PROPERTY MANAGEMENT AGREEMENT
This is intended to be a legally binding agreement. Read it carefully.
This agreement to manage property is made this ____day of __________, 20____,
(“Commencement Date”) by and between Owner(s): ______________________ and
Chatelain Property Management (“Agent”).
Section 1
Exclusive Agency – Renewal – Termination
1.1 APPOINTMENT AND ACCEPTANCE: Owner hereby contracts with and appoints Agent as
the sole and exclusive managing agent to rent, manage, and operate the real property described
below, including any personal property left on site (collectively, “Property”), upon the conditions
and for the term and compensation set forth herein. Owner certifies and represents that Owner
has the legal authority and capacity to lease the Property and rental of the same will not violate
any laws, ordinances or rules. Proof of ownership attached (i.e., Deed, copy of public records, or
closing statement).
Agent hereby accepts appointment and agrees to perform all services reasonably necessary for the
care, protection, maintenance and operation of the Property in accordance with the terms and
provisions contained herein.
1.2 DESCRIPTION OF THE PROPERTY: The property to be managed by Agent under this
agreement is located at: _ _______ City: _ _________________
County: ___________________ State: ___________ Zip: __ ________
Tax ID#: ____________________________.
1.3 TERM & RENEWAL: The effective date of this agreement shall commence on
________________________ and end on ____________________. Unless cancelled in writing,
this agreement automatically renews for one-year periods.
1.4 TERMINATION: Owner and Agent shall have the right to immediately terminate this
agreement without cause, upon written notice, at any time. In the event that Owner terminates
this agreement within 120 days of the effective date of this agreement, Owner shall pay Agent a
cancellation fee of $300.00 in addition to any amounts otherwise due under this agreement.
1.4.1 TERMINATION COMPENSATION: Any amounts accruing to Agent prior to the
effective termination date shall be due and payable upon termination of this Agreement.
To the extent that funds are available, and in any event prior to the disbursement of
payments on underlying mortgage obligations and payments to Owner, such sums shall
be payable from the operating account. Any amount due in excess of the funds available
from the operating account shall be paid by Owner to Agent upon demand.
1.4.2 OWNER RESPONSIBLE FOR PAYMENTS: Upon termination of this Agreement,
Owner shall assume the obligations of any contract or outstanding bill executed by Agent
under this Agreement for and on behalf of Owner, if such bill was incurred by Agent in
accordance with this Agreement or as otherwise approved by Owner. In addition, Owner
shall indemnify Agent against any obligations or liabilities which Agent may have
properly incurred on Owner's behalf under this Agreement.
Owner ________ Date______ Agent________ Date _______
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1.4.3 ACCOUNTS; UNPAID BILLS: Agent shall deliver to Owner, within thirty (30)
days after this Agreement is terminated, any balance of moneys due Owner (less amounts
necessary to cover any outstanding checks), and resident security deposits which were
held by Agent with respect to the Property, as well as a final accounting statement
reflecting the balance of income and expenses with respect to the Property as of the date
of termination, and all records, contracts, leases, receipts for deposits and other papers or
documents which pertain to the Property. Bills previously incurred but not yet invoiced
shall be the responsibility of and sent directly to the Owner.
1.4.4 PROPERTY RECORDS: Since all records, contracts, leases, agreements, receipts
for deposits, unpaid bills, and other papers and documents which pertain to the Property
are deemed to be the property of the Owner; they are to be delivered to Owner in
accordance with Section 17.4.
1.5 AVAILABILITY: The Property will be available for occupancy commencing on the
__________ day of _____________, 20 ____.
SECTION 2
ACCOUNTS
2.1 BANK ACCOUNTS: Agent is authorized to establish one or more operating trust accounts
and security deposit trust accounts. Operating trust accounts are hereinafter referred to as
"operating accounts". All other accounts are hereinafter referred to as '"trust accounts". Agent
shall deposit into the trust accounts all security and other deposits made by residents except non-
reimbursable cleaning and other non~ refundable fees. All other funds shall be placed in one or
more operating accounts. All trust accounts shall be operated in conformance with state law.
Agent shall designate one or more individuals who shall be the only parties authorized to draw
upon such accounts. All bank accounts shall be established at such banks or other institutions
whose deposits are insured by the federal government. All such depository banks shall be selected
by Agent and shall be satisfactory to Owner. Agent shall not be liable to Owner in the event of
bankruptcy or failure of a depository institution.
