Condominium Agreement by juj18736


More Info

     THIS AGREEMENT, made and entered into this       day of
                 , 20 , by and between
               , a non-profit corporation organized and existing
under the laws of South Carolina, hereinafter called the
"ASSOCIATION"   and  CMM   Realty,   Inc.,  a   South   Carolina
Corporation, hereinafter called the "MANAGEMENT COMPANY".


     WHEREAS, the ASSOCIATION is made up of the owners of a
Horizontal Property Regime known as                    herein
called the "CONDOMINIUM" and by its Master Deed is vested with
certain powers and charged with certain duties relative to the
operation of the CONDOMINIUM; and

     WHEREAS, the lands of the CONDOMINIUM contain, among other
things, condominiums, recreational facilities, and other
appurtenances and facilities, more particularly described in the
Master Deed; and

     WHEREAS, the nature of the condominiums, together with
other appurtenances and facilities, and the complexity and
burden of the duties and the responsibilities of the ASSOCIATION
require the employment of a MANAGEMENT COMPANY; and

     WHEREAS,   the   orderly   and   uniform administration,
operation, maintenance and management of the CONDOMINIUM is
necessary and essential for the promotion and preservation of
the Condominium method of ownership and the protection of
property   values   herein,   including   the value  of   the

     NOW, THEREFORE, in consideration of herein made, the
parties agree as follows:


     The ASSOCIATION hereby appoints the MANAGEMENT COMPANY and
the MANAGEMENT COMPANY hereby accepts appointment on the terms
and conditions hereinafter provided as exclusive Management
Agent of            located in the City of Columbia, County of
Richland, State of South Carolina, to do all things necessary to
provide the owners of the condominiums in the CONDOMINIUM,
through the ASSOCIATION, with attentive management under the
supervision and direction of its Board of Directors.

     Unless sooner terminated, as elsewhere herein provided, the
Agreement shall remain in full force and effect for a period of
Three (3) year(s) beginning                 ,   and   thereafter
continuing on a three (3) year term unless on or before 90 days

prior to the expiration of the initial term(or any renewal term)
either party shall notify the other in writing that it elects to
terminate this Agreement, in which case, this Agreement shall be
terminated at the end of such period.


     The MANAGEMENT COMPANY shall assist the Board of Directors
of the ASSOCIATION in the administration of the ASSOCIATION'S
condominium property as hereinafter more specifically set forth.
It is not the intention of the parties to transfer control of
the ASSOCIATION'S Corporate Officers or the responsibility
be responsible for directing the implementation of the general
management policy decisions of the Board with respect to the
property and affairs of the ASSOCIATION and shall be subject to
the Board with respect to matters of policy, but shall be
entitled to exercise its discretion in the details of
implementation of such policies.


1.        The MANAGEMENT COMPANY shall prepare an annual
     operating budget setting forth projected revenues and
     expenditures for the new accounting year based upon
     anticipated operations and taking into account the general
     condition of the CONDOMINIUM and the objectives for the
     ensuing year. The budget will be submitted to the Board of
     Directors for their approval not later than thirty (30)
     days prior to the commencement of the new accounting year,
     or, if applicable, thirty (30) days prior to the date of
     the Annual Meeting for adoption by the ownership.

2.        The MANAGEMENT COMPANY shall prepare, review, and
     analyze monthly financial reports on a cash basis of
     receipts and disbursements, itemized according to the
     budget, and submit these statements to the Board of
     Directors. Such statements shall include:

              a.   disbursements during previous month;
              b.   amount collected during the previous month;
              c.   funds withheld as reserves to cover later
                   expenditures for which current income may be
              d.   compensation retained by MANAGEMENT COMPANY;
              e.   bank reconciliation;
              f.   cash receipts and disbursements statement;
              g.   delinquency reports.

3.        The MANAGEMENT COMPANY shall maintain all accounting
     records in a manner to facilitate an annual audit and the
     preparation of tax returns by an independent certified
     public accountant. Such records shall be kept at the office

     of the MANAGEMENT COMPANY and shall be available for
     inspection by the ASSOCIATION'S officers and Board during
     regular business hours.

