Minnesota Property Management Agreement

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                             This Property Management Agreement is used by a property owner located in Minnesota
                             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.
             ®




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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 "Owner"), and _____________________ [Instruction:
Insert the name of Manager] (hereinafter called "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 Manager under this agreement shall be on behalf of
   Owner, in Owner’s name and for Owner’s account. In taking any action under this
   agreement, Manager shall be acting only as a Agent for 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 Manager to bear any portion of losses arising out of or
   connected with the ownership or operation of the property, Manager shall not at any time
   during the period of this Agreement be considered a direct employee of Owner. Neither party
   shall have a power to bind or obligate the other except as expressly set forth in this
   agreement, except that 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 ______ days written notice.




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                                                   Or


   Term of Agreement The term of this Agreement shall commence on the _____ day of
   __________, 20____, and end on the __________ day of __________, 20 _____. 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)] daysprior to the date for such renewal. This Agreement may also be
   terminated by mutual agreement of the parties at any time upon payment to Manager of all
   fees, commissions and expenses due Manager under terms of this Agreement.


5. Compensation and Expenses: [Instruction: Choose any one clause below]
   The Owner shall pay to tile Manager a monthly fee of _____percent (___ %) of gross rental
   amounts received on all leases or rental agreements with respect to the property, plus any
   penalty fee indicated in the rental agreement in the event the renter defaults on the terms of
   the agreement.
                                                   Or


       a. 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.


       b. 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.


       c. 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 Owner requires bids.



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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 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___________ (___) [◊Fourteen (14)] days 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 Owner is not readily available, as may be required
           because of danger to life or property or which are immediately necessary for the
           preservation and safety of the premises or the safety of the tenantsand occupants
           thereof or are required to avoid the suspension of any necessary services to the
           premises.



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       i. If permitted by the law, Manager may collect from the tenant and retain any and or
           all, but not limited to the following: an administrative charges for late payment of
           rent, return of checks etc.


7. Termination: This agreement may be terminated by either Owner or 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. 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: Owner hereby agree to hold 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    Minnesota.   Venue     shall   be   in
   ________________________ [Instruction: Insert the County], Minnesota. If any part of



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   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.


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 Owner:
   Name                ______________________________
   Address             ______________________________
                       ______________________________
   Phone               ______________________________
   Email               ______________________________


   To 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




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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.


17. Other Condition
    ___________________________________________________________________________
    ___________________________________________________________________________
    ___________________________________________________________________________
    ___________________________________________________________________________
    ___________________________________________________________________________
    ___________________________________________________________________________


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:




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                                            EXHIBIT A


                            [Instructions: Kindly refer to section 3.]




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Description: This Property Management Agreement is used by a property owner located in Minnesota 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.
This document is also part of a package Essential Minnesota Legal Documents 144 Documents Included