Fill and Sign the Property Management Agreement Form

Property Management Agreement Regarding Multiple Buildings Agreement made on the ____ day of _________________________________, 20____, between _________________________________________________________ (Name of Corporation/Owner) a corporation organized and existing under the laws of the state of ______________________________________________, with its principal office located at __________________________________________________________ ____________________________________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Corporation, and _______________________________________________ (Name of Manager) of ____________________________________________________ ___________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Manager. Whereas, the Corporation owns certain real properties described in Schedule A , attached hereto and made a part hereof; and Whereas, the Corporation desires that the Manager act for the Corporation in the management of the real properties described in Schedule A; and Manager is willing to act for the Corporation in such capacity, on the basis 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 receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Property to be Managed The properties referred to in Schedule A shall clearly and definitely locate and identify the real properties to come under the terms of this Agreement and shall describe the type of building on each property. It is distinctly understood and agreed by both parties that no parcel of real property shall be subject to the terms of this agreement unless definitely listed in Schedule A. 2. Rights and Compensation Schedule A shall indicate the rights of the Corporation with respect to each property, whether as owner or otherwise. Schedule A shall also indicate the compensation for the Manager with respect to any specific property, in connection with which it is intended to alter the standard compensation as provided for in this agreement. In the event that no compensation is indicated on Schedule A, it is understood and agreed that the Manager shall be entitled to the compensation provided for in this Agreement. 3. Amendment of Schedule It is agreed that Schedule A may be amended at any time during the continuance of this Agreement by action of the Corporation by its authorized representative in furnishing the Manager with a list of the property or properties to be added, which list shall contain the same information as to each property as in the case of other properties previously listed under Schedule A. The Corporation may, in its discretion, use a card or other form for the purpose of effecting additions to Schedule A. 4. Appointment of Manager The Corporation by its _____________________________________________ (e.g., President) hereby appoints and employs Manager as the exclusive managing agent for the Corporation of the property described in Schedule A, and the Manager hereby accepts such appointment and agrees to render his services to the Corporation in the management of such property, in the manner, to the extent, and subject to the conditions hereinafter set forth in this Agreement. 5. Commencement of Employment The employment of the Manager by the Corporation pursuant to this Agreement shall commence on __________________________________ (date), and shall be subject to termination as provided for in this Agreement. 6. Control by Corporation Services that are to be rendered pursuant to this Agreement by the Manager shall, in all respects and at all times, be subject to the control of the Corporation, but the Manager shall be entitled to rely upon written instructions received from any authorized representative of the Corporation as to any and all acts to be performed pursuant to this Agreement by the Manager; except that in matters as to which the provisions of this Agreement shall provide for approval by the ___________________________________ (e.g., home office) of the Corporation, the Manager shall be entitled to rely only upon instructions or authorizations received from such ________________________________ (e.g., home office) . 7. Quality of Management The Manager shall maintain, manage and operate the properties subject to this Agreement in an efficient manner. 8. Maintenance and Repair The Manager, in the repair, maintenance and management of the properties, shall employ such employees as shall be necessary for the efficient, safe and economical operation of each property. The Manager agrees that such employees shall be the employees of the Manager, and the Corporation agrees that the Manager shall have the exclusive right to hire and discharge such employees and to supervise and pay them. 9. Repairs The Manager shall, for the account of the Corporation, unless otherwise directed in writing, attend to the making of ordinary and extraordinary repairs, declarations and alterations in connection with the properties and covered by the terms of this Agreement and shall purchase in reasonable quantities and at reasonable prices, all materials and/or supplies necessary or proper for the maintenance and operation of such properties, subject to the limitations hereinafter provided. 10. Maximum Expense for RepairsIt is understood and agreed that the Manager will in no event incur any such expense in connection with the properties exceeding in any instance the sum of $________________________, unless such expense has been specifically approved in writing by an authorized representative of the Corporation. 11. Installation of Major Items It is agreed that with respect to the installation of major items of new equipment or replacement of old equipment, such as incinerators, elevators, stoves, refrigerators, heating plants, rugs and carpets, furniture and furnishings or other equipment of a similar nature, the Manager will in no event effect such purchases without the prior written consent of an authorized representative of the Corporation. It shall be the duty of the Manager in such cases to recommend the purchase of such items to the Corporation when advisable or necessary, but a duly authorized representative of the Corporation may request the Manager to arrange for the purchase and installation of such items, or to effect such purchases and installation itself, or otherwise. 