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property management agreement owner and broker agree as follows one appointment of broker owner hereby appoints in grants to rent lease operate and manage the property IES known as additional property that may later be added to this Agreement property upon the terms below for the period beginning date and ending date at 11:59 p.m. if checked either party may terminate this property management agreement agreement on at least 30 days written notice months after the original commencement date of this agreement after the exclusive term expires this agreement shall continue as a non-exclusive agreement that either party may terminate by giving at least 30 days written notice to the other to broker acceptance broker accepts the appointment and grant and agrees to a use due diligence in the performance of this agreement be furnished the services of its firm for the rental leasing operation and management of the property three authority and powers owner grants broker the authority and power at owners expense to a advertising display for rent / lease and similar signs on the property and advertise the availability of the property or any part thereof for rental or lease be rental leasing initiate sign renew modify or cancel rental agreements and leases for the property or any part thereof collect and give receipts for rents other fees charges and security deposits any lease or rental agreement executed by broker for owner shall not exceed year s or shall be month-to-month unless owner authorizes a lower amount rent shall be at market rate or a minimum of dollar per or C attachment see tenancy termination sign and serve an owner s name notices that are required or appropriate commence and prosecute actions to evict tenants recover possession of the property in owner s name recover rents and other sums do and when expedient settle compromise and release claims actions and suits and / or reinstate tenancies D repair maintenance make cost to be made and / or supervise repairs improvements alterations and decorations to the property purchase and pay bills for services and supplies broker shall obtain prior approval of owner for all expenditures / dollar for any one item prior approval shall not be required for monthly or recurring operating charges or if in brokers opinion emergency expenditures over the maximum are needed to protect the property or other property IES from damage prevent injury to persons avoid suspension of necessary services avoid penalties or fines or suspension of services to tenants required by a lease or rental agreement or by law including but not limited to maintaining the property in a condition fit for human habitation as required by applicable law he reports notices and signs comply with federal state or local law requiring delivery of reports or notices and / or posting of signs or notices F contracts services contract hire supervise and / or discharge firms and persons including utilities required for the operation and maintenance of the property broker may perform any of broker's duties through attorneys agents employees or independent contractors end except for persons working in brokers firm shall not be responsible for their acts omissions defaults and /or costs of same owners initials brokers initials the copyright laws of the United States title 17 US code forbid the unauthorized reproduction of this form or any portion thereof by photocopy machine or any other means including facsimile or computerized formats copyright 2012 California Association of Realtors Inc CA are all rights reserved PMA 8/12 property management agreement PMA page 1 of 5 insert your company address state zip your phone number your fax number problem produced with zip form by zip logics 1 8 0 7 0 15 mile road fraser michigan 4 8 0 to 6 www.subply.com g expense payments pay expenses and costs for the property from owners funds held by broker unless otherwise directed by owner expenses and costs may include but are not limited to property management compensation fees and charges expenses for goods and services property taxes and other taxes owners association dues assessments loan payments and insurance premiums h security deposits receive security deposits from tenants which deposits shall be given to owner or if permitted by applicable law placed in brokers trust account end if held in brokers trust account pay from owners funds all interest on tenants security deposits if required by local law or ordinance owner shall be responsible to tenants for return of security deposits in all interest due on security deposits held by owner i trust funds if permitted by applicable law deposit all receipts collected for owner plus any sums properly deducted or disbursed in a financial institution whose deposits are insured by an agency of the United States government funds shall be held in a trust account separate from brokers personal accounts broker shall not be liable an event of bankruptcy or failure of a financial institution J reserves maintain a reserve and brokers trust account of dollar K disbursements dispersed owners funds held in brokers trust account in the following order one compensation du broker under paragraph seven - all other operating expenses costs and disbursements payable from owners funds held by broker three reserves and security deposits held by broker for balance - owner L owner distribution remit funds if any are available monthly or - owner M owner statements render monthly or statements