Property Management Agreement Apartments by LegalAgreements


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									Form: Explanation:

Property Management Agreement (Apartments) This is an agreement between an owner of residential apartments and a property manager or property management company. The agreement is proowner oriented.

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Property Manager Agreement
1. Parties This Agreement (the "Agreement") is made and entered into by and between _____________________________________, (“Owner”), the owner of an apartment building located at [address] (the “Property”), and ______________________, who will be the manager of the Property (“Manager”). In consideration of the covenants and conditions hereinafter set forth, Owner and Manager agree as follows: 5. Compensation Manager will be paid an amount equal to _______% of the gross rental revenues received each month by Owner from tenants of the Property, or $_______ per month, whichever is greater. Manager will submit invoices to Owner monthly and invoices will be paid within 21 business days of receipt by Owner.

6. Reimbursement for Expenses (a) Expenses. Manager will be reimbursed for necessary expenses not to exceed $500 without prior approval of Owner. Except in the case of an emergency, all expenses in excess of $500 must be approved in advance by Owner.

2. Services Manager shall manage the operation, rental, maintenance, and repairs of the Property in a professional manner. Manager shall undertake such responsibilities in full compliance with all state, federal, and local laws, rules, regulations, and ordinances. A non-exhaustive list of the duties of Manager is attached hereto as Exhibit A.

(b) Notification. Except in the case of an emergency, Manager will notify Owner [three (3) business days] prior to the planned commencement of repairs or work to the Property involving more than $500 in expenditures.

3. Term This Agreement shall commence on the date hereof. Owner may terminate the use of Manager's services upon thirty (30) days written notice at any time without cause and without further obligation to Manager except for payment due for services prior to date of such termination.

7. Additional Agreements (a) Owner and Manager additionally agree that: [Add any special agreements or, if there are none, delete this clause.]

8. Miscellaneous (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of [State] without regard to conflict of law principles. Entire Agreement. This Agreement, contains the entire agreement and understanding between the parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof. Amendment. This Agreement may be amended only by a writing signed by Manager and Owner. Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any person, place, or circumstance, shall be held to be invalid,

4. Hours and Schedule Manager will be available to tenants of the Property during the following days and times: ___________________________________________ ________________________________. If the hours required to carry out any duties may reasonably be expected to exceed ____________ hours in any week, Manager shall notify Owner and obtain Owner's consent before working such extra hours, except in the event of an emergency. Extra hours worked due to an emergency must be reported to Owner within 24 hours.




unenforceable, or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect. (e) Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against either party. Rights Cumulative. The rights and remedies provided by this Agreement are cumulative, and the exercise of any right or remedy by either party hereto (or by its successor), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies. Nonwaiver. No failure or neglect of either party hereto in any instance to exercise any right, power, or privilege hereunder or under law shall constitute a waiver of any other right, p
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