Property Management Agreement (Page 4 of 6) in pdf

will be charged to cover the administration and advertising costs. It is agreed

and understood that the Owners shall be responsible for the payment of water

and sewer charges, property taxes, insurance fees, mortgage payments and

other expenses relating to the premises unless otherwise agreed upon in writing

between the parties.

PLACEMENT ONLY - A fee of half a month’s rent will be charged for finding a

tenant for those Owners who would prefer to manage their own property but

prefer to not deal with finding tenants.

b) SPECIAL SERVICES- any special services that are conducted for the Owner

will be subject to a mutually agreeable fee for the benefit of the AGENT. Such

special services may call for the disposal or sale, on behalf of the Owners, of

items of furniture, vehicles, firewood or to dispossess problem tenants placed in

a tenancy prior to the inception of this contract, located on the property and

other events on a ONE TIME BASIS.

5. INDEMNIFICATION

The Owner shall save the AGENT harmless from all suits for damages in

connection with the management of the premises if the AGENT was not negligent

and if the suit did not result from an intentional act or omission by the AGENT. The

Owner shall carry, at the Owner's expense, sufficient public liability insurance with

the AGENT designated as an additional insured.

6. DUE AGENT AMOUNTS

In the event that the AGENT advances personal funds to make payment for

expenses incurred on the Owner's behalf, and said funds are not reimbursed by the

Owners, either by deduction from rents collected and/or payment by the Owner,

then the AGENT will be entitled to a fee of 2% per month of the monies expended

and not reimbursed within 15 days after written submission by the AGENT to the

Owner of the amount due.

7. TERM OF AGREEMENT

Agreement will remain in effect for a period ending

. Either

party may terminate this Agreement at the end of said term by giving to the other

party written notice of termination at least ninety (90) days prior to the expiration of

the then current term. In the absence of said notice, this Agreement will renew

itself automatically for an additional term of ONE YEAR and so on from YEAR to

YEAR until terminated by either party by written notice at least ninety (90) days

prior to the expiration of the then current term. In the event of any cancellation of

the Agreement, the AGENT is to receive the balance of any commissions due

under this Agreement during the term of the existing lease/tenancy.

8. VOLUNTARY CANCELLATION BY AGENT

Property Management Agreement Page 4