2.2 INITIAL DEPOSIT TO TRUST ACCOUNTS: Immediately upon commencement of this
Agreement, Owner shall remit to Agent such amounts as may be necessary in order to fully fund
all required trust accounts, if applicable. Agent shall not be liable for any claims associated with
trust moneys not transferred by Owner to Agent.
2.3 INITIAL DEPOSIT FOR RESERVES: Upon collection of rent, Agent will withhold a sum to
be deposited in the operating accounts as a contingency reserve to equal $__________ ($500.00 if
left blank). Owner agrees to maintain such contingency reserve at all times in the operating
account so as to enable Agent to pay the obligations of Owner under this Agreement as they
become due. Owner and Agent shall review the amount of the contingency reserve, from time to
time, and shall agree in writing upon a new contingency reserve when such is required, if
applicable.
Owner ________ Date______ Agent________ Date _______
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2.4 AGENT’S OBLIGATION TO ADVANCE PAYMENTS: All purchases and other obligations
incurred in connection with the management of the Property shall be the sole cost and expense of
Owner. All such purchases shall be made by Agent solely on behalf of Owner and not as a
principal. Agent shall be under no duty to utilize or apply Agent's own funds for the payment of
any such debt or obligation. In the event that there are insufficient funds in the operating account,
Agent may advance its own funds for such purpose, in which event Owner shall promptly repay
to Agent all such sums expended, together with interest at the rate of Well’s Fargo Bank’s prime
plus 3% per annum calculated from the date of Agent’s advancement of funds to the date of
repayment from Owner.
SECTION 3
COLLECTION OF RENTS AND OTHER RECEIPTS
3.1 AUTHORITY OF AGENT: Agent shall collect all rents, charges and other amounts received
in connection with the management and operation of the Property. All security deposits
(excluding non-reimbursable cleaning fees and the like) shall be deposited into the trust account
described in Section 2.1 above. All other receipts shall be deposited into the operating account.
3.2 SPECIAL CHARGES: Agent shall deposit into the operating account charges paid by
residents for the late payment of rent, returned or non-negotiable checks, and payments for credit
report fees and other non-reimbursable fees.
SECTION 4
DISBURSEMENT FROM OPERATING ACCOUNTS
4.1 OPERATING EXPENSES: From the operating account, Agent is authorized to pay or to
reimburse Agent for all expenses and costs of operating the Property and for all other sums due
Agent under this Agreement, including Agent’s compensation which is set forth in Section 14.
4.2 EXTRAORDINARY EXPENSES: Owner requests written bids for any expenditure over
$_________ ($500.00 if left blank). Agent is required to submit a minimum of three (3) written
bids for all expenditures over One Thousand Dollars ($1,000.00). However, in the event of an
emergency, Agent may authorize any reasonable expenditure which is necessary or required
because of danger to life or property, or which is immediately necessary for the residents and
occupants thereof, or is required to avoid the suspension of any necessary service to the Property,
or to comply with any applicable federal, state or local laws, regulations, or ordinances. Agent
shall, however, before the end of three business days, notify Owner in detail concerning such
expenditures.
4.3 SPECIFIC EXPENSES TO BE PAID BY AGENT: Agent shall pay from the operating
account, in accordance with the operating budget or as otherwise directed by Owner, all utility
and maintenance charges; all real property taxes and assessments {if so requested by Owner); all
premiums for liability and casualty insurance; all monthly payments upon underlying secured real
property debt; Chatelain Property Management fees; all other operating and rental expenses set
forth herein; and any other costs necessary in the operation of the Project as provided for within
the operating budget.
Owner ________ Date______ Agent________ Date _______
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4.4 EXPENSES TO BE PAID DIRECTLY BY OWNER: In addition to income taxes and gross
receipt taxes (if any) incurred as a result of the operation of the Project, Owner shall pay directly
the following: Maintain insurance on the Property, including public liability insurance of at least
$500,000 and name Agent as additional insured. Provide a copy of this policy to Agent. Agent
recommends higher limits.
4.5 FEES FOR LEGAL ADVICE: Owner shall pay reasonable expenses incurred by Agent in
obtaining legal advice regarding compliance with any law affecting the Property.
