Fill and Sign the Agreement Apartment Building 497329866 Form

Agreement to Manage Multi-Family Apartment Building Property Management Agreement made on       day of       , 20       , between       , a corporation organized and (Name of Property Owner) existing under the laws of the state of       , with its principal office (Name of State) located at       , referred to herein as the Owner, and (Street Address, City, County, State, Zip Code)       , a corporation organized and existing under the ( Name of Property Manager) laws of the state of       , with its principal office located at (Name of State)       , referred to herein as Manager. (Street Address, City, County, State, Zip Code) Whereas, Owner holds title to the real Property described in Exhibit A attached hereto and made a part hereof, which is zoned (classification such as R-6) for a Multi-Family Apartment Building , and is hereinafter referred to as the Property; and Whereas, Manager is experienced in the business of operating and managing multi- family apartment buildings similar to the Property described above; and Whereas, Owner desires to engage the services of Manager to manage the Property, and Manager desires to provide such services on the terms and conditions set forth in this Agreement. Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the parties agree as follows: I. Designation of Agent and Description of Property Owner designates Manager as its exclusive agent and representative for the purpose of managing the Property for the account of Owner. II. Duties of Manager The duties and responsibilities of Manager in connection with the management of the Property are as follows: A. Collection of Revenue. Manager shall take all reasonable steps to collect and enforce the collection of all rentals and other charges due owner from tenants of the Property in accordance with the terms of their tenancies. B. Expenses and Mortgages. From gross revenues collected from the Property Manager shall: 1. Pay all operating expenses and such other expenses as may be authorized by Owner; and Agreement to Manage Multi-Family Apartment Building Page 1 of 5 2. Pay to any lenders designated by Owner all sums that may become due on loans affecting the Property. C. Taxes. Manager shall pay real property taxes and other taxes levied and assessed against the Property, and Manager shall withhold from gross revenues an amount equal to the estimated annual taxes and then pay such taxes from this reserve prior to delinquency. D. Inspection and Repairs. Manager shall do everything reasonably necessary for the proper management of the Property, including periodic inspections, supervision of maintenance, and arranging for such improvements, alterations and repairs as may be required of Owner. No improvements, alterations or repair work costing more than $       shall be made by Manager without the prior authorization of Owner. In case of an emergency that requires immediate repairs or alterations, if Owner is not readily available for consultation, Manager shall use Manager's own discretion regarding same. E. Negotiation of Leases. Manager shall have the authority and exclusive right to negotiate leases and month-to-month tenancies with existing and prospective tenants on terms approved by Owner. All leases shall be signed by Owner. F. Employees. Manager shall have authority to hire, supervise and terminate on behalf of Owner all independent contractors and property employees, if any, reasonably required in the operation of such Property, but all such property employees shall be employees of Owner and not employees of Manager. Where applicable, Manager shall prepare for Owner payroll tax returns and make payments of such taxes to appropriate agencies out of gross revenues. G. Tenants. Manager shall handle all tenant requests and negotiations that may arise from time to time. H. Legal Assistance. Inasmuch as Manager is not authorized to practice law, where legal assistance is needed for such matters as enforcing the collection of rent or eviction of a tenant or tenants, such action shall be through counsel designated or approved by Owner. The expenses for such counsel shall be borne by Owner. I. Records. Manager shall maintain accurate records of all moneys received and disbursed in connection with its management of the Property, and such records shall be open for inspection by Owner at all reasonable times. Manager shall also render to Owner a monthly statement showing all receipts and disbursements, together with supporting vouchers. J. Payment of Owner. After Manager deducts all authorized expenses and reserves relating to the operation and management of the Property from the funds collected for the account of Owner, Manager shall deposit the net amount of such funds to the account of Agreement to Manage Multi-Family Apartment Building Page 2 of 5 Owner in a bank designated by Owner, or make payments as Owner may otherwise elect in writing. III. Insurance . On the execution of this Agreement, Owner will review existing coverages with Owner's insurance broker to determine adequacy of coverage. Responsibility for insurance pertaining to the Property shall be