Property Management Agreement Template (Page 4 of 10) in pdf

carpentry, grounds care, and such other maintenance and repair work as may be necessary. The following

provisions will apply:

(a)

Special attention shall be given to preventive maintenance.

(b)

Subject to Owner's prior written approval, Agent shall contract with qualified independent

contractors for the maintenance and repair of major mechanical systems, and for the

performance of extraordinary repairs beyond the capability of regular maintenance personnel.

Prior to commencement of any work Agent shall obtain appropriate written evidence of such

contractor's liability and worker's compensation insurance.

(c)

Agent shall systematically and promptly receive and investigate all service requests from

Tenants, take such action thereon as may be justified, and keep records of the same.

Emergency requests shall be serviced on a 24-hour basis. Complaints of a serious nature shall

be reported to Owner after investigation. At Owner's request, Owner shall receive all service

requests and the reports of action thereon.

(d)

Agent shall take such action as may be necessary to comply with any and all orders and

requirements of federal, state, county, and municipal authorities and of any board of fire

underwriters, insurance companies, and other similar bodies pertaining to the Property.

(e)

Except as otherwise provided in this Section, Agent is authorized to purchase, at Owner's

expense, all materials, equipment, tools, appliances, supplies and services necessary for proper

maintenance and repair of the Property. Agent shall obtain bids for all contracts, materials,

supplies, utilities, and services exceeding $1,000.00 for those items that can be obtained from

more than one source. Agent shall secure and credit to Owner all discounts, rebates, or

commissions obtainable with respect to purchase, service contracts, and all other transactions

on owner's behalf.

(f)

Notwithstanding the foregoing, the prior written approval of Owner will be required for any

contract that exceeds one year in duration, or expenditure that exceeds $5,000.00 in any one

instance for labor, materials, or otherwise in connection with the maintenance and repair of the

Property, except for emergency repairs involving manifest danger to persons or property, or

required to avoid suspension of any necessary service to the Property.

(g)

In the event of emergency repairs, Agent shall notify Owner promptly, and in no event later

than 72 hours from the occurrence of the event.

4.5

Agent shall make arrangements for water, electricity, gas, fuel, oil, sewage, and trash disposal, vermin

extermination, decoration of common areas, laundry facilities, telephone services, and other necessary services

in connection with the Property. Subject to Owner's prior written consent as may or may not be required in

Article 4, Agent shall make such contracts as may be necessary to secure such utilities and services.

4.6

Disbursements from the Operating Account shall be made in accordance with the Operating Budget. In

the event that the balance in the Operating Account is at any time insufficient to pay disbursements due and

payable, Agent shall promptly inform Owner of the fact and Owner may then deposit into the Operating

Account sufficient funds to cover the deficiency. In no event shall Agent be required to use its own funds to pay

such disbursements or be liable for any losses, costs, or damages arising out of Owner's failure to cover the

Property Management Agreement Template Page 4

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