Docstoc Legal Agreements
This Property Management Agreement is used by a property owner located in Kentucky
who employs a property manager to rent and manage the property. The document sets
forth the terms and conditions of the agreement including the compensation arrangement,
the management services to be provided and the duration of the agreement. It contains
many of the standard provisions that are commonly included in these types of agreements
and may be customized to ensure that the specific terms of the parties' agreement are
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PROPERTY MANAGEMENT AGREEMENT
THIS PROPERTY MANAGEMENT AGREEMENT (the “Agreement”) is made as of ____
[Month] ____ [Date], 20____, by and between ______________________ [Instruction: Insert
the name of Owner], (hereinafter called the “Owner”), and _____________________
[Instruction: Insert the name of Manager] (hereinafter called the “Manager”).
1. Employment: The Owner hereby employs the Manager exclusively to rent and manage the
property upon the terms and condition provided herein.
2. Relationship: The relationship of the parties to this agreement shall be that of principal and
agent, and all duties performed by the Manager under this Agreement shall be on behalf of
the Owner, in the Owner’s name and for the Owner’s account. In taking any action under this
agreement, the Manager shall be acting only as the Agent for the Owner, and nothing in this
agreement shall be construed as creating a partnership, joint venture or any other relationship
between the parties or as requiring the Manager to bear any portion of losses arising out of or
connected with the ownership or operation of the property, the Manager shall not at any time
during the period of this Agreement be considered a direct employee of the Owner. Neither
party shall have a power to bind or obligate the other except as expressly set forth in this
Agreement, except that the Manager is authorized to act with such additional power as may
be necessary to carry out the spirit and intent of this agreement.
3. Description of the property: The property to be managed by the Manager under this
agreement as describe on Exhibit A.
4. Term of Agreements: [Instruction: Choose any one clause below.]
The term of this Agreement shall commence with the date of its execution, and shall be
automatically renewed each year thereafter unless either party gives notice of termination not
less than sixty (60) days prior to the end of the contract year; provided, however, that either
party may terminate this agreement on ______ [Instruction: Insert the number of days.]
days written notice.
The term of this Agreement shall commence on the ____ [Month] ____ [Date], day of
20____ [year], and end on the ____ [Month] ____ [Date], day of 20____ [year]. Upon
expiration of the above initial term, this Agreement shall automatically be renewed and
extended for a like period of time unless terminated in writing by either party ___________
(___) [◊Fourteen (14)] days prior to the date for such renewal. This Agreement may also be
terminated by mutual agreement of the parties at any time upon payment to the Manager of
all fees, commissions and expenses due to the Manager under terms of this Agreement.
5. Compensation and Expenses: [Instruction: Choose any one clause below]
The Owner shall pay to the Manager a monthly fee of _____percent (___ %) of gross rental
amounts received on all leases or rental agreements with respect to the property, plus any
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penalty fee indicated in the rental agreement in the event the renter defaults on the terms of
For Management: ___________ ($___) dollars per month or _____ percent (___%) of the
monthly gross receipts from the operation of the premises during the period this Agreement
remains in full force and effect, whichever is the greater amount.
For Leasing: _______percent (____%) of the gross rent for the execution of a lease for a
period of _________ (____) months or longer, to be deducted from the first month’s receipts
and _____ percent (____%) of the gross rent for the execution of a lease extension, or
___________ percent (_____%) of the first month’s rent for a lease for less than ________
(____) months or a month-to month tenancy.
For Remodeling, Redecorating, Damage as a Result of Acts of Nature Or Fire
Restoration: ____ percent (___ %) of gross invoices for all labor and materials contracted
for by agent. This fee will not apply to ordinary repairs and/or maintenance, unless the
Owner requires bids.