of receipts expenses and charges for each property and broker funds broker shall not advance brokers own funds in connection with the property or this agreement oke Civ / lockbox if checked owner authorizes the use of a key Civ / lockbox to allow entry into the property and agrees to sign a key Civ / lockbox addendum form KL a for owner responsibilities owner shall a provide all documentation records and disclosures as required by law or required by broker to manage and operate the property and immediately notify broker if owner becomes aware of any change in such documentation records or disclosures or any matter affecting the habitability of the property B except for brokers willful act or gross negligence indemnify defend and hold harmless broker and all persons in broker's firm regardless of responsibility from all costs expenses suits liabilities damages attorney fees and claims of every type including but not limited to those arising out of injury or death of any person or damage to any real or personal property of any person including owner for aye any repairs performed by owner or by others hired directly by owner or to those relating to the management leasing rental security deposits or operation of the property by broker or any person in broker's firm or the performance or exercise of any of the duties powers or authorities granted to broker C maintain the property in a condition fit for human habitation as required by applicable state and local law d pay all interest on tenants security deposits if required by local law or ordinance II carry and pay for I public and premises liability insurance in an amount of no less than $1,000,000 and to property damage and workers compensation insurance adequate to protect the interests of owner and broker broker shall be an owner authorizes broker to be named is an additional insured party on owners policies f pay any late charges penalties and / or interest imposed by lenders or other parties for failure to make payment to those parties if the failure is due to insufficient funds and brokers trust account available for such payment G immediately replace any funds required if there are insufficient funds and brokers trust account to cover owners responsibilities owners initials brokers initials copyright 2012 CA are PMA 8/12 property management agreement PMA page 2 of 5 produced with zip form by zip logics 1 8 0 7 0 15 mile road Fraser Michigan 4 8 0 to 6 www.subply.com problem 5 owner representations owner represents that unless otherwise specified in writing owner is unaware of I any recorded notice of default affecting the property to any delinquent amounts due under any loan secured by or other obligation affecting the property 3 any bankruptcy insolvency or similar proceeding affecting the property for any litigation arbitration administrative action government investigation or other pending or threatened action that does or may effect the property or owners ability to transfer it and V any current pending or proposed special assessments affecting the property owner shall promptly notify broker in writing if owner becomes aware of any of these items during the term of this agreement 6 tax withholding if owner is a non-resident alien individual a foreign entity or other non-us person foreign investor owner authorizes broker to withhold and transmit to the Internal Revenue Service IRS 30 percent of the gross rental receipts unless owner elects to treat rental income as effectively connected income by submitting to broker a fully completed IRS Form w8 ECI certificate of foreign person s claim for exemption from withholding on income effectively connected with thee conduct of a trade of business in the United States a foreign investor owner will need to obtain a US taxpayer identification number and file a declaration with the IRS regarding effectively connected income in order to complete the form given to broker further the foreign investor owner will be responsible for making any necessary estimated tax payments seven disclosure a lead-based paint one the property was constructed on or after January 1st 1978 or two the property was constructed prior to 1978 I owner has no knowledge of lead-based paint or lead-based paint hazards in the housing except to owner has no reports or records pertaining to lead-based paint or lead-based paint hazards in the housing except the following which owner shall provide to broker B pool / spa drain any pool or spa on the property does or does not have an approved anti entrapment drain cover device or system 8 compensation a owner agrees to pay broker fees in the amounts indicated below for one management to renting or leasing 3 evictions for preparing property for rental or lease five managing property during extended periods of vacancy six an overhead and service fee added to the cost of all work performed by or at the direction of broker seven other B this Agreement does not include providing on-site management services property sales refinancing preparing property for sale or refinancing modernization fire or major damage restoration rehabilitation obtaining income tax accounting or legal advice representation before public agencies advising on proposed new construction debt collection counseling attending owners association meetings or asterisk asterisk asterisk free pdf preview and asterisk asterisk asterisk purchase required to gain total access visit www.scosche.com by zip logics 1 8 0 7 0 15 mile road Fraser Michigan 4 8 0 to 6 www.subply.com problem