Fillable Property Management Agreement (Page 9 of 15) in pdf

8.7

Effect of Termination. If this Agreement expires or is terminated for any reason Manager shall

comply with all requirements set forth in the REA Rules, regarding such termination. Upon termination or

expiration of this Agreement Manager shall transfer all Leases and other documents as are required by the REA

Rules to Owner. Manager may retain copies of all Leases and such other documents as required by REA Rules.

The Owner shall bear all copy expenses.

8.8

Actions Upon Termination. Upon any expiration or earlier termination of this Agreement,

Manager shall (i) within 60 days turn over to Owner any and all unobligated funds within the Owner’s Client’s

Trust Account (as that term is defined in this Agreement), (ii) within 90 days deliver a final accounting to

Owner, and (iii) retain all records required to be maintained pursuant to the REA Rules.

Indemnity; Insurance; Waiver of Subrogation.

9.1

Indemnification; Non-Responsibility and Release. Owner agrees: (i) to hold and save Manager

free and harmless from any damage or injuries to persons or property by reason of any cause whatsoever either

in and about the Property or elsewhere when Manager is carrying out the provisions of this Agreement or acting

under the express or implied direction of Owner; (ii) that Manager shall not be responsible for and Manager is

hereby released from any liability to or claim by Owner whatsoever arising out of or in connection with the loss

of any Client Funds in any Clients’ Trust Account where such loss is incurred as a result of bank conduct or

omission and such loss exceeds applicable federal deposit insurance limitations, (iii) to reimburse Manager

upon demand for any moneys which Manager is required to pay out for any reason whatsoever under this

Agreement or in connection with it, or as an expense in defense of any claim, civil or criminal action,

proceeding, charge or prosecution made, instituted or maintained against Manager or Owner and Manager,

jointly or severally, affecting, arising out of or due to the conditions or use of the Property, or acts or omissions

of Manager or employees of Owner or Manager, or arising out of or based upon any law, regulation,

requirement or contract relating to the Property; and (iv) to defend promptly and diligently, at Owner’s sole

expense, any claim, action or proceeding brought against Manager, Manager’s employees or Manager and

Owner, jointly or severally, arising out of or connected with any of the foregoing, and to hold harmless and

fully indemnify Manager from any judgment, loss or settlement on account thereof. Nothing contained in this

Section 9.1 shall relieve Manager from responsibility to Owner for Manager’s gross negligence or willful

misconduct. The indemnity obligations of this Section 9.1 shall survive the expiration or termination of this

Agreement.

9.2

Insurance. Owner agrees to obtain and maintain in effect throughout the Initial Term and any

Renewal Term, casualty (fire and extended coverage property insurance), public liability, contractual liability

(specifically insuring the indemnity provisions contained herein), steam boiler (if applicable), and such other

insurance as the Owner reasonably decides to be necessary or desirable for the protection of the interests of

Owner and Manager. Public liability insurance shall include bodily injury, property damage and personal injury

coverage in amounts not less than those stated on the first page of this Agreement; or those carried in the form

and coverage amounts commonly carried by reasonable owners of properties similar in type, location and value,

whatever amount is highest. Manager may require Owner to increase such coverages above the minimum

amounts stated on the first page of this Agreement to match the amounts carried by such other owners, as

determined in Manager’s reasonable discretion. Owner shall deliver a certificate and copy of each policy issued

by the carrier, together with a copy of each policy, promptly to Manager. All policies shall provide for ten (10)

days’ written notice to Manager prior to cancellation.

PROPERTY MANAGEMENT AGREEMENT - Page 9

Property Management Agreement Page 9

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