Property Management Agreement (Page 3 of 6) in pdf

withheld or remitted in respect of the goods and services tax, withholding tax or

any other applicable tax, charge, rate or levy which the AGENT is required to

withhold or remit by law.

3. RESPONSIBILITIES OF THE AGENT

a) Collect all the rents and income due from the tenants when such amounts

become due, and deposit same into an agency trust account maintained on

behalf of the Owners. Withdraw from such account all funds needed for proper

disbursements for expenses payable by the Owner including, without limitation,

the AGENT'S compensation.

b) Collect security deposits under any lease or tenancy and place same into trust

accounts.

c) Collect pet deposits under any lease or tenancy and place same into interest

bearing trust accounts.

d) Maintain accurate and complete accounting records of all receipts and

disbursements; and to submit a monthly written statement to the Owners

indicating all collections and expenses, along with copies of paid bills.

e) The AGENT is NOT responsible for obtaining a new tenant after receiving legal

notice of termination of this contract by the Owner.

f) The AGENT will request all tenants to purchase a tenant's package insurance

policy and to advise the AGENT of the name and insurer, the insurer's agent,

and the policy number. On receipt of this information the AGENT will provide a

copy to the Owner’s Insurance agent.

g) Any fixed term tenancy for a term greater than twelve months must first be

approved by the Owner prior to acceptance by the AGENT.

h) The AGENT will remit to the Owner on a monthly basis all rents collected net of

the AGENT'S compensation and receipted expenses authorized by this

Agreement or otherwise agreed to by the Owner.

4. COMPENSATION OF THE AGENT

In consideration of the services to be rendered by the AGENT, the Owners agree to

pay the AGENT any or all of the following forms of compensation as may be

applicable:

a) FOR MANAGEMENT- A fee equal to TWELVE (12%) PERCENT of all rent from

the premises or a flat fee of $50.00 per unit per month whichever is greater.

Whenever a new tenant is placed a TWENTY (20%) PERCENT placement fee

Property Management Agreement Page 3