Property Management Agreement Template (Page 2 of 10) in pdf

subject to the terms and conditions set forth in this Agreement.

Article 3: Term and Termination

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begin alternate provisions - choose one, delete the other

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3.1

This duties of the parties to perform under this Agreement shall commence on the date that the

Property receives a Certificate of Occupancy from <<**name of the City**>> (“Commencement Date”). Either

party may terminate this Agreement by written notice to the other if the Commencement Date has not

occurred within 9 months after both parties have executed it.

3.1

This duties of the parties to perform under this Agreement shall commence on <<**enter date**>>

(“Commencement Date”).

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end of alternate provisions

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3.2

This Agreement shall continue until one year after the Commencement Date. After that one year

period this Agreement will continue until terminated by 90 days written notification given by either party. In

the event that the Owner terminates this Agreement without the Agent being in default within the initial term

or without the required notice, Owner agrees to pay to Agent a termination fee of eight percent of the potential

gross monthly rent for the Property, whether or not the Property is leased or rented, for the remainder of the

term or notice period.

Article 4: Services of Agent

4.1

Agent shall offer for lease and shall lease the Rental Units in the Property in accordance with all written

instructions from the Owner or written policies adopted by the Owner. Pursuant to its responsibilities, Agent

shall:

(a)

use all reasonable efforts to market the Rental Units

(b)

Maintain a current list of acceptable prospective tenants and undertake all arrangements

necessary and incidental to the acceptance of rental applications and the signing of Leases.

Agent shall market the rental units in accordance with any affirmative fair housing marketing

plans adopted by the Owner (if any) and shall maintain records of the marketing activity for

compliance review purposes. Agent shall exercise its best efforts (including, but not limited to,

placement of advertising, interview of prospective Tenants, assistance and counseling in

completion of rental applications and signing of Leases, processing of documents and credit and

employment verifications, etc) to effect the leasing of the Rental Units and the renewal of

leases in accordance with the terms of each lease and the requirements so that the Property is

occupied as fully as possible.

(c)

Show rental units in the Property to all prospective tenants.

Property Management Agreement Template Page 2