4.6 NET PROCEEDS: To the extent that funds are available, and after maintaining a cash
contingency reserve amount as specified in Section 2.3, Agent shall transmit net cash proceeds to
Owner at times specified by Owner. Such periodic cash payments shall be remitted to the
following address or bank: ___________________________________________
_______________________________________________________________________
4.7 PRIORITY OF PAYMENT: Should operating account funds be insufficient to satisfy the
current debts and obligations of the Property, such debts and obligations shall be paid in the
following order: Mortgage payments; real estate taxes and insurance; charges by utility
companies (including, but not limited to, gas, electric, water, sewer, garbage and cable
television); Management fees and other management expenses, project payroll, including state
and federal payroll taxes; other contractual obligations of the Project; underlying secured real
property debt; other required payments, including payments to reserve accounts.
SECTION 5
FINANCIAL AND OTHER REPORTS
5.1 REPORTS: By the 15th day of each month, Agent shall furnish Owner with an operating
statement of the Property for the prior calendar or fiscal month.
5.2 OWNER'S RIGHT TO AUDIT: Owner shall have the right to request periodic audits of
applicable accounts managed by Agent, and the cost of such audits shall be paid by Owner.
SECTION 6
ADVERTISING
Agent is authorized to advertise on behalf of the Owner using periodicals, signs, plans, brochures
or displays, or such other means as Agent may deem proper and advisable. Agent is authorized to
place signs on the Property advertising that Property is available for rent, provided such signs
comply with applicable laws. The cost of such advertising shall be paid out of the operating
account, in accordance with the Project Budget or as approved by Owner. All advertising shall
identify Chatelain Property Management as the property manager of the Project. Chatelain
Property Management shall have the right to publish advertisements that share space with other
properties managed by Chatelain Property Management provided that the costs of such
Owner ________ Date______ Agent________ Date _______
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advertising shall be prorated among the various projects. Chatelain Property Management is
authorized to install exterior signs identifying Chatelain Property Management as the property's
professional management firm.
SECTION 7
LEASING AND RENTING
7.1 AGENT’S AUTHORITY TO LEASE PROPERTY: Agent is authorized to negotiate, prepare
and execute all lease agreements for the Property, including all renewals and extensions of rental
or lease agreements for up to one-year periods, and to cancel and modify existing rental or lease
agreements. Agent shall execute all lease agreements as agent for the Owner. All costs of leasing
shall be paid out of the operating account, in accordance with the leasing budget, or as approved
by Owner. All prospective residents are to be screened through a credit screening service.
7.2 NO OTHER RENTAL AGENT: During the term of this Agreement, Owner shall not
authorize any other person, firm or corporation to negotiate or act as leasing or rental agent for
the Property, including Owner. Owner agrees to promptly forward all inquiries about leases or
rental agreements to Agent. Agent is authorized to hire, on behalf of the Owner, leasing and
rental agents for the Property. If the Property has existing tenants, Owner will discharge other
current managers (if any), provide Agent a set of keys to the property, and notify the tenant that
Agent is authorized to act on behalf of the Owner. If the Property does not have existing tenants,
Owner will provide Agent a minimum of 3 sets of keys for each door lock, plus security, mailbox
keys, garage door openers, gate cards, pool keys and security passes as appropriate.
7.3 RENTAL RATES: Agent shall establish or revise all rents, fees or other deposits, and all
other charges. Agent may promote the occupancy of the Property by granting rental concessions
and other promotional bonuses to prospective or current residents.
7.4 ENFORCEMENT OF RENTAL AGREEMENTS: To ensure compliance with rental
agreements, Agent shall conduct an external visual inspection monthly during daylight hours.
Visit the Property three or more times per year for an internal review to determine that the
Property is in good order. Digital photographs and written review reports shall be completed for
each inspection and available to Owner via the Agent’s website. Agent is authorized to institute,
on behalf of the Owner, all legal action or proceedings for the enforcement of any lease
agreement, for the collection of rent or other income due, or for the eviction or dispossession of
residents or other persons from the Property.
7.5 COLLECT RENTS: Agent is authorized to sign and serve such notices as Agent deems
necessary for the enforcement of lease agreements, including the collection of rent and other
income. Agent may settle, compromise, and release such legal actions or suits or to reinstate such
tenancies without the prior consent of Owner, if such settlement, compromise, or release shall
involve an amount in controversy of One Thousand Dollars ($1,000), or less. Where the amount
in controversy is in excess of One Thousand Dollars ($1,000), Agent shall first obtain the
authorization of Owner (written or oral) before entering into any compromise, settlement, or
release of such legal action. Any moneys for such settlements paid out by Agent shall be an
operating expense of the Property. Attorney's fees, filing fees, court costs and other necessary
expenditures incurred in the connection with such action shall be paid out of the operating
account All funds recovered through such actions shall be deposited into the operating account.
