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Property Management Agreement
This Agreement is made and entered in this _(1)_ day of
________(2)________, 19_(3)_, between _________(4)____________, of
________________(5)__________________, hereinafter called "Owner", and
__________(6)__________, of ______________(7)________________, 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 _(8)_ day of
______(9)_______, 19_(10)_, and end on the _(11)_ day of _____(12)_______, 19_(13)_.
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.
_____________(14)______________
_____________(15)______________
NOTICE
The information in this document is designed to provide an outline that
you can follow when formulating business or personal plans. Due to the variances by many
local, city, county and state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
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