PROPERTY MANAGEMENT AGREEMENT

PROPERTY MANAGEMENT AGREEMENT

This Property Management Agreement (the “Agreement”) is entered into on
____________ (the “Effective Date”), by and between
_______________________________ of
____________(the “Manager”) and
__________________ with an address of
____________________(the “Owner”), collectively “the Parties”.

  1. Purpose
    Owner owns the property located at __________ (the “Property”).
    Manager is in the business of managing properties of this type. Owner desires to
    engage the Manager to manage the Property.
  2. Manager’s Responsibilities
    Manager agrees to perform the following duties and responsibilities with regards to the
    Property:
    Advertising of Property. Manager shall advertise the Property for rent, engage and
    screen potential renters, enter into rental agreement(s) with acceptable renter(s). Owner
    shall reimburse Manager for all expenses related to such Advertising. Manager shall
    notify Owner, in advance, of anticipated expenses related with such Advertising.
    Collection and Disbursement of Rent. Manager shall be responsible for all collection
    of Rent earned on the Property. Manager shall then be responsible for disbursement of
    those proceeds to Owner. Owner shall provide Manager with direction as to how
    proceeds shall be disbursed. Manager shall further prepare and provide to Owner a
    detailed accounting all rents, expenses, and disbursements.
    Maintenance and Repair. Manager shall be responsible for performing, or hiring
    necessary personnel to perform, all necessary maintenance and repairs to the Property.
    Owner shall reimburse Manager for the cost of all such maintenance and repairs.
    Manager shall provide Owner invoices of the actual costs.

For houses that are fully furnished, Manager shall be responsible for maintenance and
repairs, for houses that are not fully furnished, the Owner shall make arrangements with
the Manager pertaining to furnishing and maintenance and repairs.
Collection of damages. The Manager will be in charge of collecting any damages.
Also, in case of theft of property, the Manager will collect the reimbursement from the
tenant.
Legal Proceedings. In the event that collection and/or legal proceedings become
necessary with regard to the rental of the Property. Manager shall handle all such
proceedings. Owner shall reimburse Manager for all expenses incurred in the pursuit of
collection proceedings and/or legal proceedings. Manager shall not be responsible for
any legal proceedings that do not result from the management and rental of the
Property.

  1. Compensation
    The Parties agree that Manager shall be compensated as follows
  1. Term
    This Agreement shall commence upon the Effective Date, as stated above and will
    continue until ______
  2. Termination
    This Agreement may be terminated at any time by either Party upon _ day’s
    written notice to the other Party. Upon termination, Manger shall disburse to Owner any
    monies in Manager’s possession due and owing to Owner within thirty (30) days from
    the date of termination. Owner shall reimburse Manager for any expenses incurred or
    approved prior to the date of termination within thirty (30) days from the date of
    termination.
  3. Relationship between Owner and Manager

The relationship of the Parties to this Agreement shall be that of independent contractor,
it shall not constitute a partnership, joint venture or agency. Neither Party shall have the
authority to make any statements, representations or commitments of any kind, or take
any action, which shall be binding on the other Party, without prior consent of such other
Party.

  1. Representations and Warranties
    Both Parties represent that they are fully authorized to enter into this Agreement. The
    performance and obligations of either Party will not violate or infringe upon the rights of
    any third-party or violate any other agreement between the Parties, individually, and any
    other person, organization, or business or any law or governmental regulation.
  2. Indemnity
    The Parties each agree to indemnify and hold harmless the other Party, its respective
    affiliates, officers, agents, employees, and permitted successors and assigns against
    any and all claims, losses, damages, liabilities, penalties, punitive damages, expenses,
    reasonable legal fees and costs of any kind or amount whatsoever, which result from
    negligence of or breach of this Agreement by the indemnifying party, its respective
    successors and assigns that occurs in connection with this Agreement. This section
    remains in full force and effect even after termination of the Agreement by its natural
    termination by either party.
  3. Insurance
    Owner is responsible for obtaining and paying for general liability insurance and other
    necessary insurance to protect the interests of Manager and all associated personnel.
  4. Limitation of Liability
    UNDER NO CIRCUMSTNACES SHALL EITHER PARTY BE LIABLE TO THE OTHER
    PARTY OR ANY THIRD PARTY FOR ANY DAMAGES RESULTING FROM ANY PART
    OF THIS AGREEMENT SUCH AS, BUT NOT LIMITED TO, LOSS OF REVENUES OR
    ANTICIPATED PROFIT OR LOST BUSINESS, COSTS OF DELAY OR FAILURE OF

DELIVERY, WHICH ARE NOT RELATED TO OR THE DIRECT RESULT OF A
PARTY’S NEGLIGENCE OR BREACH.

  1. Severability
    In the event any provision of this Agreement is deemed invalid or unenforceable, in
    whole or in part, that part shall be severed from the remainder of the Agreement and all
    other provisions should continue in full force and effect as valid and enforceable.
  2. Waiver
    The failure by either party to exercise any right, power or privilege under the terms of
    this Agreement will not be construed as a waiver of any subsequent or further exercise
    of that right, power or privilege or the exercise of any other right, power or privilege.
  3. Legal fees
    In the event of a dispute resulting in legal action, the successful party will be entitled to
    its legal fees, including but not limited to its attorney’s fees.
  4. Legal and Binding Agreement
    This Agreement is legal and binding between the Parties as stated above. This
    Agreement may be entered into and is legal and binding in the United States. The
    Parties each represent that they have the authority to enter into this Agreement.
  5. Governing Law and Jurisdiction
    The Parties agree that this Agreement shall be governed by the Tennessee laws.
  6. Entire Agreement
    The Parties acknowledge and agree that this Agreement represents the entire
    agreement between the parties. In the event that the Parties desire to change, add, or
    otherwise modify any terms, they shall do so in writing to be signed by both parties.

The Parties agree to the terms and conditions set forth above as demonstrated by their
signature as follows:

“MANAGER”
Signed: ______________
By: _______________
Date: _______________
“OWNER”
Signed: ____________
By: _____________
Date: ______________

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