Property Management Agreement (Page 2 of 6) in pdf

for a term in excess of twelve (12) months without securing the prior written

consent of Owner.

b. Agent will advertise the availability of Rental Units for lease by the full use of

appropriate communications media such as internet, website and/or newspaper

advertisements, display signs posted on the Property or in available Rental Units,

the use of floor plans, solicitation aids, and/or economic surveys as may be

appropriate to market available rental space.

All reasonable expenses of

advertising will be charged to Owner’s account as an operating expense.

c. Agent will conduct, on all non-student applicants, a reasonable investigation of

the references of prospective tenants, including credit checks where allowed and

appropriate, before entering into leases on behalf of Owner with such persons.

Agent will attempt to obtain parental guarantees on student applicants but shall

not be held liable to Owner for the failure to do so.

d. Agent will collect, deposit, and disperse, in accordance with the terms of each

lease, funds collected as security deposits (not to include non-refundable pet

deposits) from tenants. Agent has established an escrow account for this purpose.

Owner is not entitled to any interest which may accrue to said escrow account. If

at any time the escrow account of Owner is insufficient to pay dispersements due

and payable, Owner shall, not later than ten (10) days after notice, remit to Agent

sufficient funds to cover the deficiency and replenish a reasonable contingency

reserve. In no event shall Agent be required to use its own funds to pay such

disbursements, nor shall Agent be required to advance monies to Owner.

e. Agent will collect, when due, all rents, charges and other accounts receivable

payable in connection with the management and operation of the Property.

f. Agent is not responsible for maintenance and repairs to Property.

Should

maintenance and/or repairs be necessary, other than maintenance and/or repairs

for which Tenant is responsible, and Agent is informed of said necessary

maintenance and/or repairs, Agent may hire persons or entities to conduct said

repairs and/or maintenance at the cost and expense of Owner. Agent may use its

own staff or affiliated companies to perform maintenance functions at the

Property. Owner hereby authorizes Agent to deduct the cost for said maintenance

and/or repairs from Owner’s account.

g. Agent may supervise the making of all repairs or minor alterations to the

Property, either using its own forces or employing independent contractors and

charging the cost thereof to Owner’s account. Agent may make extraordinary

repairs or major alterations to the Property only with the prior permission of

Owner, which permission need not be in writing. In the event of an emergency

situation, when in the opinion of Agent repairs are necessary to protect the

Property from further damage or necessary to maintain services to the lessees as

provided in their lease agreements(s), Agent may proceed to undertake said

Page 2 of 6

Rev. 12/15/11

Property Management Agreement Page 2