6. Management Services to be provided. The Manager shall provide the following property
a. Provide billing of the tenants in the name of the Owner for monthly rent, receive rents
due, provide receipts therefore to the tenants and notify the Owner of any
delinquencies with respect to payments of rent;
b. Maintain full, detailed and accurate records and accounts of all receipts and
expenditures with respect to the property, which records and accounts shall be
available for review by the Owner or his representatives, at any reasonable time;
c. Send to the Owner, on or before the___________ (___) [◊Fourteenth (14th)] day of
each month, a detailed, itemized statement of all property rent and expense receipts
incurred during the month;
d. Advertising of available units;
e. Promptly report to the Owner any and all adverse conditions relating to the property
and/or tenants which shall require the attention of the Owner;
f. Serve the proper preliminary notices in the event an eviction is required. Should the
tenant contest the eviction and an attorney is required, the Owner shall pay all
attorney and court costs;
g. Approve leases and rental agreements with previous agreement by the Owner;
h. Render emergency repairs, when the Owner is not readily available, as may be
required because of danger to life or property or which are immediately necessary for
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the preservation and safety of the premises or the safety of the tenants and occupants
thereof or are required to avoid the suspension of any necessary services to the
i. If permitted by the law, the Manager may collect from the tenant and retain any
and/or all, but not limited to the following: an administrative charge for late payment
of rent, return of checksm, etc.
7. Termination: This agreement may be terminated by either the Owner or the Manager, at the
end of the initial term or any following term year upon the giving of ___________ (___)
[◊Fourteen (14)] days written notice prior to the end of said initial term or following term
8. Limitations on Expenses: The Owner hereby gives the Manager the following authority and
powers and agrees to assume the expenses in connection herewith: To hire, discharge and
pay all contractors, janitors and other employees; to make or cause to be made all ordinary
repairs and replacements necessary to preserve the premises in its present conditions and for
the operating efficiency thereof and all alterations required to comply with lease
requirements, and to do decorating on the premises; to negotiate contracts for non-recurring
items not exceeding ________________ dollars ($____) and to enter into agreements for all
necessary advertising, repairs, maintenance, minor alterations and utility services; and to
purchase supplies and pay all bills. The Manager shall secure the approval of the Owner for
any alterations or emergency repairs in excess of the maximum, if in the opinion of the
Manager such repairs are necessary to protect the property from damage or to maintain
services to the tenants as called for by their tenancy.
9. Indemnity: The Owner hereby agree to hold the Manager harmless from any and all claims,
charges (including attorney fees), debts, demand and lawsuit, claim of personal injury and
property damage incurred and occurring in, on or about the property, except for acts or
failures to act, which are intentional, grossly negligent or as a result of reckless disregard.
10. Applicable Law: This Agreement shall be governed by and construed in accordance with the
provisions of the laws of the State of Kentucky. Venue shall be in
________________________ [Instruction: Insert the County], Kentucky. If any part of this
agreement shall be declared invalid or unenforceable, either party shall have the option to
terminate this agreement by written notice to the other party.
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11. Notice: All notices and other communications required or permitted to be given under this
Agreement shall be in writing and will be delivered personally, or mailed by registered or
certified mail, return receipt requested, postage prepaid or sent by reputable overnight courier
service, or by telex, telecopy or other form of rapid transmission, confirmed by mailing as
described above, addressed as follows:
To the Owner:
To the Manager:
12. Counterparts: This Agreement may be executed in any number of counterparts, and each
such counterpart shall be deemed to be an original instrument, but all such counterparts shall
together constitute but one Agreement.
13. Severability: In case any one or more of the provisions contained in this Agreement shall for
any reason be held to be invalid, illegal or unenforceable in any respect that disability shall
not affect any other provision of this Agreement, and this Agreement shall be construed as if
that provision had never been contained in this Agreement.
14. Captions: Captions to paragraphs and subparagraphs of this Agreement have been included
solely for the sake of convenient reference and are entirely without substantive effect.
15. Facsimile Signatures: The parties agree that this Agreement may be executed by facsimile
and such facsimiles shall be binding as if originals.
16. Entire Agreement: This agreement shall be binding upon the parties, and each of their
respective heirs, executors, administrators, successors and assigns. No amendment is valid
unless in writing and signed by the parties.
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17. Other Conditions:
IN WITNESS WHEREOF, the Owner and the Manager have executed this Agreement as of
the date first above written.
For: OWNER For: MANAGER
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[Instructions: Kindly refer to section 3.]
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