Property Management IO Template

PROPERTY MANAGEMENT IO TEMPLATE

Parties and IO Identification

This Insertion Order and Services Agreement (the "Agreement") is entered into by and between Client Name: and Manager Name: .

Effective Date:    Primary Contact (Client):

WHEREAS

WHEREAS, Client is the owner or authorized representative of certain real property and desires to engage Manager to provide property management services described herein; and

WHEREAS, Manager represents that it has the experience, personnel, and licenses necessary to perform property management, leasing, marketing, and related services for the listed properties; and

WHEREAS, the parties desire to set forth the scope, compensation, term, authorizations, and other terms governing Manager's performance on the properties identified in this IO.

Scope of Work

Payment Terms

Management Fee (recurring): $ payable in arrears on the day of each period.

Late Fee on Overdue Amounts: applied to any unpaid balance after days from invoice due date.

Term and Termination

Term Commencement Date:    Term Expiration Date:

Either party may terminate this Agreement without cause upon days' prior written notice to the other party. Termination for cause may be effective immediately upon written notice for material breach if the breaching party fails to cure within days after receipt of notice specifying the breach.

Authority, Access, and Operations

Owner hereby grants Manager the authority to market, lease, and manage the Properties listed above, including the authority to enter into leases on Owner's behalf consistent with written leasing parameters provided by Owner, authorize repairs up to $ per occurrence without prior Owner approval. Manager shall timely notify Owner of any material issues or expenditures exceeding that limit.

Manager is authorized to hire vendors, contractors, and service providers in Manager's discretion consistent with industry practices and to remit payment from Owner funds held by Manager, subject to the expense reimbursement terms above.

Confidentiality

Each party agrees that all non-public business, financial, tenant, and owner information disclosed in connection with this Agreement is Confidential Information. Confidential Information shall not be disclosed to third parties except to employees, contractors, lenders, or advisors with a need to know, or as required by law. The receiving party shall use at least the same degree of care to protect Confidential Information as it uses to protect its own confidential information, but in no event less than reasonable care.

Insurance, Indemnity, and Liability

Manager shall maintain commercially reasonable insurance coverages, including general liability and workers' compensation, and provide proof of such insurance upon Owner's request. Manager agrees to indemnify and hold Owner harmless from losses arising out of Manager's gross negligence or willful misconduct. Owner shall indemnify Manager for liabilities arising from Owner's negligence, breach of representations, or failure to maintain required insurance.

Governing Law; Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the state of without regard to conflict of law principles. The parties consent to venue in the state and federal courts located in the judicial district encompassing the Properties, unless otherwise agreed in writing.

This Agreement (including all attachments and referenced Schedules and IOs) constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior and contemporaneous agreements, proposals, and communications, whether written or oral. Any modification must be in writing and signed by both parties.

Representations and Warranties

Each party represents and warrants that it has the full right, power, and authority to enter into and perform this Agreement, and that the individual signing on its behalf is duly authorized to bind such party.

Authorizations and Acknowledgements

By signing below, Owner acknowledges that Manager will act as Owner's agent for the purposes set forth in this Agreement, and Owner authorizes Manager to open and maintain trust or operating accounts for collection and disbursement of rents and funds consistent with applicable law. Owner acknowledges receipt of copies of any applicable disclosure statements required by local law.

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