4.       The MANAGEMENT COMPANY shall be the exclusive collection
     agent for the ASSOCIATION to collect all assessments that
     may be due to the aforesaid Association. In the name of the
     authority to bill, request, demand, collect, receive, and
     give receipt for all assessments that may be due to the

5.        If any assessment is not timely paid, the MANAGEMENT
     COMPANY, pursuant to the Condominium Documents, may, in
     the name of the ASSOCIATION, institute an action at law
     only   against    the   defaulting   owner   of   the  unpaid
     assessment.    In   any   action   brought   hereunder,   the
     MANAGEMENT COMPANY shall be entitled to reimbursement for
     its reasonable attorney's fees and court costs. The
     MANAGEMENT COMPANY has no authority to institute legal
     action   to  foreclose     a  lien   against    a  defaulting
     condominium unit owner unless so requested by the Board.
          The MANAGEMENT COMPANY shall deposit all funds
     collected from the ASSOCIATION'S members or otherwise
     accruing to the ASSOCIATION in an account or accounts of
     the ASSOCIATION selected by the MANAGEMENT COMPANY.

7.         The MANAGEMENT COMPANY shall make all required
     disbursements   for   the   Association   with   bills   or
     disbursement vouchers. The MANAGEMENT COMPANY shall make
     all disbursements from assessments collected for normal
     recurring expenses as provided in the Board approved
     budget. The MANAGEMENT COMPANY will be granted authority to
     make any budget expenditures as provided in the approved
     budget at the MANAGEMENT COMPANY’S own discretion. All non-
     budget expenditures (exceeding $1,000.00) and variations
     above the approved budget (exceeding $1,000.00) will be
     made only with the prior approval of the Board, except in
     the case of emergency which require prompt action to avoid
     further loss.

8.        The MANAGEMENT COMPANY shall purchase out of the funds
     of the Association equipment, tools, goods, supplies, and
     materials as shall be reasonably necessary to perform its
     duties,    including  the   maintenance,  upkeep,   repair,
     replacement, refurbishing, and preservation of the common
     elements and the limited common elements of the condominium
     as aforesaid. In order to properly perform the services
     required by this Agreement, the MANAGEMENT COMPANY is
     authorized to engage, on behalf of ASSOCIATION, any entity
     that is an affiliate of the MANAGEMENT COMPANY, provided
     that   the   compensation  paid   for  services   shall  be

           competitive with non-affiliated entities providing the same
           or similar services.    Purchases shall be made in the
           name of the ASSOCIATION. When making purchases, the
           MANAGEMENT COMPANY shall make an effort to obtain the best
           price available and to use bulk purchasing power whenever

9.              The MANAGEMENT COMPANY shall prepare payroll checks
           for all ASSOCIATION employees and prepare W-2 forms
           covering employees’ earnings each year and submit these to
           the employees and the Internal Revenue Service on a timely

10.            The MANAGEMENT COMPANY shall arrange for and assist in
           the preparation of annual federal tax returns and annual
           State of South Carolina non-profit corporation tax returns.
           In addition, the MANAGEMENT COMPANY shall prepare and file
           quarterly employment returns with the State of South
           Carolina relating to unemployment taxes and employee
           withholding and social security tax returns with the
           Internal Revenue Service.

 11.             The    MANAGEMENT   COMPANY    shall handle all
           correspondence related to business matters concerning
           financial transactions of the ASSOCIATION.


      1.     The MANAGEMENT COMPANY shall confer freely and fully with
             the Board of Directors of the ASSOCIATION when so
             requested by them in connection with the performance of
             shall be available to attend twelve (12) Board meetings
             per year.
      2.     The MANAGEMENT COMPANY shall attend one annual meeting
             and one organizational Board meeting per year. In
             addition, the MANGER shall assist the Board of Directors
             in preparing for the annual meeting.
      3.     The MANAGEMENT COMPANY shall assist the officers of the
             Board in maintaining the ASSOCIATION'S minute book,
             membership list, all financial record books, accounts,
             and other records required to be kept by the ASSOCIATION.
             Such records may be kept by the MANAGEMENT COMPANY and
             shall be available for use and inspection by the
             ASSOCIATION during normal business hours.
      4.     The   MANAGEMENT  COMPANY   has   the   right  to   make
             recommendations to the Board of Directors as to the form
             or forms of insurance needed to protect the ASSOCIATION,
             and which may be required to comply with the provisions
             of the Condominium Documents. The MANAGEMENT COMPANY
             shall assist the Board in acquiring insurance policies

               for the ASSOCIATION    as   outlined   in   the   Condominium
     5.        The MANAGEMENT COMPANY shall negotiate in behalf of the
               ASSOCIATION, the maintenance and service contracts that
               are needed by the ASSOCIATION.
     6.        The MANAGEMENT COMPANY shall assist in preparing and
               distributing bulletins to the general membership relating
               to affairs of the ASSOCIATION and/or new policies
               approved by the Board of Directors.
     7.        The MANAGEMENT COMPANY shall take such action as may be
               necessary to comply with all laws, statutes, ordinances
               or rules of all appropriate governmental authorities.

