Property Management Agreement (Commercial)

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Property Management Agreement (Commercial) Powered By Docstoc
					                              Property Management Agreement
                                          (Industrial/Commercial)


       This Agreement is entered into as of the ______ day of _______________,  by and
between __________________________, a California limited partnership (the "Owner"), and
___________ _____________________________, a California corporation (the "Manager").

                                             R E C I T A L S:

        A.      The Owner is the owner of a real estate project in _________________,
_______________________________, known as “__________________________________"
(the "Property").

         B.      Manager is engaged in the operation and management of industrial and/or commercial
real estate and has personnel, facilities and experience necessary and suitable to manage and operate
the Property.

        C.      The Owner desires to retain Manager to manage the Property.

        NOW, THEREFORE, the parties agree as follows:

      1.      Employment of Manager. The Owner hereby employs Manager as the exclusive
manager and operator of the Property and as agent of the Owner, and Manager hereby accepts such
employment.

         2.      Term of Agreement. This Agreement shall commence as of the date hereof, and shall
thereafter continue in full force and effect for a period of one year, and shall be automatically extended
for successive one-year periods unless either party gives the other party sixty days' notice prior to the
expiration of any one-year period. This Agreement shall be subject to early termination as set forth in
Section 6 hereof.

       3.    Duties of Manager. The Owner hereby grants Manager the following authority and
powers, and Manager hereby accepts this employment and agrees to perform the following duties:

               3..1     Management. To supervise the management of the Property for the period and
upon the terms herein provided.

                3..2    Leasing. To lease to desirable tenants and to use its best efforts to keep
occupied all rental spaces within the Property and in conjunction therewith to: (i) initiate and utilize such
advertising and other promotional aids, at the expense of Owner, which have been approved by Owner,
and which are deemed appropriate by Manager; and (ii) negotiate and document all leases,
amendments, addenda and renewals thereof of any rental spaces within the Property; provided,
however, that Manager shall utilize only such standard form leases and lease renewal forms which have
been previously approved in writing by counsel to Owner.
                3..3     Collection of Rent. To collect all rent and/or lease payments, security, cleaning,
damage and other deposits (provided any such deposit(s) required by applicable law to be segregated
and separately accounted for shall be done so accordingly), common area maintenance charges,
merchants' association charges or expenses, taxes, insurance and other income due to Owner from the
Property (the "Property Income"), giving in each instance a receipt for payment thereof and to deposit
all such Property Income in a Trustee Bank Account(s) (appropriately designated as a trustee account)
maintained by Manager on behalf of the Owner at such bank or banks as Manager may, from time to
time, determine, unless otherwise instructed by Owner.

                 3..4    Evictions. To terminate the tenancies, evict tenants and recover possession of
rented space within the Property and to otherwise enforce all rights of the Owner with respect thereto,
all as may be deemed appropriate or necessary by Manager; and to institute and prosecute legal actions
at the expense of Owner, in the name of Manager or Owner, as is permitted by applicable laws, in
order to evict tenants and recover unpaid Property Income; and, when expedient, to settle, compromise
and/or release such actions or suits or reinstate such tenancies.

                 3..5    Payment of Expenses. To pay for, at the expense of Owner, all direct expenses
incurred in the operation of the Property, including but not limited to, expenses for utilities, supplies, and
telephone.

                 3..6    Repairs and Maintenance. To repair and maintain the Property in a good state
of repair and condition, at the expense of Owner, and to cause to be made such ordinary repairs,
alterations and improvements to the Property, including the purchase of and payment for carpets,
maintenance and repairs and all supplies and equipment necessary therefor, as Manager deems
advisable or necessary, provided, however, that Manager shall not expend for any repair or
maintenance an aggregate amount per calendar month in excess of $10,000 without the prior consent of
Owner, unless otherwise authorized
				
DOCUMENT INFO
Description: Property Management Agreement forCommercial or industrial real estate properties
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