THIS AGREEMENT is made on the …………..day of……….20……., entered into by the Property Manager and the Property Owner (Property manager and Property Owner collectively referred to herein as the “Parties” or individually as the “Party”) and includes that Party’s successors and assigns.
The Property Manager is a management company.
The Property Owner is desirous of procuring the Property manager’s services.
The Property Manager has the necessary skills, expertise, personnel, and equipment to provide the services at the Contract Sum (a term defined below) and to the standards stated in this agreement and per commonly accepted industry standards.
The Property Owner now wishes to enter into this agreement with the Property Manager, compensating it for its services.
Parties agree to the following terms and conditions and to be bound thereby:
COMMENCEMENT AND DURATION
This agreement shall be valid from ____________________until for a period of 3 years.
The Property Manager shall be in charge of handling the Property Owner’s property located in _____________________________________ (“the property”) at a contract sum (term defined below).
The Property Manager shall use reasonable good faith efforts in providing the services. The services will also include any other tasks which may be agreed on by the Parties.
The Property Owner shall pay the Property Manager 35% of the gross revenue from the property which shall be due on ____________________________.
The Property Owner agrees to pay the Property Manger the contract sum when it falls due.
NON-PAYMENT OR LATE PAYMENT WILL ENTITLE THE PROPERTY MANAGER TO LEGAL REMEDIES, INCLUDING BUT NOT LIMITED TO LIEN OVER THE PROPERTY OWNER’S PROPERTY.
TERMS AND CONDITIONS
The Property Owner shall be responsible for:
All financials until the property is ready for renting. This will include down payment, remodeling, furnishing
The following monthly payments: rent to ________________at equal of their mortgage cost, utilities (water, electricity, gas, trash, internet)
Repairs or replacements that do not constitute normal wear and tear (i.e., major AC issue, appliance replacement)
The Property Manager shall be responsible for:
All cleaning costs, all replenishables, landscaping, and pool maintenance
Any minor plumbing issues (i.e., clogs)
All bookkeeping and monthly financial reporting
THE PROPERTY OWNER ACKNOWLEDGES THAT ANY ACTS OR OMISSIONS BY THE PROPERTY MANAGER ARE UNDER THEIR INSTRUCTIONS, EXPRESS OR IMPLIED.
THE PROPERTY MANAGER FREELY, KNOWINGLY, VOLUNTARILY, HAVING A FAIR NOTICE AND AN ADEQUATE OPPORTUNITY TO REVIEW THIS AGREEMENT, RELEASES AND FOREVER DISCHARGES THE PROPERTY MANAGER FROM ALL CLAIMS, LIABILITIES, OBLIGATIONS, PROMISES, AGREEMENTS, DISPUTES, DEMANDS, DAMAGES, CAUSES OF ACTION OF ANY NATURE AND KIND, KNOWN OR UNKNOWN, WHICH THE PROPERTY OWNER HAS OR EVER HAD OR MAY IN THE FUTURE HAVE BETWEEN THEM AND THEIR TENANT (“CLAIMS”).
LIABILITY OF THE PARTIES
A Party shall be compensated for damages caused by the other Party.
No Party shall be held liable for any damages, where:
the damage has been occasioned by the other Party, their representatives, employees, or agents, and
the damage has been caused by an event beyond the control of the Party e.g., force majeure or accidents.
AUTONOMY (select one)
Except as otherwise provided in this agreement;
☐ The Property Manager will work at the Property Owner’s direction.
☐ The Property Manager will have complete control over their working time, methods, and decision-making concerning the provision of the services per the agreement. The Property Manager will work autonomously and not at the direction of the Property Owner. The Property Manager shall, however, be responsive to the reasonable needs and concerns of the Property Owner.
EXCLUSIVITY (select one)
Except as otherwise provided in this agreement;
☐ This agreement is exclusive, and the Property Manager may not retain the services of any number of other Property Owners.
☐ This agreement is nonexclusive, and the Property Manager may retain the services of any number of other Property Owners.
The Property Owner agrees that any intellectual property and associated rights owned by the Property Manager during the subsistence of this agreement are the Property Manager’s exclusive property.
PROHIBITION ON TRANSFER
A Party shall not sell, transfer, or assign their interests without the other Party’s written consent. This consent shall not be unreasonably withheld.
If any dispute arises between the Parties related to this agreement, it shall be resolved by Mediation. Parties shall act in good faith to resolve the dispute.
Either Party may terminate this agreement at any time and without notice upon breach of the contract by the other Party, including but not limited to non-payment or late payment of management fees.
Either Party may terminate this agreement at any time if both parties agree to the termination in writing.
Otherwise than for breach or through consent, either Party may terminate this agreement upon giving the other Party no less than thirty (30) days’ notice in writing. If a Party wishes to terminate the contract with less than thirty (30) days’ notice, in writing, the other Party reserves the right to charge costs that they have already been paid in advance or incurred.
Upon termination of this agreement, each Party shall promptly return all property legally belonging to the other Party.
The termination of this agreement shall not discharge the liabilities accumulated by either Party.
Any Clauses intended by the parties or this agreement to survive the termination of this agreement shall survive the termination of this agreement by whatever cause.
The Parties shall not at any time disclose, directly or indirectly to any other person whatsoever, any information concerning this agreement, whether such information is stated to be confidential or not, without the express written permission of the other Party.
CHANGES TO THE AGREEMENT
Either Party may request changes to the agreement, but they will only be effective if agreed in writing and signed by all Parties. If any ambiguity is found in the agreement or various documents forming this agreement, the Parties shall issue any necessary clarification or instruction.
Failure by either Party to enforce any of the terms or conditions of this agreement shall not be a waiver of their right to enforce the terms and conditions of this agreement.
The provisions of this agreement are severable. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.
This agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one instrument.
This agreement constitutes the entire agreement between the Parties. It supersedes all prior oral or written agreements or understandings between the Parties concerning the subject matter of this agreement. All documents annexed to this agreement shall be subject to the terms under this agreement, provided that the Parties append their signatures on the documents. The Parties will exercise utmost good faith in this agreement.
The article and section headings in this agreement are for convenience; they form in no part of this agreement and shall not affect its interpretation.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular, or plural, as the identity of the person or entity may require. As used in this agreement: words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender, and words in the singular shall mean and include the plural and vice versa.
The Parties shall be served through the following addresses (including email), and either Party may change the below addressees by reasonable notice in writing given to the other Party.
The Parties acknowledge that they have been provided with the opportunity to negotiate this agreement and to seek legal counsel before signing this agreement. In addition, they acknowledge that they have the capacity to contract and enter into this agreement and that further, they have entered into this agreement freely and voluntarily.
This agreement shall be governed in all respects by the laws of the State of California.
IN WITNESS WHEREOF, each of the Parties has executed this agreement as of the day and year set forth below.
Signed by the duly authorized representative of the PROPERTY MANAGER Signature: Name: Designation: Date:………………………………………
Signed by the duly authorized representative of the PROPERTY OWNER Signature: Name: Designation: Date:…………………………………………….…………
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