Property Management Protocol

PROPERTY MANAGEMENT PROTOCOL

This Property Management Protocol (the "Protocol") is entered into as of Effective Date: by and between Owner Name: with primary address at (hereinafter "Owner"), and Manager Name: with principal place of business at (hereinafter "Manager").

RECITALS

WHEREAS, Owner is the legal owner of the real property described as Property Address: (the "Property"); and

WHEREAS, Owner desires to engage Manager to administer, operate, and maintain the Property in accordance with the terms and procedures set forth in this Protocol; and

WHEREAS, Manager has the experience and capability to perform property management services and agrees to exercise reasonable skill and diligence in the discharge of such responsibilities.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. APPOINTMENT; TERM

1.1 Appointment. Owner hereby appoints Manager as exclusive agent for the management and operation of the Property and Manager accepts such appointment subject to the terms of this Protocol.

1.2 Term. The initial term shall commence on and continue for a period of months unless earlier terminated in accordance with Section 12.

2. MANAGER AUTHORITY AND DUTIES

2.1 General Authority. Manager shall, on behalf of Owner, take all actions reasonably necessary for the operation, maintenance, leasing, and management of the Property, including leasing negotiations, rent collection, enforcement of lease terms, and contracting for services, subject to the limits of authority set forth in this Protocol.

2.2 Exercise of Discretion. Manager shall exercise ordinary care and good business judgment in hiring vendors, performing inspections, and authorizing expenditures. Manager shall not take any action that would materially alter the permanent structure of the Property without prior written consent of Owner.

3. OWNER DUTIES

3.1 Funding and Access. Owner shall timely fund any reserve accounts and provide Manager with access to the Property, keys, codes, and authorizations necessary for Manager to perform its duties.

4. FINANCIAL MANAGEMENT AND ACCOUNTING

4.1 Management Fee. Owner shall pay Manager a management fee calculated as: . The fee shall be payable monthly in arrears.

4.2 Disbursements; Project Approval. Manager may make expenditures for ordinary maintenance and operational costs up to Amount Limit: per occurrence without prior Owner approval. Expenditures exceeding that amount require prior written authorization, except in emergencies where immediate action is necessary to prevent material damage or liability.

5. MAINTENANCE, REPAIRS, AND CAPITAL IMPROVEMENTS

5.1 Routine Maintenance. Manager shall arrange and supervise routine maintenance and repairs necessary to preserve the value and habitability of the Property, using licensed and insured vendors when required by law or by Owner policy.

5.2 Capital Improvements. Manager shall obtain at least two competitive bids for improvements in excess of Capital Threshold: and submit a written recommendation and cost estimate to Owner for approval prior to commencing any such work.

6. TENANT RELATIONS AND LEASING

6.1 Leasing Authority. Manager shall market vacant units, screen applicants in accordance with applicable law, execute leases on behalf of Owner for terms not to exceed Lease Term Limit: unless otherwise authorized in writing by Owner.

7. INSURANCE; RISK MANAGEMENT

7.1 Insurance. Owner shall maintain property and liability insurance with coverages and limits set forth in Insurance Requirements: . Manager shall be named as additional insured with respect to liabilities arising from Manager's performance under this Protocol where required by Manager's insurer.

7.2 Claims. Manager will promptly notify Owner of any incident or claim likely to give rise to insured losses and shall cooperate in the handling of claims as reasonably requested by Owner or Owner's insurer.

8. RECORDS AND REPORTING

8.1 Monthly Reports. Manager shall deliver to Owner monthly statements showing receipts, disbursements, and an itemization of charges and reserves, within days after the end of each month.

9. ACCESS AND SECURITY

9.1 Entry. Manager may enter the Property as reasonably required to perform inspections, repairs, maintenance, or to show premises to prospective tenants, provided such entry is undertaken at reasonable hours and in compliance with applicable law.

10. INDEMNIFICATION; LIMITATION OF LIABILITY

10.1 Indemnification by Owner. Owner shall indemnify and hold harmless Manager and its agents from claims, losses, liabilities, costs and expenses (including reasonable attorneys' fees) arising out of Owner's failure to disclose material facts or Owner's negligence or willful misconduct, except to the extent caused by Manager's gross negligence or willful misconduct.

10.2 Limitation. Except for Manager's gross negligence or willful misconduct, Manager's liability for any claim arising under this Protocol shall be limited to direct damages not to exceed the aggregate amount of management fees paid to Manager in the six (6) months preceding the event giving rise to the claim.

11. TERMINATION

11.1 Termination for Convenience. Either party may terminate this Protocol for convenience upon days' prior written notice to the other party.

11.2 Termination for Cause. Either party may terminate immediately upon written notice if the other party materially breaches this Protocol and fails to cure such breach within thirty (30) days after receipt of written notice specifying the breach.

12. NOTICES

12.1 Method. All notices required or permitted under this Protocol shall be in writing and shall be delivered by hand, certified mail (return receipt requested), or nationally recognized overnight courier to the addresses set forth at the beginning of this Protocol or to such other address as either party may designate by written notice.

13. AMENDMENTS; WAIVER; COUNTERPARTS

13.1 Amendments. No amendment or modification of this Protocol shall be effective unless in writing and signed by both parties.

13.2 Waiver. The failure of either party to enforce any provision shall not constitute a waiver of that provision or of the party's right to enforce thereafter.

13.3 Counterparts. This Protocol may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

14. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

14.1 Governing Law. This Protocol shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of laws principles.

14.2 Entire Agreement. This Protocol, together with any exhibits or attachments executed by the parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

14.3 Severability. If any provision of this Protocol is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect and shall be construed so as to give effect to the parties' intent as nearly as possible.

15. MISCELLANEOUS PROVISIONS

The parties certify that they have authority to enter into this Protocol and that the individual signing below on behalf of each party is duly authorized to bind that party.

Sign Now