     8.        The MANAGEMENT COMPANY, at the direction and subject to
               the approval of the Board, and at the expense of the
               ASSOCIATION, shall retain and employ attorneys at law,
               accountants, and other such experts and professionals
               whose services are reasonably required by the MANAGEMENT
               COMPANY to perform its duties effectively and to
               exercise its powers hereunder.

     9.        The MANAGEMENT COMPANY shall assist the Board of
               Directors, appointed committees, and the ASSOCIATION
               personnel in the enforcement of rules and regulations
               adopted by the ASSOCIATION.

          1.     The MANAGEMENT COMPANY shall, with the assistance
                 and/or   guidance  of   the  ASSOCIATION   appointed
                 committees, cause the grounds, lands, appurtenances,
                 and those portions of the condominium designated as
                 common elements and limited common elements to be
                 maintained and repaired, including landscaping, re-
                 landscaping, painting, roofing, cleaning, and such
                 other normal maintenance and repair work as may be
                 For   and   one   item  of  repair,   replacement   or
                 refurbishing, the expense incurred may not exceed the
                 sum of One Thousand and 00/lOO ($1,000.00) Dollars,
                 unless    specifically  authorized   by   the   Board,
                 excepting; however, that emergency repair involving
                 manifest danger to persons or property or immediately
                 necessary for the preservation or safety of the
                 property or for the safety of personnel; or required
                 to avoid suspension of any necessary services to the
                 condominium, may be made by the MANAGEMENT COMPANY
                 irrespective of the above limitation. Notwithstanding
                 this authority as to emergency repairs, it is
                 understood that the MANAGEMENT COMPANY will, if at all

          possible, confer immediately with the Board        of
          Directors regarding emergency expenditures.
     2.   The ASSOCIATION grants to the MANAGEMENT COMPANY
          access at all times to all of the common elements,
          limited common elements and such other property of the
          CONDOMINIUM as may be necessary in carrying out the
          functions and purposes set forth in this Agreement.
          Subject   to  the   provisions   of  the   Condominium
          Documents, the ASSOCIATION grants to the MANAGEMENT
          COMPANY access to each individual condominium unit
          during reasonable hours when necessary for the
          maintenance, repair, or replacement of the common
          elements or limited common elements contain therein or
          accessible there from or for the making of emergency
          repairs necessary for the common elements, limited
          common elements, or any condominium unit(s). The
          ASSOCIATION shall indemnify the MANAGEMENT COMPANY
          from any claims, demands, judgments, or suits that may
          be brought against or incurred by the MANAGEMENT
          COMPANY by reason of the MANAGEMENT COMPANY exercising
          its right of access to individual condominium units as
          herein provided.

     3.   The MANAGEMENT COMPANY shall supervise and train the
          ASSOCIATION  employee(s)   to  include   setting  up
          maintenance schedules, reviewing maintenance work,
          reviewing all items related to the building and
          grounds, reviewing all contracts and services and
          reviewing rules and regulations of the ASSOCIATION.

     4.   The MANAGEMENT COMPANY shall review those items of the
          operating   budget   pertaining   to  the   care   and
          maintenance of the common elements and the limited
          common elements with the ASSOCIATION employee(s).
     5.   The MANAGEMENT COMPANY shall make regular inspections
          of the common elements and the limited common
          elements, except for those limited common elements not
          accessible except through a condominium unit.
     6.   The MANAGEMENT COMPANY shall establish a grievance and
          emergency call system for the Association. The
          MANAGEMENT   COMPANY   shall  implement   and   inform
          residents of the 24 hours, 7 day-a-week emergency call
D.   OTHER SERVICES, NOT INCLUDED, in the Compensation described
     in paragraph 4 below;

     1.   Court appearances, depositions, and consultations with
          attorneys in connection with litigation involving the
          Association, other than that in connection with
          possible litigation for unpaid regular monthly and
          special assessments.

