Fill and Sign the Steps for Terminating a Property Management Agreement Form

Agreement with Resident Manager of Apartment Building Page 1 of 5 Agreement with Resident Manager of Apartment BuildingApartment Building Management Agreement made on the day of , 20 , between , (Name of Property Owner) a corporation organized and existing under the laws of the state of , (Name of State) with its principal office located at , referred (Street Address, City, County, State, Zip Code) to herein as the Owner, and , of (Name of Property Manager) , referred to herein as Manager. (Street Address, City, County, State, Zip Code) Whereas, Owner holds title to the real property described in Exhibit A attached hereto and made a part hereof, which is zoned (classification such as R-6) for a story (Number) Apartment Building, and is hereinafter referred to as the Property; and Whereas, Manager is experienced in the business of operating and managing Apartment Buildings similar to the Property described above; and Whereas, Owner desires to engage the services of Manager to manage the Property, and Manager desires to provide such services on the terms and conditions 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 parties agree as follows: I. Employment of Manager. Owner, by the terms of this Agreement, employs Manager as the resident manager of an Apartment Building owned by Owner, located at , and comprising , (Street Address, City, County, State, Zip Code) (Number of Residential Agreements) hereinafter called the Building. In consideration of the compensation to be paid to Manager as set forth below, Manager accepts such employment, which comprises specific duties as set forth below. II. Compensation of Manager. Manager shall receive from Owner a total monthly compensation of $ . Part of such compensation shall be in the form of a rent credit for Agreement No. in the Building, which Manager must occupy as his permanent residence as a condition of employment under this Agreement. The value of the rent credit is $ per month, of which sum $ is the fair monthly rental value of Apartment No. and $ is the agreed monthly cost of , which are furnished with the Apartment. The (Street Address, City, County, State, Zip Code) Agreement with Resident Manager of Apartment Building Page 2 of 5 balance of Manager's compensation will be paid on the and days of each (Number) (Number) month by check. III. Hours of Work; Work Week A. Manager is not to work more than hours per day or more than (Number) (Number) days in any one week. The work week for Manager will consist of days, (Number) commencing on and ending on . Manager (Day of Week) (Day of Week) agrees to furnish Owner, on the first of each month, a complete and (Day of Week) accurate report of the number of hours worked during the preceding month on a form to be provided for that purpose by Owner. Manager must not work any hours in excess of the above-specified number without the written permission of Owner. B. Manager must notify Owner at least hours in advance of any intention to (Number) be away from the premises on days off and after the number of hours required to be on duty. IV. Responsibilities of Manager. Manager will be responsible for the proper management and maintenance of the Building. Required duties will include, but not be limited to, the following: A. Tenant screening and selection. B. Renting or leasing of new and turn-over Apartments. C. Collection of rent, including the issuance of legal late-rent notices and their follow-up in cases of nonpayment of rent. D. Maintenance of an occupancy rate of not less than %, computed on the basis of Apartments. (Number) E. Development of janitorial schedules and the supervision of janitorial personnel, to ensure proper cleanliness and maintenance of the common areas, sidewalks, parking lots and grounds. F. Writing or taking work or service orders or requests for minor repairs and maintenance of apartments, common areas, structures and grounds. Agreement with Resident Manager of Apartment Building Page 3 of 5 G. Assignment of such work or service orders or requests to maintenance personnel, with follow-up sufficient to ensure proper completion within a reasonable length of time. H. Frequent inspection of grounds, parking lots, and common areas of the apartments for proper cleanliness and maintenance.I. Negotiation and, after Owner's approval, contracting for and supervising performance of all necessary maintenance contracts.J. Purchase, after competitive pricing, of all necessary materials and supplies, using purchase order forms approved and provided by Owner. K. Maintenance and security, in a supply room provided by Owner for the purpose, of a small inventory of supplies necessary for ongoing maintenance. L. Keeping an inventory of all capital and noncapital items of personal property that have a value of one dollar or more. Such inventory will include descriptions (with model and serial numbers, where appropriate), value, condition and location. M. Establishment and maintenance of a bookkeeping system on an accrual basis that includes a journal, a ledger and a rent roll control system. Such system should be adjusted to the needs of a certified public accountant for the yearly audit. N. Development of annual operating budgets. O. Yearly inspection of the structures, grounds and apartments for necessary repairs, preventive maintenance and housekeeping evaluation. P. Establishment of separate accounts for rental income and security deposits and compliance with applicable law respecting such deposits. The rental account will be established as a joint account in the names of Owner and Manager. V. Personnel . Manager is to supervise and, with the approval of Owner, hire and, when necessary, discharge any personnel required in the proper management of the Building. All such personnel will be the employees of Owner. Owner will be responsible for payment of wages and procurement of appropriate employee insurance, as well as all tax reporting for such personnel. VI. Term of Agreement . This Agreement will be in effect from to (Date) , unless sooner terminated by either party as provided in Section VII. (Date) VII. Termination of Agreement . Either party may terminate this Agreement by giving days' written notice to the other. If Owner sells the Property, this Agreement will (Number) terminate on the last day of the month in which Owner transfers title to the Property. If Owner terminates this Agreement, Manager understands and agrees that continued occupancy of Agreement with Resident Manager of Apartment Building Page 4 of 5 Apartment No. by Manager will be as a tenant, and not as an employee, and that the full rental value of the apartment as set forth in this Agreement will be due and payable as regular rent on the first day of the month following expiration of the -day period of notice of (Number) termination of this Agreement. VIII. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. IX. 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. X. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of . (Name of State) XI. Notices Unless provided herein to the contrary, any notice provided for or concerning this Agreement 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 Agreement. XII. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. XIII. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary, 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. XIV. 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. Agreement with Resident Manager of Apartment Building Page 5 of 5 XV. Modification of AgreementAny 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. XVI. 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. XVII. 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. XVIII. Compliance with Laws In performing under this Agreement, 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. (Name of Owner) By: By: (Printed Name of Manager) (Printed Name & Office in Corporation) (Signature of Manager) (Signature of Officer)