Property Management Properties Explanation Letter

PROPERTY MANAGEMENT PROPERTIES EXPLANATION LETTER

Client Name:    Property Manager Name:

Letter Date:

RECITALS

WHEREAS, Client Name: is the owner or authorized representative of certain real properties for which an explanation of management, occupancy and status is requested; and

WHEREAS, Property Manager Name: is engaged to manage and administer the operation, leasing, accounting and maintenance of the properties identified below and is authorized to provide this explanation letter; and

WHEREAS, the parties wish to set forth the scope, terms and conditions under which the Property Manager will prepare and deliver property explanation letters and related documentation to third parties as requested by Client.

SCOPE OF WORK

Services will include, at a minimum: preparation of property-specific explanation letters describing ownership, current tenancy, lease status, rent roll summaries, deferred maintenance disclosures, management practices, and operating statements for the periods requested by the Client or a requesting third party. Property Manager will use commercially reasonable efforts to verify the facts presented in each letter from its own records and files.

PROPERTIES COVERED

Property 1

Property 2

Property 3 (optional)

PAYMENT TERMS

Late fee for overdue invoices shall be:    Interest accrual will commence after days from invoice due date.

TERM AND TERMINATION

Term Start Date:    Term End Date:

Either party may terminate this agreement for convenience upon written notice to the other party delivered at least days prior to the intended termination date. Termination for cause may be effective immediately upon written notice if the other party materially breaches any obligation and fails to cure such breach within thirty (30) days after receipt of written notice.

CONFIDENTIALITY

For purposes of this agreement, "Confidential Information" includes nonpublic financial data, tenant information, rent rolls, maintenance records, vendor contracts and any proprietary business information disclosed in connection with the preparation of property explanation letters. Property Manager shall not disclose Confidential Information to any third party except as required by law or with the prior written consent of Client. Property Manager will 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.

  I acknowledge and agree to the Confidentiality obligations set forth above.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of law principles.

ENTIRE AGREEMENT

This Agreement, including any exhibits or attachments executed by the parties, constitutes the entire agreement between Client and Property Manager with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, proposals, representations and understandings, whether written or oral. No amendment or modification shall be effective unless in writing and signed by both parties.

ADDITIONAL TERMS AND CERTIFICATIONS

Property Manager represents and warrants that, to the best of its knowledge, the statements contained in any explanation letter prepared pursuant to this Agreement will be true and accurate as of the date of issuance and will be based on the Property Manager's business records. Client acknowledges that Property Manager does not provide legal or tax advice in connection with such letters unless separately engaged to do so in writing.

Sign Now