Property Management Agreement _Residential by bobzepfel


Property Management Agreement for apartment building

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									                           Property Management Agreement

      This Agreement is entered into as of the ____ day of _______________, 19       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 an apartment project in _________________,
______________________________, known as                                    (the

       B.      Manager is engaged in the operation and management of residential real estate and
has personnel, facilities and experience necessary and suitable to manage and operate the

       C.      The Owner desires to retain Manager to manage the

       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

               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, taxes, tenants' association fees, 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

                 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
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