Fillable Property Management Agreement (Page 2 of 5) in pdf

(d) Agent’s employees who handle or are responsible for Owner’s monies shall be

Bonded

bonded by a fidelity bond in an adequate amount.

Employees

(e) to use his best efforts to rent or lease the property at the best current market

rental for like property, but in no event less than

without permission of the owner.

(f) to collect security deposits in the sum of $

per unit

and to deposit all receipts collected for Owner (less any sums properly deducted

as otherwise provided herein) in a Trust Account in

Name of Bank

Address

Account Number

a State Institution qualified to engage in the banking or trust business,

separate from Agent’s personal account

The Owner gives to the Agent the following authority and powers and

Agent’s

agrees to assume the expenses in connection therewith:

Authority

(a) to advertise the availability for rental of the premises or any part thereof,

and to display “for rent” signs thereof; to collect rents due or to become due

and give receipts therefor; to terminate tenancies and to sign and serve in

the name of the Owner such notices as are appropriate; to institute and to

prosecute actions; to evict tenants and to recover possession of said

premises; to sue for, in the name of the Owner, and to recover rents and

other sums due; and when expedient, to settle, compromise, and release

such actions or suits or reinstate such tenancies; and to reimburse Agent for

long distance phone calls made on Owner’s behalf.

(b) to make or cause to be made and supervise repairs and alterations, and to

Repairs

do decorating on said premises; to purchase supplies and pay all bills therefor. The

Agent agrees to secure the prior approval of the Owner on all expenditures in

excess of $

for any one item, except monthly or recurring

operating charges and/or emergency repairs in excess of the maximum, if in the

opinion of the Agent such repairs are necessary to protect the property from

damage or to maintain services to the tenants as called for in their leases.

(c)

to hire, discharge, and supervise all personnel required for the operation and

Employees

maintenance of the premises; it being agreed that all employees shall be deemed

employees of the

and not of the

and that the Agent may perform any of its duties through Owner’s attorney, agents,

or employees and shall not be responsible for their acts, defaults or negligence if

reasonable care has been exercised in their appointment and retention.

(d) to make contracts for electricity, gas, fuel, sewer service, water, telephone, window

Service

cleaning, trash or rubbish hauling, and other services or such of them as the Agent

Contracts

shall deem advisable; the Owner shall assume the obligation of any contract so

entered into at the termination of this agreement.

Page

of 5

Property Management Agreement Page 2

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