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Hire a property manager for a residential condo building in the Province of Quebec with this easy-to-use template Property Management Agreement. - The agreement is between the condominium syndicate and a property management services firm who will manage the immovable property and common areas of the condo project. - The property manager has the authority to start legal proceeds on behalf of the syndicate in the performance of its duties (such as to collect rent, condo fees or other amounts owed to the syndicate). - The liability of the property manager is limited. - The syndicate indemnifies the property manager for any liability resulting from the performance of its duties under the agreement. - The syndicate is responsible for carrying liability insurance, and for paying the costs of any architectural or engineering drafts, drawings, estimates, etc. This Quebec Condominium Property Management Agreement template is available as a fully editable MS Word document. English-language version only.
PROPERTY MANAGEMENT AGREEMENT THIS AGREEMENT MADE EFFECTIVE as of the _____ day of ______________, _______. BETWEEN: CORPORATION duly formed under the laws of Quebec, having its head office address at [address] herein acting and represented by [representative], duly authorized for the purposes hereof, as they do declare (hereinafter referred to as “SYNDICATE”) PARTY OF THE FIRST PART - and - MANAGER duly formed under the laws of Quebec, having its head office address at [address] herein acting and represented by [representative], duly authorized for the purposes hereof, as he declares (hereinafter referred to as the “MANAGER”) PARTY OF THE SECOND PART WHEREAS A. The objects of the SYNDICATE are to preserve the Immovable Property located at [address] (the “Immovable Property”), to maintain and manage the common portions, to protect the rights appurtenant to the Immovable Property and take all measures of common interest, the whole with respect to the Civil Code of Quebec and the declaration of co-ownership governing the Immovable Property, duly registered at the Registration Division of _______ on _____ day of ______________, _______, under the number ___________; B. The MANAGER engages in the administration and management of immovable properties; C. The SYNDICATE wishes to entrust the MANAGER with the administration of the Immovable Property for and in consideration of the fees specified herein, payable by the SYNDICATE to the MANAGER; D. The MANAGER has accepted this appointment. NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereby agree as follows: SECTION 1 - APPOINTMENT OF THE MANAGER 1.1 The SYNDICATE hereby appoints the MANAGER, and the MANAGER hereby accepts this appointment, as its exclusive agent for the administration and management of the Immovable Property, all according to the terms and conditions set out herein. SECTION 2 - TERM 2.1 Subject to the provisions hereof, the initial appointment of the MANAGER shall be effective from ______________ for a term of _______ [months/years], expiring on the _____ day of ______________, -2- _______, such appointment to be automatically renewed for a renewal term of ____ [months/years] with an annual fee increase of _____ % over the preceding term, unless either of the parties hereto gives the other a notice of its intention to terminate this Agreement at least ________ [weeks/months] before the expiration of the initial term or the renewal term then in effect. SECTION 3 - TASKS AND DUTIES OF THE MANAGER 3.1 The MANAGER agrees to apply itself completely to the management of the Immovable Property, according to the terms and conditions specified herein, and undertakes to provide the services set out in Schedule “A” attached hereto. SECTION 4 - DISBURSEMENTS 4.1 The SYNDICATE shall be entitled to and may pay, from the amounts held by it in a separate account (hereafter referred to as the “Account”) opened in a financial institution chosen by the SYNDICATE, any costs, expenses and expenditures incurred to render the services specified herein. If at any time the total amount of the costs, expenses and expenditures incurred by the MANAGER in the performance of its duties and obligations hereunder exceeds the sum of the amounts held in the Account, the MANAGER will provide the SYNDICATE with a detailed accounting of such costs, expenses and expenditures, and the SYNDICATE shall provide the MANAGER with the necessary additional funds to pay such costs, expenses and expenditures. Salaries and any other sums paid to or with respect to staff hired by the co-ownership will be borne by the SYNDICATE. 4.2 Any expenditures exceeding the amount of ___________$ must obtain the prior written approval of the Board of Directors. SECTION 5 - MANAGER'S COMPENSATION 5.1 In consideration of the MANAGER's carrying out the services specified in this Agreement, the SYNDICATE shall pay and provide to the MANAGER the following: (a) In consideration of the services rendered by the MANAGER under the terms hereof with respect to the operation of the Immovable Property, the SYNDICATE agrees to pay the MANAGER a fee of __________$, on the _____ day of each month during the term of this Agreement and any renewals or extensions thereof, plus applicable taxes; (b) Any and all employees assigned, if necessary, to the building (caretaker) will be paid directly by the SYNDICATE. However, the MANAGER will be considered as being the immediate superior of such employee(s) in order to avoid all ambiguity. SECTION 6 - DRAFTS AND DRAWINGS 6.1 The SYNDICATE will bear the costs of any draft, estimate, drawing, specification or architectural or engineering assistance that might be necessary or desirable in order to permit the MANAGER to provide the services and perform its duties hereunder. SECTION 7 - SIGNS 7.1 The MANAGER may place a sign or announcement concerning its administration at the office in the Immovable Property and/or in the main lobby of the Immovable Property. This sign is subject to the approval of the SYNDICATE regarding its location, size, and content. -3- SECTION 8 - LEGAL PROCEEDINGS 8.1 The MANAGER may, with the authorization of the SYNDICATE, on behalf of the SYNDICATE, undertake any action or other legal proceeding, register legal hypothecs, or take any legal recourse available to collect any arrears of condominium fees, compromise, settle, or abandon any reclamation, proceeding or legal hypothecs, or obtain a seizure with regard to any arrears of condominium fees or other amounts. In the event of default by any co-owner or occupant, the MANAGER may take any proceedings enabling him to enter the premises or any other action that he deems appropriate and, with respect to any such action, and the SYNDICATE hereby appoints the MANAGER its authorized agent to execute and sign any document that the MANAGER may consider necessary or desirable to enable the MANAGER to carry out such actions. 8.2 Pursuant to Section 4 hereof, the MANAGER may charge as expenditures any collection expenses incurred, including any legal and investigation fees (except for the salary of its own administrative or management personnel). SECTION 9 - LIABILITY 9.1 The MANAGER shall not be liable to the SYNDICATE for any arrears of condominium fees or other payment(s) owed by co-owners or any individual with respect to the operation of the Immovable Property or arising from any damage or other loss(es) affecting the Immovable Property or the operation of its equipment, unless such damage, loss or liability is directly attributed to t
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