entirely borne by Owner, unless otherwise agreed separately in writing between Owner and Manager. IV. Indemnification . A. Except for the willful misconduct of Manager, Owner agrees to indemnify Manager against all costs, expenses, attorney's fees, suits, liabilities and damages from or connected with the management of the Property by Manager or the performance or exercise of any of the duties, obligations or powers granted to Manager in this Agreement or later granted to Manager. B. Owner shall carry bodily injury, property damage, and personal injury public liability insurance on the Property in limits of not less than $       . During the continuance of this Agreement, all bodily injury, property damage and personal injury, property insurance, and any other coverage carried by Owner on the Property shall be extended at the expense of Owner to insure and indemnify Manager as well as Owner by the appropriate endorsement of all policies evidencing such insurance, substantially as follows: “       is hereby named as an additional (Name of Manager) insured, and       agrees that this policy shall be (Name of Insurance Company) primary in respect to any coverage carried by       .” (N ame of Manager) V. Responsibilities of Owner . In consideration of the property management services to be rendered by Manager under this Agreement, Owner shall: A. Furnishing of Documents. Promptly furnish Manager all documents and records required to properly manage the Property, including, but not limited to, leases (including amendments and pertinent correspondence relating to the leases), status of rental payments, loan payment information, and copies of existing service contracts. B. Insurance Policies. Furnish Manager copies of all insurance policies that are from time to time carried by Owner during the term of this Agreement and the endorsement called for in Section IV of this Agreement. C. Reimbursement of Advances by Manager. Reimburse Manager, on demand, to the full extent of all moneys advanced by Manager for the account of Owner in carrying out the purpose of this Agreement; it being understood that Manager is not obligated to make such advances of money. D. Compensation. Pay Manager for its Property management services $       Agreement to Manage Multi-Family Apartment Building Page 3 of 5 per month or       % of the gross monthly collections and income from the Property, whichever is greater. This amount shall be deducted by Manager from the gross monthly collections. E. Listing Agreement. If, during the continuance of this Agreement, Owner desires to sell the Property, then Manager shall have the exclusive right to sell the Property on behalf of Owner. Owner shall execute appropriate documents giving Manager the exclusive listing to sell the Property, and indicate the desired sales price and other terms and conditions, if any, on which Owner will sell the Property. If a sale is made, Manager shall be entitled to receive from Owner a real estate brokerage commission in an amount equal to       % of the gross sales price, such commission to be paid through escrow and on the closing of the sale or, if there be no escrow, then on recordation of the deed. F. Conformity with Law. Owner agrees that Manager shall manage the Property in full compliance with the requirements of all applicable laws, including, but not limited to, state and federal fair housing laws, and that Manager is authorized to take such action as Manager deems appropriate to comply with such laws. VI. Term of Agreement . This Agreement shall be for a term commencing on       (Date) and ending on       . At the expiration of such term, this Agreement, if not renewed (Date) in writing for an additional fixed period and if not terminated in writing by either party, shall be deemed a month-to-month Agreement cancelable by either party on not less than       (Number) days' written notice, which notice may be given at any time during the month, provided that in any event the cancellation shall be effective at the end of the calendar month during which the       - day notice period runs. (Number) VII. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. VIII. No Waiver. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. IX. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of       . (Name of State) Agreement to Manage Multi-Family Apartment Building Page 4 of 5 X. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. XI. Attorney’s Fees. In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. XII. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. XIII. Entire Agreement. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. XIV. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. XV. Assignment of Rights. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. XVI. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. WITNESS our signatures as of the day and date first above stated.             (Name of Owner) (Name of Manager) By: By: (P rinted Name & Office in Corporation) (P rinted Name & Office in Corporation)             (Signature of Officer) (Signature of Officer) Acknowledgements Agreement to Manage Multi-Family Apartment Building Page 5 of 5