Property Management Agreement (Page 3 of 4) in pdf

Cont (Page 3)

4. The Owner hereby agrees to do the following:

(a) reimburse the Agent promptly for any monies the Agent might elect to advance for the

account of the Owner. Nothing contained herein, however, shall be construed to obligate

the Agent to make any such advances;

(b) pay $50 to Agent for serving an eviction notice on tenants;

obtaining the eviction, should further legal action be required after the serving of an

eviction notice;

(d) pay $150 to Agent together with court costs if a separate suit for recovery of other sums

and damages due becomes necessary

(e) assume the obligation of any contract entered into by Agent in accordance with Article II

above.

ARTICLE III. The Owner shall indemnify and hold Agent harmless from all damage suits in

connection with the management of the Premises and from liability from injury suffered by any

employee or other person whomsoever, and to carry, at Owner’s expense, necessary public

liability insurance in such an amount as to be 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. The Agent also

shall not be liable for any error of judgment or for any mistake of fact or law, or for anything

which it may do or refrain from doing hereinafter, except in cases of willful misconduct or gross

negligence.

ARTICLE IV. The Owner agrees to pay the following to the Agent:

1. A leasing fee of $ 500.00 or 50% of the first month’s rent (whichever is greater) for leasing,

which shall become due when a new tenant has been secured and a signed lease has been

executed (this fee shall be deducted from the first month’s rent)

2. Commission of 10% of the rents collected in each calendar month (which shall be deducted

from rents collected each month).

3. One half of any late fees collected under the lease

ARTICLE V. All rights, remedies and liabilities herein given to or imposed upon any of the

parties hereto shall extend to and bind their heirs, executors, administrators, successors and

assigns.

(Page 3)

Initials_____________/_______________

Property Management Agreement Page 3