Fillable Property Management Agreement (Page 6 of 15) in pdf

Accounts at least once per month. Such reconciliation shall comply with applicable REA Rules. Owner shall

have reasonable access to such accounts and records during Manager’s regular business hours upon reasonable

notice to Manager. Manager shall retain and store all records required by this Agreement for a period of six (6)

years from and after termination or expiration of this Agreement and will destroy those records after that time.

Such storage shall comply with applicable REA Rules. On or before the last day of each month during the

Term, Manager shall deliver a financial report to Owner. Upon expiration or earlier termination of this

Agreement, Manager shall turn over the records and accounts if, and as, required by Oregon law and REA

Rules.

Compensation.

6.1

Fees and Commissions.

As compensation for performance of its obligations under this

Agreement, Owner shall pay Manager the fees and/or commissions set forth in Schedule B. Subject to Owner’s

reimbursement obligation provided in Section 6.2 below, or as otherwise approved by Owner, Manager shall be

responsible to pay all costs incurred by Manager in connection with performance of Manager’s duties under this

Agreement, including, without limitation, employee salaries, fringe benefits, payroll taxes, withholding taxes,

unemployment insurance, social security, workers compensation, and other charges imposed by a governmental

authority or provided for in a union agreement (collectively, “Employee Costs”). Manager’s employees are not

employees of Owner. Manager shall prepare payroll tax reports for its employees and make payment of

appropriate taxes and other withholdings from Client Funds.

6.2

Expenses. In addition to the fees and commissions payable pursuant to Section 5.1, Owner shall

reimburse Manager for all out-of-pocket expenses incurred in management of the Property that arise as a result

of Manager’s performance of its obligations under this Agreement (collectively, the “Expenses”).

The

Expenses shall include, without limitation, (i) all Employee Costs incurred in performing the Manager’s

obligations under Section 3 – Management Services; (ii) the cost of repairs, alterations and purchases provided

for in Section 3.1; (iii) the cost of (A) service contracts provided for in Section 3.2; (B) cell phones, pagers and

other communication equipment; (C) long distance telephone calls; (D) postage; (E) package express; (F) all

bank charges and fees (e.g., new checks, checking account fees, bank imposed NSF charges, charges for wire or

electronic banking, receipt of rents and payment of expenses for the Property); and (G) any expenses, fees or

charges associated with an NSF check received by Manager from Owner and, (iv) with Owner’s prior approval,

the cost of out-of-town travel. Owner shall reasonably cooperate with Manager to resolve any regulatory

difficulties caused by any NSF transaction.

Compliance with Laws; Environmental; Indemnity.

7.1

Compliance with Laws. Owner shall be solely responsible to assure that the Property will not

conflict with any law, statute, ordinance, code, rule, regulation, requirement, license, permit, certificate,

judgment, decree, order or direction of any governmental or quasi-governmental authority, agency, department,

board, panel or court (singularly and collectively “Laws”). Owner shall, at Owner’s expense, promptly comply

with all Laws which are now in effect or which may hereafter be in effect and with the requirements of any

board of fire insurance underwriter or other similar bodies now or hereafter constituted relating to or affecting

the condition, use or occupancy of the Property and all structures located on the Property. Owner shall obtain

and maintain in effect at all times throughout the term of this Agreement, all licenses and permits required for

the proper and lawful conduct of Owner’s business and operation of the Property, and shall at all times comply

with such licenses and permits.

7.2

Compliance with Environmental Laws and Court Requirements. In addition to satisfying the

PROPERTY MANAGEMENT AGREEMENT - Page 6

Property Management Agreement Page 6

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