Property Management Agreement (Page 2 of 6) in pdf

2) Collection of Rents. Take reasonable steps to enforce collection of all rentals, and

to do all reasonable acts on behalf and for the protection of owner in the payment

and collection of such rentals. Agent shall not be held liable to owner for failure

to collect rents after agent has taken reasonable steps to collect rents. Any late

fees collected will go to the Manager.

3) Deposits. Agent shall receive deposit monies from lessees and shall notify owner

of said amounts. Said deposit monies shall be held in an account by agent and

accounted for until such time as the lease expires.

4) Manage Property. Use reasonable measure for the orderly management of the

building.

5) Expenses. From the rental proceeds, agent shall pay for advertising, maintenance

and gardening personnel, if desired by owner, purchase supplies, and cause to be

made and pay for such repairs, decorations, and alterations as may be required for

the proper operation of the property.

SECTION FIVE

FISCAL MANAGEMENT

a) Manager shall make disbursements for the normal recurring expenses as authorized by

owner. All disbursements authorized by this agreement, but not limited thereto, shall be

considered operating expenses of the building. In the event that at any time there be

insufficient funds available in the custody of manager from the current collections to pay

such expenses, owner agrees to supply manager immediately with funds required to make

such payments. Owner agrees to reimburse manager promptly for any such authorized

disbursement that manager may elect to advance for the account of owner. Nothing

contained in this agreement, however, shall be construed to obligate manager to make

any such advances.

b) Manager is hereby given the express authority to make the following disbursements

from owner’s account.

Recurring physical management expenses of less than One Hundred

Dollars ($100.00) per item and those items over One Hundred Dollars

($100.00) that have been previously approved.

Monthly remittance of management fees.

c) Written approval by owner is required prior to payment of non-recurring items over

One Hundred Dollars ($100.00).

d) Manager shall use their best efforts to organize building fiscal transactions so that

major recurring expenses shall be remitted by the last day of each month.

e) Manager shall keep complete and detailed records of all building fiscal transactions.

PROPERTY MANAGEMENT AGREEMENT-2

Property Management Agreement Page 2