      2.   Services required on account of casualty losses of the
           Association, including insurance and administration

With respect to items (1) and (2) above, the MANAGEMENT COMPANY
shall undertake to perform such services and shall be
compensated therefore at the rate of                    Dollars
per hour, unless some other financial arrangement is made which
is satisfactory to both parties.


     The Association agrees to pay all reasonable costs and
expenses incurred by the MANAGEMENT COMPANY in the performance
of its duties, and agrees to pay the MANAGEMENT COMPANY a
management fee for Items A, B, and C as set forth in Paragraph 3
herein equal to
                Dollars per month. The management fee shall be
paid monthly in arrears. It is understood however, all postage
expense, office supplies, and stationery expense incurred by the
MANAGEMENT COMPANY in connection with circulation of notices and
newsletters and general correspondence of Association shall be
at the expense of Association.


     This Agreement does not contemplate nor is the MANAGEMENT
COMPANY responsible or required to perform the upkeep and repair
of that property of the Condominium, the responsibility for
which under the Condominium Documents is that of an unit owner.
However, the MANAGEMENT COMPANY, may, in an emergency situation
only, perform such maintenance and repair services for and to an
unit as may be required, in the MANAGEMENT COMPANY'S discretion,
and shall charge said unit owner a reasonable charge therefore.

The MANAGEMENT COMPANY shall not be liable to the ASSOCIATION
and/or its members for any loss or damage caused by acts of the
MANGER unless said acts constitute gross negligence, and said
ASSOCIATION and its members will, and do hereby, agree to
indemnify and save harmless the MANAGEMENT COMPANY from any such
liability for damages, costs and expenses arising from injury to
any person or persons or property in, about, and in connection
with the condominium, its common elements, limited common
elements, and condominium units from any other cause whatsoever,
unless such injury shall be caused by said MANAGEMENT COMPANY'S
gross negligence. In the event of loss, damage, or injury caused
the ASSOCIATION or its members by gross negligence of the
agree to indemnify and save harmless the ASSOCIATION and its
members from any such liability for damages, costs, and expenses
arising from injury to any person or persons or property in,

about, and in connection with the condominium, its common
elements, limited common elements and condominium units. The
MANAGEMENT COMPANY shall certify to the ASSOCIATION that it
possesses sufficient liability insurance coverage to indemnify
said ASSOCIATION or its members for loss or damage caused by
acts of the MANAGEMENT COMPANY when said acts constitute gross


     If there arises a dispute between the ASSOCIATION and the
MANAGEMENT COMPANY, and if in the opinion of the aggrieved party
the offending party has committed a material breach of this
Agreement, the aggrieved party will service written notice upon
the offending party, setting forth the details of such alleged
breach. If the offending party does not, within 30 days after
the mailing of such notice by certified mail with return receipt
requested, cur such breach within the 30 day period, and if the
offending party has not, within the 30 day period commenced and
at all times thereafter continue diligently to proceed with all
acts required to cure such breach, this contract may be
terminated without prejudice after 30 days written notice by
certified mail with return receipt requested, subject, however,
to any and all rights and remedies available to the aggrieved

    Any notice required or permitted to served hereunder shall
be served by registered mail as follows:

      A.   If to the Agent:   CMM Realty, Inc.
                              1100 Wheat Street
                              Columbia, SC 29201

     B.   If to the ASSOCIATION, at its principal place of
business or to the President of the ASSOCIATION at his or her
home address. Either party may change the address for notice by
notice to the other party. Notice served by mail shall be deemed
to have been served when deposited in the mail.

     The MANAGEMENT COMPANY shall maintain a fidelity bond on
each of its employees who handle ASSOCIATION funds, in an amount
as per the Master Deed and\or By-Laws, in favor of the
MANAGEMENT COMPANY for the protection of the ASSOCIATION and at
the expense of the ASSOCIATION.


     If any section, subsection, sentence, clause, phrase or
work of this Agreement shall be and is for any reason held or
declared to be inoperative or void, such holding will not affect
the remaining portion of this Agreement, and it shall be
construed to have been the intent of the parties hereto to agree
without such inoperative or invalid part therein and the
remainder of this Agreement, after the exclusion of such parts,
shall be deemed and held to be valid as if such excluded parts
had never been included therein.

     IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers on
the day and year first above written.

WITNESS:                           ASSOCIATION:

                                         Its: President


                                         Its: Secretary

WITNESS:                           MANAGEMENT COMPANY:

                                         Its: President


To top