12. Written Specifications It is understood and agreed that the Manager in the performance of duties imposed by Sections 9, 10, and 11 of this Agreement may proceed through employees fully familiar with such duties, and it shall be the duty of the Manager to prepare written specifications covering all such matters, and to submit such specifications to reliable local contractors for the purpose of securing at least ______________________________ (e.g., three) competitive bids for submission to the Corporation, with recommendations; provided, however, that matters which do not economically lend themselves to competitive bidding may be exempted from such requirement, with the written consent of an authorized representative of the Corporation. 13. Supervision of Repairs It shall be the duty of the Manager to supervise all matters coming within the terms of Sections 9 through 12 of this Agreement, including the actual supervision of all repairs, decorations, and/or alterations during the progress of such work, and to make final inspection of the completed work, and approve bills for payment. 14. Compensation for Repairs The Manager shall be entitled to no compensation with respect to the carrying out of the duties imposed by Sections 9 through 13 of this Agreement, except as otherwise provided for by this Agreement. 15. Compliance with Statutes or Ordinances Inasmuch as any or all of the properties described in Schedule A may be subject to statutes or ordinances affecting the properties, imposed by federal, state, county or municipal authority, and any or all the properties may also be subject to rules, regulations and orders of the local county board of Fire Underwriters or other similar body, Manager shall use its best efforts to remedy promptly any violation of any such statute, ordinance, rule, regulation or order as may come to his attention. The authority of the Manager to expend money in paying fines in connection with any such violation shall be subject to the limitation of $__________________, in any one instance. 16. Verification of Taxes and Assessments The Manager, unless otherwise requested in writing by an authorized representative of the Corporation, shall obtain and verify for the Corporation bills for real estate, personal property taxes and improvement assessments, if any, against the properties listed in Schedule A. The Manager will also recommend payment of such bills or recommend appeal from the assessments thereby imposed, as the case may be. The Manager shall be entitled to no compensation with respect to the carrying out of the duties imposed by this Section, except as otherwise provided in this Agreement. 17. Insurance The Corporation may, at its option, arrange for and obtain insurance with respect to the properties now and hereafter described in Schedule A of such kinds, and in such amounts, and in such forms and companies as the Corporation, in its discretion, shall deem desirable. The Corporation agrees to indemnify the Manager for any liability for damages to persons and property or other workers' compensation claims arising out of the management of any property or the employment by the Manager of any persons in the operation of any property coming under the terms of this Agreement, including the expense of defending any such suit or claim, provided the Manager notifies an authorized representative of the Corporation or its insurer in writing as may be directed, as soon as possible after notice of any injury or claim as received by the Manager; and provided the Manager takes no step (such as admission of liability) which will operate to bar the Corporation from obtaining any protection afforded by any policies of insurance it may hold, or which will operate to prejudice the defense in such an action, or to bar the Corporation from protecting itself in any manner against such claim, suit or demand, and further provided that the Corporation shall have the sole and exclusive right, at its option, to conduct the defense of any such suit, claim, or demand. 18. Cooperation Concerning Insurance It is understood and agreed, however, that nothing contained in Section 17 of this Agreement shall release or relieve the Manager, as between the Manager and the Corporation, from responsibility to manage and operate the property in a careful and proper manner and in accordance with the terms of this Agreement. The Manager agrees to furnish whatever information the Corporation may desire to assist it with respect to the placing and carrying of insurance covering the security for its or the owner's protection, and the Manager will assist and cooperate in every reasonable way with respect to such insurance or any loss thereunder. 19. Advertising The Manager agrees to arrange and suggest advertising plans and rental promotional material to the Corporation, such plans and materials, however, are not to be used until approved in writing by the Company's authorized field or home office representative. The Manager further agrees to discontinue any advertising campaign or the use of any rental promotional plan or material promptly upon written request of an authorized representative of the Corporation. In no event shall the Corporation be liable for, or obligated to pay, any advertising or promotional cost or share thereof, unless such cost or share is agreed upon in writing by an authorized representative of the Corporation. The Manager further agrees not to use the name of the Corporation or its trademark or permit such name or trademark to be used in any respect in connection with advertising or rental promotion unless the Manager receives specific permission or instruction in writing to that effect in any particular case. 20 Securing Tenants The Manager shall use his best efforts to secure tenants for the properties listed in Schedule A, through his own organization. The Manager further agrees that immediately following any vacancy in any property (or immediately following the addition to Schedule A of a property containing vacancies) the Manager will, at his own expense, prepare rental listings on forms provided by the Corporation and will promptly distribute such forms of listing to reputable and active real estate brokers within a reasonable effective area of the property. Thereafter, the Manager will supply such cooperating brokers with information sufficient to enable them at all times to work on the rental of the property, and the Manager will cooperate with them on any matter which will aid in the successful renting of any property. The Manager further agrees to maintain an organization at all times sufficient to enable it to carry out the provisions of this Section. The Manager shall have the right to rent the properties or any part thereof, if vacant or about to become vacant, in such manner and on such terms and conditions as shall previously have been approved by an officer or authorized representative of the corporation; provided, however, that every lease or rental for more than ____________________________________ (e.g., one year) must be approved by the ____________________________________ (e.g., home office) of the before it shall become binding on the Corporation. In effecting tenancies, the Manager will use his best endeavors to procure and investigate references from all prospective tenants and will be guided by such information in the selection of tenants. The Manager will also render all services of other than a purely legal nature which an authorized representative of the Corporation shall reasonably require in connection with the preparation and execution of leases or rental agreements covering space in the properties coming under the terms of this Agreement. 