Property Management Agreement Page 3
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55.
The Owner authorizes the Agent to deduct from the rental and other receipts,
Payment
retained in the Trust Account [referred to in 3(c], all undisputed commissions and
other compensation of the Agent earned under Paragraph 7 of this agreement and
all costs, repairs and expenses authorized under Paragraph 4(a)-(d) of this
agreement, subject to restriction contained in 5(a) and (b) below.
(a) Under no circumstances can Agent withdraw or deduct funds from rental receipts, if
the Owner’s balance in said trust account does not exceed $
.
(b) If said account does not exceed this sum, then the costs, repairs and expenses will be
paid in the following manner:
6.
The Owner further agrees:
Save
(a)
to save the Agent harmless from all damage suits in connection with the
Harmless
management of the herein described property and from liability from injury
suffered by any employee or other person whomsoever and to carry, at his own
expense, necessary public liability insurance adequate to protect the interests of the
parties hereto, which policies shall be so written as to protect the Agent in the same
manner and to the same extent they protect the Owner and will name the Agent as
co-insured.
(b) That Agent is not responsible for placing insurance coverage’s on the premises or
determining the amounts or types of coverage that should be carried.
(c) Agent is not responsible for paying Real Estate Tax Bills on Owner’s behalf unless
the bill is provided by Owner.
7.
Owner agrees to pay the following amounts to the Agent:
Agent
(a)
for management:
Compensation
(b) for leasing:
(c) for sale:
(d) other:
(e)
That in order to offset additional costs to Agent, the Agent may charge tenants or
Authorized
prospective tenants an application fee, late charge, or any other charges deemed
Charges
necessary or appropriate. Said fees or charges shall be retained by Agent.
8.
Termination
Termination
(a) Notwithstanding anything in this Agreement to the contrary, the Owner shall have
the right to terminate this Agreement upon the occurrence of any of the following
events:
(1) gross negligence by the Agent in the carrying out of the duties assigned to it
hereunder,
(2) the filing of a petition in bankruptcy by or against the Agent or an assignment
by the Agent for the benefit of its creditors, or
(3) the condemnation or destruction of the premises
by owner giving 30 days written notice to the agent or broker and paying the broker ½
the normal commission for the remaining terms of the contract.
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