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This is an agreement between a property owner and a property manager for management services associated with a piece of property. The property owner hires the manager on an independent contractor basis and pays the manager a monthly fee. This agreement outlines the property manager's responsibilities, including collecting rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This document should be used by property owners that want to hire a property manager to supervise a piece of property.
This is an agreement between a property owner and a property manager for management services associated with a piece of property. The property owner hires the manager on an independent contractor basis and pays the manager a monthly fee. This agreement outlines the property manager's responsibilities, including collecting rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This document should be used by property owners that want to hire a property manager to supervise a piece of property. PROPERTY MANAGEMENT AGREEMENT – APARTMENT THIS AGREEMENT (the “Agreement”) is entered into as of the _________ day of ____________, ______ (the "Effective Date") by and between _______________________________ (the "Owner”) and ___________________________ (the “Property Manager"), R E C I T A L S: A. Owner is desirous of engaging the Property Manager as an independent contractor to handle and manage the apartment complex (the “Complex”) known as ___________________ on behalf of the Owner pursuant to written instructions from the Owner, from time to time as required; and B. Property Manager has agreed to such engagement in accordance with the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the mutual covenants, warranties and representations contained herein, the parties hereby agree as follows: ARTICLE ONE – APPOINTMENT OF PROPERTY MANAGER AND TERM 1.1 Representation and Warranty. The Property Manager represents and warrants to the Owner that it has and shall continue to have the facilities, personnel, experience and expertise to provide to the Owner the services required by this Agreement in a competent and efficient manner. 1.2 Appointment. In reliance on the foregoing representation and warranty the Owner hereby appoints and retains the Property Manager as the exclusive property manager to manage the Complex and to perform all services referred to herein, subject to instructions which the Property Manager may from time to time be given by the Owner. 1.3 Capacity of Property Manager. It is acknowledged by the parties hereto that the Property Manager is being engaged by the Owner in the capacity of independent contractor, acting as an agent of the Owner, and not as an employee, or in any other way as a representative of the Owner. The Owner and the Property Manager acknowledge and agree that this Agreement shall not be construed so as to constitute the Property Manager as either a partner or joint venturer of the Owner. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 2 1.4 Effective Date and Term. The term of this Agreement shall commence and become effective upon the date first above written and shall continue for a term of _________ (___) years or until earlier terminated by either party pursuant to the terms of this Agreement; provided, however, that at the expiration of the initial or each renewal term, if any, this Agreement shall automatically be renewed for successive additional periods of _____ (___) years, unless either party shall have delivered to the other notice in writing of its intention not to renew at least sixty (60) days prior to the expiration of the then current term. 1.5 Grounds for Termination. Either party may immediately terminate this Agreement upon giving thirty (30) days' written notice to the other party. 1.6 Post Termination. The Property Manager shall, within fifteen (15) days after the date of termination, render a final accounting to the Owner and pay over to the Owner any balance in the Property Manager's trust account remaining to the credit of the Owner. 1.7 Costs or Damages. No costs or damages shall be payable to or by either party as a result of the termination or non-renewal of this Agreement, other than any costs and damages arising out of a breach of this Agreement. ARTICLE TWO – RESPONSIBILITIES OF THE PROPERTY MANAGER 2.1 Property Manager's Responsibilities. The Property Manager shall handle the financial operations of the Complex, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time, the preparation of financial statements and periodically reporting to the Owner on the status of the Property, occupancy rates, expiration dates of leases, and other matters. The Property Manager shall advertise the apartment units for rent in the Property or hire a leasing agent to find tenants. The Property Manager shall negotiate contracts for janitorial, security, landscaping, trash removal, and other services. The Property Manager shall monitor the performance of contractors and investigate and resolve complaints from residents and tenants when services are not properly provided. The Property Manager shall also purchase supplies and equipment for the Property and make arrangements with professionals for repairs that cannot be handled by regular property maintenance staff. The Property Manager shall comply with applicable legislation and fair housing laws, shall make certain that their renting and advertising practices are not discriminatory, and that the Complex is in accordance with local, State, and Federal regulatory and building codes. ARTICLE THREE – ACCOUNTING 3.1 Accounting. The Property Manager shall keep and maintain full, detailed and proper records regarding all financial transactions involved in the management of the Property and shall forward to the Owner on or before the fifteenth (15th) day of each month a statement of receipts and disbursements in a form designated by the Owner, showing all rentals and other moneys © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 3 collected and receivable and all disbursements made during the preceding month. All such records shall be made available to the Owner and the Owner's auditors or other designated representatives upon reasonable notice and at reasonable times whenever requested. ARTICLE FOUR – FEES 4.1 Fees. The Fees payable for the above referenced services by the Property Manager shall be the sum of __________ ($_______) Dollars per month, payable by the Owner on a bi-weekly basis. ARTICLE FIVE - GENERAL CONTRACT PROVISIONS 5.1 Notices. Any notice, communication, payment or demand required or permitted to be given or made hereunder shall be sufficiently given or made for all purposes if delivered personally to the party or to an officer of the party to whom the same is directed or if sent by ordinary first class mail, postage prepaid or if transmitted by telecommunications facility, at the addresses as set forth below, namely: if to the Owner: if to the Property Manager: or at such other address as may be given by such person to the other parties hereto in writing from time to time. All such notices shall be deemed to have been received when delivered or transmitted, or, if mailed, two days after the day of the mailing thereof. 5.2 Additional Considerations. The parties shall sign such further and other documents and do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full effect to this Agreement and every part thereof. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 4 5.3 Counterparts. This Agreement may be executed in several counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall be but one and the same instrument. 5.4 Time of the Essence. Time shall be of the essence of this Agreement and of every part hereof and no extension or variation of this Agreement shall operate as a waiver of this provision. 5.5 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to all of the matters herein and its execution has not been induced by, nor do any of the parties rely upon or regard as material, any representations or writings whatever not incorporated herein and made a part hereof and may not be amended or modified in any respect except by written instrument signed by the parties hereto. 5.6 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors and permitted assigns. 5.7 Headings for Convenience Only. The division of this Agreement into articles and sections is for convenience of reference only and shall not affect the interpretation or construction of this Agreement. 5.8 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of __________________. 5.9 Gender. In this Agreement, words importing the singular number shall include the plural and vice versa, and words importing the use of any gender shall include the masculine, feminine and neuter genders and the word "person" shall include an individual, a trust, a partnership, a body corporate, an association or other incorporated or unincorporated organization or entity. 5.10 Calculation of Time. When calculating the period of time within which or following which any act is to be done or step taken pursuant to this Agreement, the date which is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, then the time period in question shall end on the first business day following such non-business day. 5.11 Severability. If any Article, Section or any portion of any Section of this Agreement is determined to be unenforceable or invalid for any reason whatsoever that unenforceability or invalidity shall not affect the enforceability or validity of the remaining portions of this Agreement and such unenforceable or invalid Article, Section or portion thereof shall be severed from the remainder of this Agreement. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 5 5.12 Transmission by Facsimile. The parties hereto agree that this Agreement may be transmitted by facsimile or such other similar device and that the reproduction of signatures by facsimile or such similar device will be treated as binding as if originals and each party hereto undertakes to provide each and every other party hereto with a copy of the Agreement bearing original signatures forthwith upon demand. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 6 IN WITNESS WHEREOF the parties have duly executed this Property Management Agreement as of the date first written above. (OWNER) Name: Title: (PROPERTY MANAGER) Name: Title:
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