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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 addressed.
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 addressed. ® DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your attorney to meet your specific needs and the laws of your state. Use at your own risk. 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All Rights Reserved 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. Or 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 © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 penalty fee indicated in the rental agreement in the event the renter defaults on the terms of the agreement. Or 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 management services: 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 © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 3 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 premises; 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 year. 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. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 4 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: Name ______________________________ Address ______________________________ ______________________________ Phone ______________________________ Email ______________________________ To the Manager: Name ______________________________ Address ______________________________ ______________________________ Phone ______________________________ Email ______________________________ 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. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 5 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 Signed:_______________________________ Signed:________________________________ Name: Name: Title: Title: Date: Date: © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 6 EXHIBIT A [Instructions: Kindly refer to section 3.] © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 7
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