Fillable Property Management Agreement (Page 3 of 15) in pdf

Manager shall enter the transfer information on each affected ledger, including, without limitation, the amount

of the transfer, date of transfer and source of transferred funds.

3.4

Collection and Segregation of Security Deposits. Tenant security deposits shall be deposited

and held in either a pooled account or an isolated account, as indicated on the first page of this Agreement, and

as further described below:

If Held in a Pooled Account (all owners; all properties), then all security deposits received by Manager

under the leases or rental agreements regarding the Property (“Security Deposits”) shall be deposited in a client

trust bank account (“Clients’ Trust Account - Security Deposits”). Such account shall be established and

maintained by Manager for security deposits received by Manager in performance of property management

activities. If a Security Deposit is received as part of a larger check containing funds other than the Security

Deposit, Manager may deposit the check into the Clients’ Trust Account - Property Management so long as the

portion constituting the Security Deposit is transferred to the Clients’ Trust Account - Security Deposits, within

three (3) banking days after Manager receives the check. All Security Deposits shall be maintained as provided

under Oregon law and REA Rules. Manager shall promptly refund any Security Deposit to a tenant in the

manner required by the applicable lease or rental agreement and in accordance with applicable REA Rules.

If Held in an Isolated Account (single owner; single property), then all security deposits received by

Manager under the leases or rental agreements regarding the Property (“Security Deposits”) shall be deposited

in a federally insured client trust bank account, established separately for the Property (“Client’s Trust Account

- [name of property]”). All deposits of Security Deposit funds made into such account shall be disbursed to

Owner or to an account as directed by Owner in the accounting period in which they are received. All Security

Deposits received shall be maintained as provided under Oregon law and REA Rules. Upon Manager’s request,

Owner shall promptly refund any Security Deposit to a tenant in accordance with the terms of the applicable

lease or rental agreement and in accordance with applicable REA Rules. Owner shall send a copy of the refund

check to Manager.

3.5

Expenditures. All expenditures authorized by this Agreement shall be considered Expenses (as

defined in Section 6.2 below) to be paid from the Client Funds. In the event Expenses exceed the amount of

Client Funds available in the Clients’ Trust Account - Property Management as reflected on the Owner’s ledger,

Owner agrees to advance such amount to Manager within two (2) business days after written request. Manager

may at its discretion retain a minimum balance of funds for Owner in the amount stated on the first page of this

Agreement in the Clients’ Trust Account - Property Management.

Other Payments. Manager shall pay or reserve for the Owner’s account amounts necessary in

3.6

Manager’s reasonable discretion to pay those charges indicated by boxes checked on the first page of this

Agreement as the same shall relate to the Property. Manager shall have no responsibility to pay any item of

expense not checked above, and Owner hereby agrees to timely pay all such expenses from funds outside the

Client Funds.

Additional Services. At Owner’s request, for an additional fee, Manager may, at manager’s

3.7

election, perform additional services for Owner, including but not limited to:

(i) supervise or oversee

construction of tenant improvements, remodels, or capital improvements; (ii) provide or arrange special

accounting services; (iii) act as property consultant, (iv) secure estoppel certificates; (v) assist in the refinance

of loans or other debt; (vi) perform due diligence; or (vii) assist in prosecuting tax appeals. The fee for such

additional services shall be established at the time Manager agrees to undertake those services. Owner

understands that Manager may, from time to time, offer various services and products for sale directly to

PROPERTY MANAGEMENT AGREEMENT - Page 3

Property Management Agreement Page 3

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