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PROPERTY MANAGEMENT AGREEMENT
This Agreement is made and entered into this _____ day of ____________,
20__, between _____________________ (Owner), and _______________________,
(Manager).
Owner hereby employs the services of Manager to manage, operate,
control, rent and lease the following described property:
Responsibilities of Manager.
Owner hereby appoints Manager as his lawful agent and attorney-in-fact
with full authority to do any and all lawful things necessary for the
fulfillment of this Agreement, including the following:
1. To collect all rents as they become due, giving receipts therefore
and to render to Owner a monthly accounting of rents received and
expenses paid out; and to remit to Owner all income, less any sums paid
out.
2. To make or cause to be made all decorating, maintenance, alterations
and repairs to the property and to hire and supervise all employees and
other labor for the accomplishment of same.
3. To advertise the property and display signs thereon; to rent and
lease the property; to sign, renew and cancel rental agreements and
leases for the property or any part thereof; to sue and recover for rent
and for loss or damage to any part of the property and/or furnishings
thereof; and, when expedient, to compromise, settle and release any such
legal proceedings or lawsuits.
Liability of Manager.
Owner hereby agrees to hold Manager harmless from any and all claims,
charges, debts, demands and lawsuits, including attorney's fees related
to his management of the herein-described property, and from any
liability for injury on or about the property which may be suffered by
any employee, tenant or guest upon the property.
Compensation of Manager.
Owner agrees to compensate Manager as follows:
Term of Agreement.
This Agreement shall be effective as of the _____ day of ____________,
20__, and shall expire on the _____ day of ____________, 20__.
Upon expiration of the above initial term, this Agreement shall
automatically be renewed and extended for a like period of time unless
terminated in writing by either party by providing written notice ___
days prior to the date for such renewal. This Agreement may also be
terminated by mutual agreement of the parties at any time. Upon
termination Owner shall pay to Manager any fees, commissions and
expenses due Manager under terms of this Agreement, which are owing to
Manager.
This document represents the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on
the date first above written.
____________________________________
Owner
____________________________________
Manager
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