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Important
Note:
Forms are to be used as a guide only to assist you. No liability is assumed for errors in substance or form. It is your responsibility to revise the forms to meet current law
requirements and your particular situation. No liability is assumed for improper use of these forms.
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PROPERTY
MANAGEMENT AGREEMENT
This Agreement
is made and entered in this ____ day of __________________, 19____,
between
_______________________, of ____________________________________,
hereinafter
called "Owner", and ______________________, of
________________________________,
hereinafter called "Manager".
Owner hereby
employs the services of the Manager to manage, operate, control, rent and
lease the
following property:
(Insert
Description of Property)
Responsibilities
of Manager
The 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 due and as they become due, giving receipts therefore; to render to
the Owner a
monthly accounting of rents received and expenses paid out; and to remit to the
Owner all
income, less any sums paid out.
2. To make or
cause to be made all decorating, maintenance, alterations and repairs to
said 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 of 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
The term of this
Agreement shall commence on the ____ day of _______________,
19____, and end
on the ____ day of ______________, 19____.
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 30 days prior
to
the date for
such renewal.
This Agreement
may also be terminated by mutual agreement of the parties at any time
upon payment to
Manager of all fees, commissions and expenses due Manager under terms of this
Agreement.
Extent of
Agreement
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.
_____________________________
_____________________________
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