Real Property Management Agreement (Page 2 of 8) in pdf

MANAGEMENT AUTHORITY: The PROPERTY OWNER expressly grants to the BROKER herein

the following authority:

1. Full management and control of said property, except authority and responsibilities expressly

retained in written form by PROPERTY OWNER, with authority to collect lease payments and

other monies and securities from lessees and property and issue receipts thereof.

2. To prepare, negotiate, and execute new leases and renewals of existing leases in accordance

with the lease schedule.

3. To have minor repairs made, to purchase necessary supplies and to pay all invoices and to

charge same to PROPERTY OWNER.

4. To advertise any vacant unit premises at the expense of the PROPERTY OWNER.

5. To serve vacate notices upon tenants and to prosecute in the name of the PROPERTY OWNER,

and at the PROPERTY OWNER’S expense, legal actions to evict lessees and recover lease

payments, contracting for those purposes a reputable attorney, and circumstances permitting, such

attorneys as PROPERTY OWNER may designate.

6. To contract and discharge on behalf of PROPERTY OWNER, and pay from PROPERTY

OWNER’S funds, all persons necessary to the maintenance and operation of the property. It is

understood that all so contracted will not be deemed to be employees of the BROKER, per se.

7. To deposit all receipts collected for PROPERTY OWNER (less any sums deducted or per se

provided for) in a Trust Account separate from BROKER’S corporate account. It is understood

that any and all interest monies obtainable from the maintenance of said Trust and/or Escrow

Accounts will accrue to the benefits of BROKER. BROKER will not be liable for NSF checks or

monies collected. Security Deposits will be collected and forwarded to PROPERTY OWNER.

8. BROKER is provided with such other general authority as may be necessary with respect to

leasing, management and operation of the property herein before described, except authority and

responsibility expressly retained in writing by the PROPERTY OWNER.

9. Upon the execution of a new lease, BROKER will contract a Vendor to change locks on

premises, at the expense of the PROPERTY OWNER.

10. To collect for the benefit of the BROKER non-negotiable checks charges and where

applicable, sublease fees. Late fees will be shared on a 50%-50% basis by BROKER and

PROPERTY OWNER.

MANAGEMENT REPSONSIBILITIES: The BROKER agrees to accept the following

responsibilities:

1. To use diligence in the management of the premises for the period and upon the terms herein

provided, and agrees to furnish the services of LION’S SHARE INVESTMENT

MANAGEMENT & REALTY, LLC for the renting, leasing, operating and managing of the

subject premises. BROKER assumes no liability for any failure of or default by any lessee in the

payment of any lease payment or other charges due to PROPERTY OWNER or in the

performance of any obligation owed by lessee to PROPERTY OWNER pursuant to any lease or

otherwise.

2. To approve new lessees based upon employment security, financial stability, leasing history,

criminal history, creditworthiness and the advice of BROKER.

3. To render monthly statements of income, expenses and charges and to remit funds to

PROPERTY OWNER less disbursements and a reserve amount. In the event that present or

future disbursements are in excess of the lease payments that are collected by BROKER,

PROPERTY OWNER hereby agrees to pay such expenses promptly upon notification by

BROKER. If in BROKER’S judgment it may be necessary or proper to reserves or withhold

PROPERTY OWNER’S funds to meet obligations which are or may become due thereafter and

for which current income is or may not be adequate, BROKER may do so.

4. While it is the BROKER’S policy to disburse PROPERTY OWNER’S fund by the tenth (10

)

of each month, BROKER reserves twenty (20) days after payment of lease payment by lessee for

disbursement of funds.

5. PROPERTY OWNER will receive the benefits of all savings, discounts or rebates obtainable

from contracts, supplies or services contracted by BROKER for maintenance or repairs to the

subject property.

Page 2 of 8

INITIALS:_____ _____ _____

Real Property Management Agreement Page 2

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