Property Management Agreement Page 13
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15SCHEDULE B – COMPENSATION & FEES
1.
Management Fees: Owner shall compensate Manager for management of the Property as follows
(check one box only):
A fee equal to _____________ percent of gross revenues received each month on Owner’s
behalf for the Property. In no event shall the monthly amount be less than $__________. Rental
value of the Property shall include any and all sums due from any tenant under a lease or rental
agreement including, without limitation, base rent, percentage rent, additional rent, security
deposits (only if applied or forfeited), the rental value of an on-site manager’s compensation
package (e.g., rental allowance) charges, operating expenses, fees paid by any tenant under a
lease or rental agreement, and the rental value of all vacant but unrented units. Rental value of
unrented units shall be the last monthly rental charged for the unit, or the current fair market
rental, whichever is greater. Manager shall reasonably allocate the cost of employees engaged in
the management of more than one property owned by Owner.
A monthly flat fee in the amount of $____________; or
Other (specify):
2.
Construction and Project Oversight Fee: Owner shall compensate Manager for construction or
project oversight as follows (check one box only):
A fee equal to fifteen percent (15%) of the total project construction costs, payable monthly
based on total actual costs, including design and construction. Such fee shall apply to work such
as, but without limitation, (i) maintenance projects exceeding _Fifteen Thousand__ dollars
($15,000.00); (ii) all tenant improvement projects; (iii) all remodeling projects exceeding Fifteen
Thousand and No/100 Dollars ($15,000.00); and (iv) all capital improvement projects; or
Other (specify):
Leasing Commissions: If the “lease” box is checked in Section 1 of the Agreement, Owner shall
3.
compensate Manager for renting and leasing space within the Property, including expansion of space occupied
by existing tenants, as follows:
3.1
For New Leases:
A commission equal to ________ percent (___%) of total gross aggregate rental for the first
________ (__) years and ________ percent (___ %) of total gross aggregate rental for the
remaining portion of each lease or rental agreement term over ________ (__) years, payable
within ________ (__) days after execution of the lease or rental agreement. A commission for
month-to-month leases equal to ___________________, the initial payment of which shall be
payable upon execution of the lease or rental agreement, with remaining commissions payable
_______________ thereafter. Manager, as broker, will cooperate with any third-party brokers
and pay the third-party broker’s share of commission from Manager’s commission; or
Other (specify):
Initials: ______ ______
PROPERTY MANAGEMENT AGREEMENT - Page 13
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