Property Management Agreement Template (Page 9 of 10) in pdf

of 30 days after Agent provides Owner with written notice of the need for such funds.

Upon any such event of default, the non-defaulting party may, without prejudice to any other recourse at law

that it may have, give to the defaulting party notice terminating this.

10.4

Within five days after the termination of this Agreement, Agent shall close all accounts and pay the

balances or assign all certificates of deposit regarding the Property to owner. Within ten days after the

termination of this Agreement, Agent shall deliver to Owner all plans and surveys of the Property in its

possession and all books and records, keys, reports, files, Leases, contracts, and all other written material and

property concerning the Property. Within 30 days after the termination of this Agreement, Agent shall submit

to Owner all reports required under Section 4.14 hereof to the date of such termination, and Agent and Owner

shall account to each other with respect to all matters outstanding as of the date of termination. Upon Owner's

request, Agent shall assign to Owner all contracts requested by Owner concerning the Property, to the extent

permitted by such contracts, and shall cooperate (at no expense to Agent) with Owner in connection with the

transition to a new manager.

10.5

Upon termination of this Agreement for any reason, Agent shall deliver to Owner immediately upon

termination (or upon Agent's subsequent receipt or acquisition) the following with respect to the Property:

(a)

Any Tenant Deposits or other monies belonging to Owner held by Agent on Owner's behalf; and

(b)

All records, contracts, Leases, receipts for deposits, unpaid bills, and other papers or documents

relating to the Property.

Article 11: Miscellaneous

11.1

Special Power of Attorney. Owner authorizes Agent as attorney-in-fact for Owner to enter into and

execute Leases and rental agreements with respect to the Property on forms approved by Owner, to collect

rents and other funds due Owner in Agent's name on Owner's behalf, and to establish and make deposits into

and withdrawals from the Tenant Deposit Account and the Operating Account (including the authority to sign

checks as Owner's agent for the purpose of making payments from those accounts) in accordance with the

terms of this Agreement.

11.2

Entire Agreement. This Agreement constitutes the entire Agreement between Agent and Owner, and

no amendment, alteration, modification, or addition to this Agreement shall be valid or enforceable unless

expressed in writing and signed by the parties hereto and unless such amendment, alteration, modification, or

addition has been consented to in writing by the HUD.

11.3

Waiver. The waiver of any of the terms and conditions of this Agreement on any occasion or occasions

shall not be deemed as waiver of such terms and conditions on any future occasion.

11.4

Illegality. If any provision of this Agreement shall prove to be illegal, invalid or unenforceable, the

remainder of this Agreement shall not be affected thereby.

11.5

Relationship. Nothing contained in this Agreement shall be construed to create a relationship of

employer and employee between Owner and Agent, it being the intent of the parties hereto that the

relationship created hereby is that of an independent contractor. Nothing contained herein shall be deemed to

constitute the Owner and Agent relationship as a partnership or joint venture.

Property Management Agreement Template Page 9

Related Articles

Related forms

Related Categories