Fillable Property Management Agreement (Page 8 of 15) in pdf

7.7

Survival. The indemnity obligations set forth in Sections 7.3 and 7.5 above shall survive the

expiration or termination of this Agreement.

Termination. Any termination of this Agreement shall occur pursuant to one of the following:

8.1

Termination Upon Property Sale. This Agreement shall terminate upon the sale of the Property

to an entity that is not affiliated with Owner; provided that on or before the closing date of such sale Owner has

paid Manager (i) all pre-closing costs advanced by Manager, (ii) all fees, compensation and commissions

earned, pursuant to the terms of this Agreement, and (iii) any Early Termination Fee required by Section 8.2,

below; provided, that the Early Termination Fee shall be waived if the Property is sold through a listing with

Manager as real estate broker. Owner shall make best efforts to give Manager notice of (i) any listing of the

Property for sale within five (5) business days after the listing agreement is signed, (ii) execution of any

agreement to sell the Property within five (5) business days after the sale agreement is signed and (iii)

termination of this Agreement at least thirty (30) days prior to the closing date of any sale.

8.2

Early Termination Fee. If Owner cancels this Agreement for any reason during the Initial Term

or any subsequent term other than as a result of Manager’s breach (see Section 8.4 below), such cancellation

shall not be effective unless the cancellation notice is accompanied by a cancellation fee equal to the minimum

monthly Management Fee specified in Schedule B to this Agreement times the number of months remaining in

the then-current term of this Agreement before its expiration (“Early Termination Fee”). Owner shall have the

right to terminate this Agreement, without cause, upon payment of the Early Termination Fee. If no minimum

monthly Management Fee is stated in Schedule B, the minimum monthly Management Fee shall be deemed to

be the monthly fee that would be payable if the Property were fully rented at the rental rate last paid by tenant(s)

or last advertised, whichever is greater.

8.3

Failure to Comply with Laws. If Owner shall fail or refuse to comply with or abide by any rule,

order, determination, ordinance or law of any federal, state or municipal authority after 30 days’ notice of same

from Manager to Owner or within the time period required by the applicable governmental authority, whichever

period is longer, Manager may terminate this Agreement, upon giving twenty-four (24) hours’ written notice

mailed to Owner at its address set forth in this Agreement.

8.4

Termination by Breach. Except as otherwise provided in Sections 8.1 through 8.3 above, this

Agreement may be terminated by Owner only for cause which is defined as Manager’s material substantial

breach of any provision of this Agreement which is not cured within thirty (30) days after Owner gives Manager

written notice thereof; if such breach cannot be cured within thirty (30) days, such breach shall be deemed cured

if Manager commences curative action within such thirty- (30-) day period and thereafter reasonably pursues

the action to completion.

8.5

Termination by Manager. Manager may terminate this Agreement at any time upon 30 days

written notice to Owner.

8.6

Bankruptcy and Insolvency. In the event a petition in bankruptcy is filed by or against either

Owner or Manager, or in the event that either shall make an assignment for the benefit of creditors or take

advantage of any insolvency act, either party hereto may immediately terminate this Agreement by written

notice. Remedies set forth herein above shall be in addition to and shall not exclude any other remedy available

under applicable law to the Parties hereto.

PROPERTY MANAGEMENT AGREEMENT - Page 8

Property Management Agreement Page 8

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