Agreement To Manage And Lease Real Estate Template printable pdf download

AGREEMENT TO MANAGE AND LEASE REAL ESTATE

(This is a legally binding contract. If you do not understand it, seek legal advice.)

This agreement to manage and lease real estate is made and entered into as of this ________ day of __________________, _________

by and between _______________________________________________________________________ hereinafter called the Owner

and __________________________________________________________________ hereinafter called the Broker.

Whereas, Owner is the owner of the property known as ______________________________________________________ located at

_________________________________________ and legally described as ______________________________________________

____________________________________________________________________________________________________________

Owner hereby employs Broker exclusively to rent, lease, operate and manage said property subject to the terms and conditions of this

agreement.

In consideration of the management and leasing functions to be performed by Broker under this agreement, Owner agrees to pay

Broker a fee or fees for services rendered at the rates hereinafter set forth. Owner recognizes Broker as agent in any negotiations

relative to said property or any part thereof, which may have been initiated during the term hereof, and if consummated, shall

compensate Broker in accordance with the rates hereinafter set forth. Such compensation is due and payable on demand and may be

deducted by Broker from gross receipts.

Management: _______________________________________________________________________________(plus sales tax)

Leasing: ___________________________________________________________________________________(plus sales tax)

The term of this agreement shall commence on the _________ day of ____________________, ___________ and expire on the

___________ day of ___________________________, ____________. This agreement is automatically renewable, upon expiration,

for annual periods unless terminated by either party giving 30-days' written notice to the other party in advance of such termination

date. However, the termination of this agreement shall not affect the right of Broker to receive leasing commissions or fees which

have accrued on the date specified in such notice and have not been paid.

As agent for Owner, Broker owes Owner the duties of loyalty, obedience, disclosure, confidentiality, reasonable care and diligence,

and full accounting. Broker must disclose all known material facts about the property which could affect a tenant's use or enjoyment

of the property, disclose information which could have a material impact on either party's ability to fulfill their obligations under the

lease agreement, respond honestly and accurately to questions concerning said property, and deal honestly and fairly with all parties.

The duties and responsibilities of Broker in connection with the management of said property are as follows:

Broker shall take all reasonable steps to collect and enforce the collection of all rentals and other charges due Owner from

tenants of said property in accordance with the terms of their tenancies.

From gross revenues collected from said property, Broker is hereby authorized to accrue and make disbursements from Owner's

funds for contractual mortgage payments, property and employee taxes, salaries and any other compensation due and payable to

the employees of Owner, special assessments, premiums for hazard and liability insurance and any other insurance required, and

sums otherwise due and payable by Owner as operating expenses which are incurred pursuant to the terms of this agreement

including management and other fees as provided herein.

Broker shall deposit gross revenues collected into a special trust account in a bank whose deposits are insured by the Federal

Deposit Insurance Corporation. Broker shall have authority to endorse checks payable to Owner, deposit funds of Owner into

said trust account, and to draw on such account any payment to be made by Broker to discharge any of the liabilities or

obligations incurred by Broker pursuant to this agreement.

Broker shall arrange all repairs, replacements and decorating necessary to maintain said property it its present condition and for

the operating efficiency of said property. The expense of any one item of maintenance shall not exceed the sum of

$___________ unless authorized by Owner or unless Broker determines it to be an emergency. Owner approval is not required

in the event of an emergency where immediate repairs are required to preserve the property, continue essential services to the

property, avoid danger to life or property, or to comply with federal, state or local law.

Broker shall have the authority to negotiate, prepare and execute all leases and to cancel and modify existing leases as agent for

Owner.

SDREC/PMAGENCY/OWNER/5-99

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Agreement To Manage And Lease Real Estate Template

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