21. Collection of Rents and Charges The Manager shall make diligent efforts to collect all rents and other charges that may at any time be due or become due to the Corporation from any tenant occupying space in properties coming under the terms of this Agreement. When so requested in writing by an authorized representative of the Corporation, the Manager will institute any necessary suit for the recovery of rent or for the recovery of the possession of any part of rented properties; provided, however, that the Manager shall institute no suit or legal proceeding of any nature whatsoever unless such suit or legal proceeding has been approved in writing by an authorized representative of the Corporation. The Manager shall keep the company informed at regular and reasonable intervals with reference to the progress of suits or legal proceedings that may have been instituted, as hereinabove provided. The Manager shall not be responsible for any expenses in connection with any properly authorized suit. 22. Adjustment of Complaints The Manager shall receive complaints of tenants in any of the properties now and hereafter listed in Schedule A, and will adjust such complaints in its discretion, subject to the limitations imposed by this Agreement. 23. Bank Deposits The Manager agrees to deposit all funds collected for the account of the Corporation in a reputable, federally insured bank in an account open for that specific purpose and designated the _________________________________________________ (name of account) , it being understood that all funds so deposited in that account shall be held in trust for the Corporation and such funds shall be disbursed in accordance with the terms of this Agreement. It is further understood that no funds other than those collected under the terms of this Agreement shall be deposited in the above-named account unless otherwise agreed upon in writing. In the event the Corporation so elects, it may designate the bank which shall act as depositor for such funds. The Corporation further reserves the right to direct a change in the depository arrangements or in the bank selected as depository, at any time. Notice of an election to designate a depository bank or of an exercise of the right to direct a change in depository arrangements or the depository bank shall be given in writing by an authorized representative of the Corporation. 24. Accounting by Manager The Manager shall render to the Corporation on or about the _________ (e.g., 15 th ) day of each month detailed statements on forms provided or prescribed by the Corporation covering collections, disbursements, delinquencies, uncollectible accounts, vacancies and other matters pertaining to the properties now or hereafter listed in Schedule A . The Manager will also, at the written request of an authorized representative of the Corporation, furnish such further information concerning the management of the properties herein mentioned in such manner and on such forms as an authorized representative of the Corporation may specify from time to time. The Manager shall send with such statements, a remittance of the unexpended funds, if any, in respect of the properties, held by the Manager and belonging to the Corporation as shown by such statements, and shall support all disbursements by receipted vouchers. 25. Requests for Advancements If at any time the gross income from all properties owned by the Corporation and managed by the Manager under the terms of this Agreement shall not be sufficient to pay the bills and charges that may have been incurred by the Manager as authorized by the terms of this Agreement, the Manager shall submit to the Corporation a statement of such unpaid bills for which moneys shall be required, and the Corporation shall disburse sufficient moneys to pay such unpaid bills. Any requests for money to be advanced by the Corporation are to be made on a form or forms provided by the Corporation. It is distinctly understood and agreed, however, with respect to the properties covered by this Agreement which are not owned by the Corporation, and in connection with which the Corporation has managing rights only, that the Manager will incur no bills or charges in connection with any such property which cannot be paid out of current income from that property; and the Manager will immediately communicate with an authorized representative of the Corporation before incurring any expense that cannot be paid out of current income from any such particular property, so that the Corporation will be in a position to determine whether or not it can or will advance such items. 26. Commissions and Discounts The Manager shall allow and account to the Corporation for all commissions and discounts that may accrue or be allowed to the Manager in respect of all contracts and expenditures made by the Manager for the account of the Corporation in connection with the properties now or hereafter listed in Schedule A, except compensation payable to the Manager under the terms of this Agreement. 27. Security Bond As security for the performance of this Agreement or of any particular duty or duties thereunder by the Manager, the Corporation may, at its discretion, procure surety company bond or bonds in such amount or amounts as the Corporation shall from time to time deem necessary. The Corporation shall bear the cost of such bond or bonds. The Manager shall execute applications for such bonds and furnish any and all information that may be required by the surety company or companies to enable it or them to issue the bond or bonds. The Manager agrees to assist the Corporation in every reasonable and proper way to procure such bonds. 28. Legal Proceedings Against Corporation Should any claims, demands, suits or legal proceedings be made or instituted against the Corporation by other party or parties arising out of any of the matters set forth in this Agreement, Manager agrees to give the Corporation all reasonable information and assistance in the defense thereof. 