Property Management Agreement Template (Page 3 of 10) in pdf

(d)

Take and process applications and application fees for rentals, including interviewing and

screening prospective tenants to determine if they meet the Owner's requirements. Applicants

shall be selected from the waiting list in chronological order. If an application is rejected, the

applicant shall be advised in writing of the reason for rejection. If the rejection is based on

information from a credit bureau, the source of the report must be revealed to the applicant

pursuant to the Fair Credit Reporting Act. The rejected application, together with the written

notice of the rejection and any other related correspondence, shall be kept on file for three

years following the rejection.

(e)

Agent shall lease Rental Units only to individuals or families who meet the criteria

communicated to the Agent by the Owner (including any relevant Tenant income limits).

(f)

Agent shall use a lease form approved by the Owner.

(g)

Certify or re-certify Tenants as to their income and assets as may be required by the Owner.

(h)

All leases shall be in the Owner's name with the Agent being authorized to sign on behalf of

the Owner's as its agent.

(i)

Collect, deposit, and disburse tenant deposits, if required, in accordance with the terms of each

Lease and Article 8 hereof.

(j)

Participate with the Tenant in the inspection of each rental unit identified in the Lease prior to

move-in and upon move-out, and record in writing any damage to the Rental Unit at the time

the Tenant moved in and any damage occurring during the Tenant's occupancy.

4.2

Agent shall collect, when due, all rents, charges and other amounts receivable on Owner's account in

connection with the management and operation of the Property. Such receipts shall not be commingled with

other funds and shall be deposited and held in the Operating Account in accordance with the provisions of

Article 8 herein.

4.3

Agent shall secure full compliance by each Tenant with the terms of such Tenant's lease and in a

manner consistent with the Landlord-Tenant laws governing the Property. Agent may, and shall if requested by

Owner, lawfully terminate any tenancy when, in Agent's judgment, sufficient cause for such termination occurs

under the terms of Tenant's Lease, including, but not limited to, nonpayment of rent. For this purpose, Agent is

authorized to consult with legal counsel to be designated by Owner and bring actions for eviction and execute

notices to vacate and judicial pleadings incident to such actions; provided, however, that Agent shall keep

Owner informed of such actions and shall follow such instructions as Owner may prescribe for the conduct of

any such action. Reasonable attorney fees and other necessary costs incurred in connection with such actions,

as determined by Owner, shall be paid out of the Operating Account. Agent shall properly assess and collect

from each Tenant or the Tenant Deposit the cost of repairing any damages to a Rental Unit arising during the

Tenant's occupancy.

4.4

The Agent will ensure that the Property is maintained and repaired in accordance with the Owner’s

specifications and any relevant state and local health and building codes. The Agent shall, at Owner's expense,

maintain the Property in a decent, safe, and sanitary condition. The Agent will ensure that the site will be kept

in a condition acceptable to the Owner, including but not limited to cleaning, painting, decorating, plumbing,

Property Management Agreement Template Page 3

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