect as valid and enforceable.
10.Waiver.
The failure by either party to exercise any right, power or privilege under the
terms of this Agreement will not be construed as a waiver of any subsequent or
further exercise of that right, power or privilege or the exercise of any other
right, power or privilege.
11.Legal Fees. In
the event of a dispute resulting in legal action, the successful party will be
entitled to its legal fees, including, but not limited to its attorneys’ fees.
12.Legal and Binding Agreement.
This Agreement is legal and binding between the Parties as stated above. This
Agreement may be entered into and is legal and binding both in the United
States and throughout Europe. The Parties each represent that they have the
authority to enter into this Agreement.
13.Governing Law and
Jurisdiction. The Parties agree that this Agreement
shall be governed by the State and/or Country in which the Property is located.
14.Entire Agreement.
The Parties acknowledge and agree that this Agreement represents the entire
agreement between the Parties. In the event that the Parties desire to change,
add, or otherwise modify any terms, they shall do so in writing to be signed by
both parties.
The Parties agree to the
terms and conditions set forth above as demonstrated by their signatures as
follows:
“MANAGER”
Signed: _____________________________________
By:
________________________________________
Date:
_______________________________________
“OWNER”
Signed:
_____________________________________
By:
________________________________________
Date:
______________________________________
1 Comments
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