Property Management Agreement (Page 5 of 6) in pdf

Notwithstanding any other provisions of the Agreement, the AGENT may elect to

cancel this Agreement upon the occurrence of any of the following circumstances:

In the event of a bona fide sale or demolition of the premises.

If a Petition for Bankruptcy is filed by either the Owners of the

AGENT, or if either

shall make an assignment for the benefit of creditors or take

advantage of any insolvency act.

If the Owners shall fail to comply with any rule, order, determination,

ordinance or law of any federal, provincial or local authority, relating

to the operation of the premises. Notice of voluntary cancellation by

the AGENT must be sent to the Owner in writing at least (30) days

prior to cancellation.

9. VOLUNTARY CANCELLATION BY THE OWNER

Notwithstanding any other provisions of the Agreement, the Owner may elect to

cancel this Agreement upon the occurrence of any of the following circumstances:

If a Petition for Bankruptcy is filed by the AGENT, or if the AGENT

shall make an assignment for the benefit of creditors or take

advantage of any insolvency act.

If the AGENT shall fail to comply with any rule, order, determination,

ordinance, or Law of any federal, provincial, or local authority, relating

to the operation of the premises.

If the AGENT fails to provide monthly an accounting record of all

receipts and disbursements along with the copies of paid bills,

applicable for months in which rent is collected.

If the AGENT fails to remit net rent proceeds collected to the Owner

on a monthly basis.

Voluntary cancellation by the Owner will be

effective

immediately

upon

the

occurrence

any

the

circumstances contemplated under a) only: otherwise notice of

voluntary cancellation by the Owner must be sent to the AGENT in

writing at least thirty (30) days prior to cancellation showing bonafide

cause for termination. Should the AGENT be able to rectify to the

owners satisfaction the cause within 10 days of receipt of notice the

said notice shall become null and void.

10.

The Owner hereby certifies that he/she is/is not a Resident of Canada for the

purposes of the income Tax Act of Canada and agrees to inform the AGENT

Property Management Agreement Page 5