Owner ________ Date______ Agent________ Date _______
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Agent, with Owner's approval, may select the attorney or attorneys to handle any and all such
litigation.
7.6 HANDLE SECURITY DEPOSITS: Agent shall establish, collect, hold and disburse tenant
security deposits on behalf of the Owner and in accordance with the Landlord-Tenant Act of the
State of Washington and any applicable local laws, regulations, or ordinances.
7.7 PREPARING PROPERTY FOR TENANCY: Owner shall place the Property in a clean and
tenant ready condition prior to occupancy. Agent recommends using the “Cleaning Instructions
for Properties” as a guideline. Owner certifies that all heating, cooling, plumbing, electrical
systems and all appliances are in good working condition. Owner certifies that the roof is
watertight and that water does not enter living areas either from rain or subterranean sources.
Owner certifies that the Property is in compliance with all applicable laws, ordinances, and
regulations of all governmental authorities. Agent strongly recommends Owner engage a
certified home inspection service to identify and repair all major deficiencies prior to initial
tenancy.
7.8 PAYMENT OF OWNER’S BILLS – Optional: If requested by Owner in writing, Agent shall
arrange to pay, at Owner’s expense, any and all charges for services identified by Owner. Such
charges may include, but are not limited to: utility bills (electricity, gas/propane/oil, telephone,
cable, water, sewer and trash removal); snow removal; mortgages; taxes; and homeowner dues.
Owner shall deposit with Agent as additional security for the payment of Owner’s obligations
under this agreement a sum equal to the aggregate of one month’s of all expenses or the sum of
$300.00, whichever is greater. In the event the current rental revenues or the reserve account is
insufficient to pay fees or other compensation, Owner shall promptly restore reserve account to
its required funding.
SECTION 8
AUTHORITY TO HIRE
Agent shall have authority to hire, supervise and terminate on behalf of Owner all independent
contractors reasonably required for the operation of said property. Owner shall be ultimately
responsible for payment of all monies due to all independent contractors that are licensed, insured
and bonded. Where applicable, Agent make payments of such monies due and such taxes and
other charges to appropriate agencies out of monthly gross revenues on behalf of Owner.
SECTION 9
OPERATIONS, MAINTENANCE AND REPAIR
9.1 PERFORMANCE OF REPAIRS: Agent is authorized to make or cause to be made, through
Agent’s employees, or through contracted services, all ordinary repairs and replacements
reasonably necessary to preserve the Property in its present condition and for the operating
efficiency of the Property, and all alterations required to comply with rental agreement
requirements, governmental regulations or insurance requirements. In accordance with the
directions of Owner, Agent is also authorized to purchase or rent, all equipment, tools,
appliances, materials, supplies, and other items necessary for the management, maintenance or
Owner ________ Date______ Agent________ Date _______
Page 6 of 11
operation of the Property. All of the above shall be considered expenses of the Property and shall
be paid from the operating account.
9.2 FEES FOR WORK PERFORMED BY AGENT’S EMPLOYEES: Agent may cause repairs
and replacement work to be performed by employees of Agent. Owner shall pay to Agent a
reasonable fee for such services based upon the then current hourly charges made and assessed by
Agent for the performance of such services.
9.3 CONTRACTS, UTILITIES AND SERVICES: Agent shall enter into agreements for all
necessary repairs, maintenance, minor alterations, and utility services, and make contracts on
Owner's behalf for electricity, gas, telephone, fuel, water, and such other services (including
utility deposits) required for the operation of the Property.
9.4 LIMITATIONS ON CONTRACTS: Each contract or agreement shall: (a) be written in
Owner’s name and with Owner’s authority (b) be assignable, at Owner's option, to Owner or
Owner's nominee, (c) include a provision of cancellation thereof by Owner or Agent upon not
more than thirty (30) days written notice. If this Agreement is terminated pursuant to Section 16,
Agent shall, at Owner's option, assign to Owner or Owner's nominee all contracts and agreements
pertaining to the Property. Agent shall notify Owner if any such contracting entity is either a
subsidiary, affiliate, or has any other relationship whatsoever to Agent.
