This Property Management Agreement is an agreement between the owner of commercial property and a manager or management company, setting forth the terms and conditions of a contract for the management of the property. This document contains the duties of the agent and of the owner, as well as the length of the agreement and fee to be earned by the agent. The language and terms of this template document can be modified to fit the needs of the drafting parties. This form should be used by the owner of commercial property seeking to hire a property manager or by a property management company.
This Property Management Agreement is an agreement between the owner of commercial property and a manager or management company, setting forth the terms and conditions of a contract for the management of the property. This document contains the duties of the agent and of the owner, as well as the length of the agreement and fee to be earned by the agent. The language and terms of this template document can be modified to fit the needs of the drafting parties. This form should be used by the owner of commercial property seeking to hire a property manager or by a property management company. COMMERCIAL PROPERTY MANAGEMENT AGREEMENT This Commercial Property Management Agreement (this “Agreement”) is entered into on this __________ day of ______, ______ by and between __________ (“Owner”) and __________ (“Agent”). RECITALS WHEREAS, Owner holds legal or equitable title to the property located at [PROPERTY ADDRESS]; and WHEREAS, Owner desires to retain the services of Agent and Agent desires to perform such services in the manner and upon the terms and provisions hereinafter set forth. NOW THEREFORE, in consideration of the mutual covenants made by the parties hereto, and other good and valuable consideration, the parties agree to the following terms. TERMS 1. AGENCY Owner hereby employs Agent to lease and manage Owner's commercial property (the “Property”) located [ADDRESS] and more particularly described as: [LEGAL DESCRIPTION]. 2. TERM OF AGREEMENT This Agreement shall continue for a period of one year from the date hereof, and shall be automatically renewed from year to year unless terminated by either party upon ____ (___) days written notice sent to the other party. 3. DUTIES OF AGENT In order to properly manage and lease the Property, Agent shall have the following duties and responsibilities: A. Best Efforts Agent shall use its best efforts to search for and retain tenants for the Property. B. Lease Negotiations Agent shall handle all lease negotiations with tenants. All such agreements are subject to the approval of Owner. C. Employees Agent shall employ, supervise, discharge, and pay all employees or independent contractors who are reasonably required to properly manage and operate the Property. Agent shall pay all employees and independent contractors and fully complete all necessary federal and state tax returns and payments of related taxes on behalf of Owner. D. Supplies Agent shall purchase all necessary supplies for the proper management of the Property. E. Repairs and Maintenance Agent shall contract for or undertake the making of all necessary repairs and the performance of all other necessary work on the Property, including all required alterations to carry out this Agreement properly. However, no expenses shall be incurred for such matters in excess of ____________ dollars ($__) for any single item without the express consent of Owner, except where required in case of emergency. F. Mortgages and Other Expenses From the rents received, Agent shall pay all operating expenses and such other expenses as requested by Owner. This may include the payment of mortgages and/or taxes. G. Collection of Rents Agent shall collect the rents and other income from the Property promptly when such amounts come due and take all necessary steps to collect same. Agent shall perform all reasonable acts on behalf of Owner for the protection of Owner in collection of such amounts. H. Financial Records All monies collected by Agent shall be deposited into a bank account as specified by Owner. Such monies of Owner shall not become mingled with funds of Agent. Agent shall provide Owner with periodic statements accounting for all expenses and shall open its records to Owner upon demand. 4. COMPENSATION OF AGENT Owner shall pay Agent, as full compensation for the services of Agent, the sum of __________ dollars ($______) per month. This amount shall be payable to Agent when such funds become available from the amounts collected by Agent pursuant to this Agreement. © Docstoc®, Inc. 2013 — All Rights Reserved 5. DUTIES OF OWNER Owner shall provide all necessary documents and records to and fully cooperate with Agent in all matters with respect to this Agreement. 6. INDEMNITY Owner shall indemnify and hold Agent completely harmless with respect to liability, damages, costs, and expenses in connection with any damage or injury whatsoever to persons or property arising out of the use, management, operation, occupation, ownership, maintenance, or control of the Property. However, Owner shall not indemnify Agent against the willful or intentional misconduct of Agent. 7. NOTICES All written notices to Owner or to Agent may be addressed and mailed, by United States registered mail, to the following addresses: To Owner: ______________________ ______________________ ______________________ To Agent: ______________________ ______________________ ______________________ 8. MODIFICATION This Agreement may not be modified, altered, or amended in any manner except by an agreement in writing executed by both parties. IN WITNESS THEREOF, the parties execute this Agreement as of the date first written above. OWNER __________________________ [NAME] AGENT ____________________________ [NAME] © Docstoc®, Inc. 2013 — All Rights Reserved
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