Single Family Residence

Contract for the Management of a Single Family Residence

Contract made on the , between of , referred to herein as Owner, and , a corporation organized and existing under the laws of the state of , with its principal office located at , referred to herein as Agent.

For and in consideration of the mutual covenants contained in this Contract, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

I. Agency. Owner hereby employs Agent to lease and manage the Owner's single family residence, described herein as the Property, located at , and being more particularly described in Exhibit A attached hereto and made a part hereof.

II. Duties of Agent. In order to properly manage and lease the Property, the Agent shall have the following duties and responsibilities:

A. Best Efforts. The Agent shall use its best efforts to attract and retain tenants for the Property.

B. Lease Negotiations. The Agent shall handle all negotiations with tenants with respect to leases. All such Contracts are subject to the approval of the Owner. However, the Owner may provide the Agent with authorization to lease under certain specified terms and conditions.

C. Employees. The Agent shall employ, supervise, discharge, and pay all employees or independent contractors who are reasonably required in the proper management and operation of the Property. The Agent shall pay all employees and independent contractors and fully complete all necessary federal tax returns and payments of related taxes on behalf of the Owner.

D. Supplies. The Agent shall purchase all necessary supplies for the proper management of the Property. This includes heating fuel where applicable.

E. Repairs and Maintenance. The Agent shall contract for or undertake the making of all necessary repairs and the performance of all other necessary work for the benefit of the Property including all required alterations to properly carry out this Contract. However, no expenses shall be incurred for such matters in excess of $ for any single item without the express consent of the Owner, except where required during an emergency.

F. Mortgages and Other Expenses. From the rents received the Agent shall pay all operating expenses and such other expenses as requested by the Owner. This may include the payment of mortgages or taxes.

G. Collection of Rents. The Agent shall collect the rents and other income from the Property promptly when such amounts come due taking all necessary steps to collect same and performing all reasonable acts on behalf of the Owner for the protection of the Owner in collection of such amounts.

I. Financial Records. All monies collected by the Agent shall be deposited into a special bank account or accounts as required by the Owner. Such monies of the Owner shall not become mingled with funds of the Agent. However, the Agent may withdraw monies from such accounts as necessary to properly perform this Contract and in payment of compensation as required by this Contract. The Agent shall provide the Owner with periodic statements accounting for all expenses and will open its records to the Owner upon demand.

J. Payments to Owner. The Agent will make monthly payments to the Owner from time to time from the excess funds being held by the Agent.

G. Miscellaneous. The Agent shall also perform all other necessary tasks and do all other things as required for the proper management, upkeep and operation of the Property as customarily be performed by a managing agent of this type of Property. This includes handling of all inquiries and requests from the tenants.

III. Compensation of Agent. The Owner shall pay the Agent as full compensation for the services of the Agent the sum of $ per month. These amounts shall be payable to the Agent when such funds become available from the amounts collected by the Agent according to this Contract.

IV. Duties of the Owner. The Owner will provide all necessary documents and records and fully cooperate with the Agent in all matters with respect to this Contract. The Owner will provide the Agent with evidence of insurance which evidence the Agent shall examine to determine the adequacy of coverage. If necessary, additional insurance of changes in insurance coverage may be made upon the approval of the Owner.

V. Indemnity. The Owner shall indemnify and hold the Agent completely harmless with respect to liability and damages, costs and expenses in connection with any damage or injury whatsoever to persons or property arising out of the use, management, operation, occupation, ownership, maintenance or control of the Property or out of any matter or thing with respect to which it is elsewhere in this Contract provided or agreed that the Agent shall not be under responsibility. However, the Owner will not indemnify the Agent against the willful misconduct of the Agent.

VI. Term of Contract. This Contract shall continue for a period of one year from the date hereof, and shall be automatically renewed from year to year unless terminated by either party upon written notice sent to the other party not less than fifteen (15) days before any expiration date.

VII. Termination of Contract. This Contract may be terminated at any time by the Owner upon giving the Agent days written notice in the event of a bona fide sale of the Property, and without notice in the event the Agent fails to discharge the duties of the Agent faithfully in the manner herein provided.

VIII. Modification. This Contract may not be modified, altered, or amended in any manner except by a Contract in writing executed by the parties hereto.

IX. Governing Law. This Contract shall be governed by, construed, and enforced in accordance with the laws of the State of .

X. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Contract 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 Contract.

XI. Mandatory Arbitration. Any dispute under this Contract 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.

XI. Entire Contract. This Contract shall constitute the entire contract between the parties and any prior understanding or representation of any kind preceding the date of this Contract shall not be binding upon either party except to the extent incorporated in this Contract.

XI. Modification of Contract. Any modification of this Contract or additional obligation assumed by either party in connection with this Contract shall be binding only if placed in writing and signed by each party or an authorized representative of each party.

XII. Assignment of Rights. The rights of each party under this Contract 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.

XIII. Counterparts. This Contract 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.

XIV. Compliance with Laws. In performing under this Contract, all applicable governmental laws, regulations, orders, and other rules of duly-constituted authority will be followed and complied with in all respects by both parties.

WITNESS our signatures as of the day and date first above stated.