SECTION 10
RELATIONSHIP OF CHATELAIN PROPERTY MANAGEMENT TO OWNER
Chatelain Property Management is engaged independently in the business of property
management and acts hereunder as an independent contractor. Nothing contained in this
Agreement shall be construed as creating a partnership, joint venture, or any other relationship
between the parties to this Agreement, or as requiring Agent to bear any portion of losses arising
out of or connected with the ownership or operation of the Property. Agent shall not, at any time
during the term of this Agreement, be considered to be a direct or indirect employee of Owner.
Except as provided herein, neither party shall have the power to bind or obligate the other party.
Except as specifically set forth in this Agreement, Agent shall not act as the agent of Owner.
SECTION 11
INSURANCE
11.1 INSURANCE: Owner shall obtain and keep in force adequate insurance against physical
damage (e.g. fire with extended coverage endorsement, etc.) and against liability for loss,
damage, or injury to property or persons which might arise out of the occupancy, management,
operation, or maintenance of the Premises. The amounts and types of insurance shall be
acceptable to both Owner and Agent, and any deductible required under each insurance policy
shall be Owner's expense. Agent shall be covered as an additional insured on all liability
insurance maintained with respect to the Premises. Liability insurance shall be adequate to protect
the interests of both Owner and Agent and in form, substance, and amounts reasonably
satisfactory to Agent. Owner agrees to furnish Agent with certificates evidencing such insurance
Owner ________ Date______ Agent________ Date _______
Page 7 of 11
or with duplicate copies of such policies within 30 days of the execution of this Agreement. If
Owner fails to do so, Agent may, but shall not be obligated to, place said insurance and charge
the cost thereof to the Operating (and/or) Reserve Account(s). Said policies shall provide that
notice of default or cancellation shall be sent to Agent as well as Owner and shall require a
minimum of 30 days written notice to Agent before any cancellations or changes to said policy.
SECTION 12
AGENT ASSUMES NO LIABILITY
Agent assumes no liability whatsoever for any acts or omissions of Owner, or any previous
owners of the Property, or any previous property managers or other agents of Owner. Agent
assumes no liability for any failure of or default by any resident in the payment of any rent or
other charges due Owner or in the performance of any obligation owed by any resident to Owner
pursuant to any rental agreement or otherwise. Nor does Agent assume any liability for
previously unknown violations of environmental or other regulation which may become known
during the period this Agreement is in effect. Any such regulatory violations or hazards
discovered by Agent shall be brought to the attention of Owner in writing and Owner shall
promptly cure them.
SECTION 13
ASSIGNMENT OF RIGHTS AND OBLIGATIONS
13.1 ASSIGNMENT: Agent may, from time to time, assign its rights and obligations under the
terms and provisions of this Agreement to a subsidiary of Agent which shall be duly licensed and
otherwise capable of performing the services of Agent under the terms and provisions of this
Agreement.
13.2 NOVATION: In the event of such assignment, notice shall be given to Owner, and upon
Owner's receipt of such notice. Owner shall look solely to the assignee for the performance of all
obligations of Agent under the terms and provisions of this Agreement.
SECTION 14
AGENT’S COMPENSATION AND EXPENSES
14.1 COMPENSATION: As compensation for the services provided by Agent under this
Agreement (and exclusive of reimbursement of expenses to which Agent is entitled hereunder).
Owner shall pay Agent the following compensation:
14.2 FOR MANAGEMENT SERVICES: Owner shall pay Agent an amount equal to one half
(1/2) of one full month’s rent for each new lease procured by Agent. The fee is to be paid upon
receipt of funds from the tenant. Owner shall pay Agent a management fee equal to 11% of the
monthly rent collected, payable upon collection of rent. During the term of this contract while
property is vacant there will be a $25.00 monthly service charge. Once tenant is placed only the
agreed upon management fees will be assessed (listed above). NSF charges and all interest on
trust funds shall belong to Agent to offset Agent’s related expenses. All late fees shall be added
to rents collected, Agent’s management fee deducted and the balance passed on to Owner.
Owner ________ Date______ Agent________ Date _______
Page 8 of 11
14.3 FOR MODERNIZATION (REHABILITATION/CONSTRUCTION): For supervision of
modernization to the Project (including repairs, renovation. rehabilitation and construction work
exceeding $5,000 per project), Agent shall receive additional compensation of five percent of the
gross construction cost. Construction details, including scope of work, cost, time frame, and other
items shall be approved by owner prior to the work being begun.
