Fill and Sign the Tax Rules for Hiring Resident Property Managersnolo Form

Contract Between Owner of Apartments and Resident Apartment Manager with Rent Credit to be Part of Compensation Agreement made on the _____ day of _______________________________, 20____, between __________________________________________________ (Resident Manager) of ______________________________________________________________________________ _______________________________________________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Resident Manager, and ________________________________________ (Owner), a corporation organized and existing under the laws of the state of ________________________, with its principal office located at __________________________________________________ _______________________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Owner. For and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Employment of Resident Apartment Manager Owner hereby employs ______________________________________ as the Resident Manager of an apartment building owned by Owner, located at __________________________ ______________________________________________________________________________ ____________________________________ (street address, city, county, state, zip code), and comprising _______ (number) residential apartments. In consideration of the compensation to be paid to Resident Manager as set forth below, Resident Manager accepts such employment, which comprises specific duties as subsequently set forth. 2. Compensation of Resident Manager Resident Manager shall receive from Owner a total monthly compensation of $______________. Part of such compensation shall be in the form of a rent credit for Apartment No.____ in the building, which Resident Manager must occupy as his permanent residence as a condition of employment hereunder. The value of the rent credit is $______________ per month, of which sum Dollars $_______________ is the fair monthly rental value of Apartment No.______ and is the agreed monthly cost of _________________________________________ ________________________________________________________________ (e.g., electricity, gas, water and garbage services) , which are furnished with the apartment. The balance of manager's compensation will be paid on the ________________________ (e.g., first) and _________________________ (e.g., fifteenth) days of each month ________________ (e.g., by check) . 3. Hours of Work Resident Manager is not to work more than _____hours per day or more than _____days in any one week. The work week for manager will consist of ____________ (e.g., six) days, commencing on ___________________________ (e.g., Monday) and ending on ____________________________ (e.g., Saturday). Resident Manager agrees to furnish Owner, on the first ____________________________________________________________________ _________________________________________________________ (e.g., Friday of each and every month) , a complete and accurate report of the number of hours worked during the preceding ___________________________ (e.g., month) on a form to be provided for that purpose by Owner. Resident Manager must not work any hours in excess of the above-specified number without the written permission of Owner. Resident Manager must notify Owner at least ______ hours in advance of any intention to be away from the premises on days off. 4. Responsibilities of Resident Manager Resident Manager will be responsible for the proper management and maintenance of the apartment 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 late-rent notices and their follow-up in cases of nonpayment of rent. D. Maintenance of an occupancy rate of not less than _____ percent ( _____%), computed on the basis of __________ (number) apartments. E. Development of janitorial schedules and the supervision of janitorial personnel, to ensure proper cleanliness and maintenance of the common areas, sidewalks, parking lot(s) and grounds. F. Writing or taking work or service orders or requests for minor repairs and maintenance of apartments, common areas, structures and grounds. 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 lot(s), common areas and 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 $_______________ 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 Resident Manager . 5. Personnel Resident Manager is to supervise and, with the approval of Owner, hire and, when necessary, discharge any personnel required in the proper management of the apartment 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. 6. Term of Agreement This Agreement will be in effect from ________________________________ (date) to _________________________________ (date), unless sooner terminated by either party. Either party may terminate this Agreement by giving _____days' written notice to the other. In the event that Owner sells the apartment building, this Agreement will terminate on the last day of the month in which Owner transfers title to the property. In the event Owner terminates this Agreement, Resident Manager understands and agrees that continued occupancy of Apartment No. ______ by Resident 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 termination of this Agreement. 7. 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. 8. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________________________________. 9. Notices 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. 10. 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. 11. 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. 12. Modification of Agreement Any 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. 13. 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. WITNESS our signatures as of the day and date first above stated. __________________________________________ OWNER __________________________________ By_______________________________________ RESIDENT MANAGER __________________________________________ (Name and Office in Corporation)