Property Management Agreement (Page 2 of 6) in pdf

• Therefore, in consideration of the Mutual Covenants and Agreements herein

contained, and other good and valuable consideration, the receipt and sufficiency of

which are hereby acknowledged, the parties agree as follows:

1. EMPLOYMENT AND AUTHORITY OF AGENT

a) The owners hereby appoint Delaney Properties Ltd., as their sole and exclusive

agent to rent, lease, manage and operate the premises for a monthly/annual

rent as approved by the owner from time to time.

b) For this purpose, the AGENT is authorized to place newspaper advertising as

required, to be reimbursed by the owner from rental funds.

c) The AGENT is empowered to sign leases. rental agreements during the term of

this contract on the Owner's behalf, and to enforce the provisions of same, and

to institute legal action or other proceedings to collect rents and sums due, and

to dispossess tenants and other persons from the premises on behalf of the

owner.

d) It is understood and agreed that Delaney Properties Ltd., is the sole and

procuring cause of any lease/tenancy, written or oral that may be negotiated

either directly or indirectly by the Owners themselves.

2. SPECIFIC AUTHORITY

a) The Owners authorize the AGENT to purchase necessary supplies: to contract

for utility Services as needed, including vermin extermination and other services

which the AGENT shall deem advisable; and to make ordinary repairs to the

premises, provided that the expenditure for any one item shall not exceed the

amount of $__________ without the express written consent of the Owners,

unless the AGENT shall consider the circumstances surrounding the request for

the repairs or services to be an emergency and prior to Owner consent is not

readily obtainable. The AGENT will use diligence in contracting for repairs and

other services, and will have the right to hire, discharge, supervise and pay any

employees, servants or contractors for work performed. The AGENT will not be

liable to the Owner of others for any act or omission on the part of such

employees or other workmen, if the AGENT has taken reasonable care in their

employment.

b) The Owner will be responsible for the payment of the goods and services tax

and any other applicable taxes, charges, rates and levies payable by the Owner

in connection with the property covered in this agreement, including, without

limitation to, that payable in connection with the management of the property.

c) The AGENT may withhold from the Owner net rental revenue and remit to

Revenue Canada or any other relevant authority any amount required to be

Property Management Agreement Page 2