14.4 FOR OTHER ITEMS OF MUTUAL AGREEMENT: Should Owner wish Agent to perform
services which are not otherwise governed by the terms and provisions of this Agreement,
additional compensation to be paid to Agent shall be agreed upon in writing prior to the rendering
of such services.
SECTION 15
SALE AND COMPENSATION
15.1 If Owner desires to sell the Property during the existence of this Management Agreement,
Agent has the exclusive right to sell the Property for the Owner. If this agreement is entered into
as the result of a referral from another licensed real estate agent, Agent will refer this right to
referring agent.
15.2 If Owner sells the Property to a tenant, former tenant, relative of tenant or person who
occupied or resided at the Property with tenant, Agent shall receive a sales commission of 5% of
the sales price, or 2.5% if no other agent is involved. This provision regarding sales commission
continues in effect 5 years after termination of this Agreement.
SECTION 16
COMPLIANCE
Agent does not assume and is given no responsibility for compliance of the Property with the
requirements of any building codes or with any statute, ordinance, law or regulation of any
governmental body or of any public authority or official thereof having jurisdiction, except to
notify Owner promptly or forward to Owner promptly any complaints, warnings, notices or
summons received by Agent relating to such matters. It is Agent’s responsibility to have all
annual health and safety inspections performed. Owner authorizes Agent to disclose the
ownership of the Property to any such officials and agrees to indemnify and hold Agent, its
representatives and employees harmless of and from all loss, cost, expense and liability
whatsoever which may be imposed by reason of any present or future violation or alleged
violation of such laws, ordinances, statutes or regulations; provided such indemnity shall not be
applicable if Agent has actual knowledge of any such violation or alleged violation but fails to
give notice to Owner, as provided under the terms and provisions of this Agreement.
Owner ________ Date______ Agent________ Date _______
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SECTION 17
REPRESENTATIONS
17.1 OWNER'S AUTHORITY: Owner represents and warrants that Owner has the full power
and authority to enter into this Agreement.
17.2 OWNER'S REPRESENTATIONS AND WARRANTIES: Owner represents and warrants
that there are no written or oral agreements affecting the Property other than the resident leases or
rental agreements, copies of which shall be furnished to Agent; that Owner is not aware of any
violation of any building or construction statute, ordinance, or regulation that will affect the
Property.
17.3 AGENT’S REPRESENTATIONS AND WARRANTIES: Agent represents and warrants
that the officers of Agent have the full power and authority to enter into this Agreement; that
there are no written or oral agreements by Agent that will be breached by, or agreements in
conflict with, Agent’s performance under this Agreement. That, where necessary, Agent will be
duly licensed and able to perform all of the duties under this Agreement at the effective date of
this Agreement and shall comply with and abide by all laws, regulations, and ordinances
pertaining thereto.
SECTION 18
DISPUTE RESOLUTION AND ATTORNEY’S FEES
If a dispute arises out of this Agreement, the parties, or their legal representatives will meet to
resolve it. If agreement is not reached at this meeting, both parties will jointly employ the
American Arbitration Association or any other arbitration panel mutually agreed upon by the
parties, to arbitrate the dispute. The results of this arbitration are binding upon both parties and
the arbitrator is authorized to file the decision in the applicable court of jurisdiction. The
arbitrator is to award reasonable attorney’s fees and costs to the prevailing party.
SECTION 19
FORCE MAJEURE
Any delays in the performance of any obligation of Agent under this Agreement shall be excused
to the extent that such delays are caused by wars, national emergencies, natural disasters, strikes,
labor disputes, utility failures, “governmental regulations” riots, adverse weather, and other
similar causes not within the control of Agent and any time periods required for performance
shall be extended accordingly.
Owner ________ Date______ Agent________ Date _______
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SECTION 20
COMPLETE AGREEMENT
This Agreement, including any specified attachments, constitutes the entire agreement
between Owner and Agent with respect to the management of the Property and supersedes and
replaces any and all previous management agreements entered into and/or negotiated between
Owner and Agent relating to the Property covered by this Agreement. No change to this
Agreement shall be valid unless made by supplemental written agreement executed and approved
by Owner and Agent. Each party to this Agreement hereby acknowledges and agrees that the
other party has made no warranty, presentations, covenants or agreements, express or implied. To
such party, other than those expressly set forth herein.
__________________________ _________ _____________________ ________
Owner Date Agent Date
Owner ________ Date______ Agent________ Date _______
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