29. Compensation of Manager The compensation to be paid by the Corporation to the Manager for the services in connection with the management of each particular property and/or in the effecting of leases or rentals for each particular property shall be computed as follows: A. Management. A management fee of ______% percent on all rent collected with no collection fee to be paid during the month in which new tenant commissions are deducted as described below. B. Leasing Fee. For securing a new tenant (i.e., not presently a tenant of Corporation), the Corporation will pay to Manager _______________________________ (e.g., one-half) of the first month's rent. Only one such commission is to be allowed during a _____ (e.g., 12) month period for any particular rental unit. For securing a new tenant on a lease of ________________________________ (e.g., one year) or less, a fee of ______% of the total rent called for in the lease will be allowed; however, no fee will be paid for renewal of such lease. On all leases in excess of _______________________________ (e.g., one year) , a fee of ______% of the total rent called for in the lease will be allowed; however, no fee will be paid for renewal of such lease. Outside brokers producing new tenants shall be offered and paid the full amount of commission allowed for such service. 30. Books and Records Manager agrees to keep adequate books and records in connection with all matters arising under the terms of this Agreement. Manager further agrees to allow access by an authorized representative of the Corporation to the records and correspondence in the Manager's office pertaining to any transaction arising out of this Agreement, at any time during regular business hours. In the event of the termination of this Agreement between the Corporation and the Manager or the withdrawal of any property from the terms of this Agreement as herein provided, the Manager specifically agrees to turn over to an authorized representative of the Corporation on or before the date of such termination or withdrawal, any such records or correspondence as may be reasonably necessary for the assistance of an authorized representative of the Corporation in carrying to completion any lease or other transaction that may have been negotiated under the terms of this Agreement. 31. Compliance with Corporation’s Requirements The Manager agrees to observe and enforce reasonable written requirements made by an authorized representative of the Corporation from time to time to insure the proper and efficient handling by the Manager of all matters covered by this Agreement, and to better protect the interests of the Corporation. 32. Termination This Agreement shall terminate as to any specific property listed in Schedule A automatically and immediately on written notice to the Manager of the termination of the ownership by the Corporation. 33. Notice of Termination Either of the parties hereto may terminate this Agreement in its entirety or as to any specific property by giving the other party at least __________ (e.g., 60) days notice in writing of its intention to do so, such notice to be sent by registered mail to the main office of the other party, with return receipt requested. Such notice so directed and mailed shall effect the cancellation of this Agreement, effective on the date set forth in such notice, but in no event earlier than ________days after the mailing of the notice. The _________ (e.g., 60) day notice provided by this Section shall not apply under the circumstances set forth in Section 32 of this Agreement. 34. Rights on Termination The termination of this Agreement shall in no way affect or impair any right that has accrued to either party hereto prior to the date when such termination shall become effective. 35. Option of Corporation to Terminate The dissolution, cessation of business for any cause whatsoever, the improper handling by the Manager of the accounts, or the reconstruction, reorganization, bankruptcy, insolvency or assignment for the benefit of creditors of the Manager, shall effect an immediate termination of this Agreement, at the option of the Corporation, unless prior to any reconstruction or reorganization of the Manager, the Corporation shall have been notified of the proposed change and shall have given its consent in writing, such consent to be signed by the _____________________________________ (e.g., the President) of the Corporation. The notice and consent required by the terms of this Section shall be sent by registered mail to the main office of the other party, return receipt requested. 36. 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. 37. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ___________________________________. 38. Mandatory Arbitration 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. 39. 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. 40. 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. 41. 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. 42. 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 Corporation) ___________________________________ By: ________________________________ ___________________________________ ____________________________________ (Name and Signature of Manager) (Name and Office in Corporation) STATE OF _________________________________________ COUNTY OF _____________________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ____ day of _________________________________, 20____, within my jurisdiction, the within named, ______________________________________ (Name of Manager), who acknowledged that he executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission expires:______________________ STATE OF ____________________________________ COUNTY OF __________________________Personally appeared before me, the undersigned authority in and for the said county and state, on this ____ day of __________________________________, 20____, within my jurisdiction, the within named ______________________________________ (Name of Officer), who acknowledged that he is ________________________________ (Name of Office) of _____________________________________________________ (Name of Corporation), a __________________________________________ (name of state) corporation, and that for and on behalf of the said corporation, and as its act and deed he executed the above and foregoing instrument, after first having been duly authorized by said corporation so to do. _____________________________ NOTARY PUBLIC My Commission expires:______________________ Note: Form of Acknowledgment may vary by state.