Fillable Property Management Agreement (Page 4 of 15) in pdf

tenants. Owner authorizes Manager to engage in such sales activity on the Property; provided, however,

Manager is solely responsible for any and all liability arising there from.

3.8

Enforcement Actions and Proceedings. Manager shall have the right to sign and deliver to

tenants, any notice of default provided for under a lease or rental agreement, either in the name of the Manager

or Owner. Manager shall, at Owner’s request and expense to be paid from Client Funds, engage an attorney for

advice and assistance and cause negotiations and legal proceedings to be instituted in the name of Owner, and

completed as may be necessary to enforce the leases and rental agreements including, without limit, payment of

rent and compromising disputes that may arise under any lease or rental agreement. Such actions may include,

without limitation: (i) suit to recover unpaid rent or other amounts due under the applicable leases or rental

agreement, (ii) attachment, garnishment and levies upon a tenant’s property and (iii) eviction actions. Manager

is granted the specific authority to settle and compromise any dispute with a tenant so long as the amount

involved does not exceed the Limit of Manager’s Authority for any single dispute or event of default.

Leasing Services. Owner has appointed Manager as its exclusive agent to perform the following

brokerage-related services related to the Property. Compensation to be paid by Owner to Manager for the

following services is specified in Schedule B.

4.1

Rental of Space within the Property. Manager shall use commercially reasonable efforts to rent

all space located on the Property (“Rentable Space”) as it becomes vacant during the Initial Term and any

Renewal Term. Manager may have such services provided by an on-site manager (if an on-site manager exists

for the Property), or by any other person hired by Manager. When appropriate, Manager may engage the

services of other real estate professionals for the Owner’s account to lease Rentable Space.

4.2

Negotiation of Leases. Owner shall refer all inquiries concerning the rental of Rentable Space to

the Manager. All negotiations with prospective tenants shall be conducted or directed by the Manager or its

designee. For month-to-month tenancies and leases or rental agreements of one-year or less, Manager and/or its

designated employee, is authorized to sign on Owner’s behalf so long as the appointed rent is consistent with

the Rental Rates specified by Section 4.4. All leasing decisions for leases longer than one year are subject to

the final approval of Owner. Such approval may be granted or withheld in Owner’s sole discretion, but no

decision will be unreasonably delayed. Owner will execute all approved Leases unless Manager is expressly

authorized to execute leases and rental agreements on Owner’s behalf under the terms and conditions of a

separate written authorization executed by Owner. Manager shall submit a master copy of all leases and rental

agreements, and all modifications and renewals thereof, to Owner for review and approval. Owner hereby

agrees to furnish Manager with an approved copy within three (3) business days.

Advertising and Marketing Expenses. At Owner’s expense, Manager may advertise Rentable

4.3

Space as it becomes available for rent and shall arrange for such signs, renting plans, brochures and other forms

of advertising as is commercially reasonable.

4.4

Rental Rates. Manager, in consultation with Owner, shall establish rental rates for the Property

from time to time (“Rental Rates”). Owner may at any time, in writing, override Manager’s determination of

such Rental Rates, in which event Manager shall apply the Rental Rates determined by Owner, until further

notice from Owner. Manager may, from time to time, make recommendations to Owner with respect to basic

rental rates that are market appropriate for the Property. Owner’s right to set Rental Rates shall not require

Manager to violate any law, nor prevent the Manager from negotiating lease term sheets or letters of intent that

include reasonable economic terms in addition to the Rental Rates.

PROPERTY MANAGEMENT AGREEMENT - Page 4

Property Management Agreement Page 4

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