Property Management Agreement (Page 4 of 6) in pdf

utilities, etc. to its members, Owner must continue to provide all services upon the terms

and conditions of the lease agreement at the time of execution of the lease agreement

until the expiration of the lease agreement, notwithstanding any HOA/COA changes as to

the provision and/or allocation of cost to their members. For example, if Agent on behalf

of Owner executes a lease with lessee which includes the provision of cable television

service at no additional charge to lessee, Owner cannot begin charging lessee for cable

service during the term of the lease agreement even if Owner’s HOA increases Owner’s

cost for said service.

7. COMPENSATION FOR MANAGERIAL SERVICES. In consideration for the services

to be rendered to Owner by Agent under this Agreement, Owner agrees to pay Agent

__________ percent (_____%) of the gross revenues actually collected from the

Property. Payment to Agent will be on a monthly basis. Expenses of office overhead of

the Agent, whether or not allocable to services rendered in the management of the

Property, are not to be charged to the Owner.

8. TERM OF AGREEMENT. The initial term of this Agreement shall be one year from the

date first written above, or until the expiration of the initial term of any lease agreement

procured by Agent, whichever is later. This Agreement shall be automatically extended

on a year-to-year basis after the expiration of the initial term hereof unless written notice

of termination is given by either party to the other at least sixty (60) days before the

expiration of the term of the Agreement or any extension thereof. Upon the expiration of

this Agreement, copies of all records in possession of Agent pertaining to the operation of

the Property, together with all supplies or other items of property owned by Owner and in

possession of Agent, shall forthwith be delivered to Owner.

Owner or Agent may terminate this Agreement for cause. “Cause” shall mean any

breach of the obligations contained within this Agreement where notice of said breach is

provided to the breaching party and not rectified within ten (10) days.

If Agent

terminates the Agreement for cause, Owner shall be liable for two months management

fees or six percent (6%) of the remaining gross revenue from the Property, whichever is

greater.

Agent may terminate this Agreement immediately should the Agent, in its sole discretion,

feel that the Owner-Agent relationship is irreparably broken or damaged, or if Agent

determines that it can no longer full its duties to Owner. Upon such termination of this

Agreement, copies of all records in possession of Agent pertaining to the operation of the

Property, together with all supplies or other items of property owned by Owner and in

possession of Agent, shall forthwith be delivered to Owner. Agent shall be entitled to the

management fees otherwise payable under this Agreement until the termination date.

If Owner sells property during the term of this Agreement, this Agreement shall be

terminated upon payment of two months management fees to Agent.

Page 4 of 6

Rev. 12/15/11

Property Management Agreement Page 4