PROPERTY MANAGEMENT AGREEMENT
This agreement is made as of [DATE] by and between ROCKSTONE REALITY GROUP of address ________________ (hereinafter “Property Manager/Agency”) and [NAME OF CLIENT] of address _______________________ (hereinafter “Client/ Property Owner”).
The Client and the Manager shall be jointly referred to as “Parties” to this agreement.
- The purpose of this document is to set out clearly & concisely the extent of the letting and management service offered and the scale of fees charged.
- The Owner desires to retain the Agent, a licensed and Insured Agent, as the agent to exclusively rent, lease, operate, and manage Client’s premises for and on behalf of the Owner in accordance with the terms of this Agreement;
IN CONSIDERATION OF the premises, and of the mutual promises and undertakings herein contained, the parties, intending to be legally bound, do agree as follows:
The Property Owner confirms that he / she is the sole or joint owner of the Property and has the right to rent out the Property under the terms of the mortgage or head lease. Where necessary, the Property Owner confirms that permission to let the Property has been obtained from the mortgagee or relevant party. The property Owner authorizes the Agency to carry out the various usual duties of property management including those listed in the descriptions of the Service in this agreement. The Property Owner also agrees that the Agency may take and hold deposits and comply with the requirements of any deposit protection scheme that may apply to the deposit.
- PROPERTY DETAILS
The Property Owner is the owner of The Hayward LLC & Waz on 9th LLC which consists of _______ units located at Indianapolis and more particularly described below:
- 727 Fairfield Indianapolis In 46205
3466 Carrollton Ave. Indianapolis, IN 46205
Commonly known as The Hayward
- 221 E. 9th St. Indianapolis, IN 46204
Commonly known as Waz on 9th
- The Agency and the Client agree that maintenance shall be the responsibility of the agency. The Client will however compensate the Agency for such services.
- Agency agrees to make the Client aware of any ongoing maintenance problems. ‘Retained maximum expenditure limit’ means that the Agency has authority to spend up to this amount _________ (or other amount as individually agreed) on reasonable improvements or repairs in any single monthly accounting period without prior reference to the Client.
- It is agreed that in an emergency or for reasons of contractual or legal necessity the Agency may reasonably exceed the limits specified, where reasonable endeavors have been made to contact the Client.
- The Agency endeavors to select competent tradesmen at reasonable prices but is unable to personally guarantee the standard of workmanship or any liability arising thereof, although the Client retains the right to pursue any claim against appointed tradesmen for substandard work.
- By law, it is necessary to carry out an annual inspection and service for the central heating and any gas appliances. The Agency will carry this out on the Landlord’s behalf and administer the necessary inspection and maintenance records. The costs involved will be debited to the Landlord’s account.
- Damage caused which adds up to $____________________ shall be covered by the Agency.
- Description of Services
Light refurbishment including paint and furniture
- Term and termination
- This Agreement shall be operative from the date of execution of this Agreement and shall be renewed on a monthly basis to perpetuity.
- Either Party to this Agreement may terminate this Agreement upon a 30 days written notice of termination to the other Party. Unless otherwise mutually agreed to in writing, upon the termination of this Agreement, any arrangement for Services then in effect will immediately terminate.
- The Property Owner can terminate this agreement in the event the Property manager fails to perform its obligations.
- Nonperformance of contractual duties stipulated in this agreement can lead to termination of this agreement.
- Upon termination for any cause whatsoever, the Agency shall surrender the property in the same condition or in better condition. Any renovations, maintenance or installation made by the Agency will not be undone upon termination of this agreement.
- FEE SCHEDULE
Management and Owner distributions shall be completed on the 18th calendar day of each month.
The fee schedule is more particularly described in “Exhibit A” attached hereto.
- LEASING TERMS
- Tenants shall lease premises for a term of no more than _________________ months and not less than __________________________ months.
- A tenant shall sign a lease agreement form upon occupancy. At least 3 (three) copies of the lease form shall be made by which the tenant, the Property Owner and manager shall each have a copy of the form.
- The Owner and/ or the Manager shall have discretion to either approve a tenant or disapprove a tenant. The reason for disapproval shall not contravene any written law, whether federal, state or local.
- Monthly rental shall be at least $____________ or such other amount as may be acceptable to Owner.
- The lease form shall form part of this agreement and is labeled “Exhibit C”
- NON-DISCLOSURE OF CONFIDENTIAL INFORMATION
Neither Party will use, copy, adapt, alter or part with possession of any information of the other which is disclosed or otherwise comes into its possession under or in relation to this Agreement and which is of a confidential nature. This obligation will not apply to information which the recipient can prove was in its possession at the date it was received or obtained or which the recipient obtains from some other person with good legal title to it or which is in or comes into the public domain otherwise than through the default or negligence of the recipient or which is independently developed by or for the recipient.
The Parties acknowledge and agree that the relationship between the Property Owner and Property Manager shall be deemed to constitute an agency relationship between the parties.
In the event of a dispute between the property Owner and Manager, the parties shall use binding mediation as a dispute resolution method. Both parties shall appoint one neutral mediator to help in reaching an amicable solution.
This contract, in addition to any other addendum to this agreement represents the entire agreement between the two parties and supersedes any previous written or oral agreement. This agreement may be modified at any time, provided there is written consent of both parties to this contract.
The parties agree that if any portion of this contract is found to be void or unenforceable, it shall be struck from the record and the remaining provisions will retain their full force and effect.
This contract shall be governed, interpreted, and construed in accordance with the laws of Indianapolis.
In Witness Whereof, this Agreement is duly executed by the duly authorized representatives of the parties as set forth below:
Property Owner (Client):
Property Manager (Agency):
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