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MANAGEMENT AGREEMENT
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ATLAS GROUP LC
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EXCLUSIVE RIGHT:
OWNER hereby grants BROKER the sole and exclusive right to advertise said premises or any part thereof, to display signs in or about the premises, to place said property on Multiple Listing Service; to cooperate with other Brokers as BROKER may see fit; to rent, lease the Property; to sign, renew, or cancel leases for the premises or any part thereof; to inspect the Property at such times as BROKER deems necessary; to hire, discharge, and pay all contractors, vendors, and other employees; to collect all rents and other funds that may be due OWNER; to collect security and cleaning deposits and deposit all money in BROKER'S Trust Account; to compromise and settle claims; to require releases from all parties in the event of a controversy before disbursing Trust funds; to do all those things BROKER deems necessary to the efficient management of the Property.
All of the above authority and powers given by the OWNER to the BROKER shall be exercised by the BROKER within the BROKER'S sole and absolute discretion and judgment and the OWNER agrees that it will accept the BROKER'S decision with respect to all of the authority and powers above contained, and the BROKER and the OWNER agree that it shall have no claim against the BROKER by reason of the BROKER'S exercise of such authority and powers if the BROKER is found not guilty of any gross negligence
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TRUST ACCOUNT:
BROKER shall establish a separate Trust Account, apart from any company or corporate account, for the deposit of collected receipts in an institution whose deposits are insured by the federal government. Such depository shall be selected by BROKER.. Designated funds relating to the Property in the Trust Account remain the property of OWNER subject to disbursement of expenses by BROKER as described in this Agreement. BROKER shall not be held liable due to failure of the banking institution.
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RESERVE:
OWNER will maintain a minimum of $300.00 or $200.00 per unit, which ever is greater, as a reserve in BROKER’S Trust Account. OWNER shall maintain the reserve at all times to enable BROKER to pay the obligations of OWNER under this Agreement as they become due. OWNER’S reserve amount may be adjusted from time to time at BROKER’S discretion in order to accumulate money for anticipated repairs and expenses. If the balance of the Trust Account is at any time insufficient to pay disbursements due and payable, OWNER shall, no later than 10 days after notice, remit to BROKER sufficient funds to cover the deficiency and replenish the contingency reserve.
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SECURITY DEPOSIT TRUST ACCOUNT:
BROKER shall maintain a separate Security Deposit Trust Account for security deposits, cleaning, pet, key, and other tenant deposits. BROKER shall deposit all tenant security funds into the Security Deposit Trust Account at Wells Fargo Bank and disburse said tenant funds in accordance with NRS Chapter 118A. BROKER shall not be held liable due to failure of the banking institution.
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LEASING:
BROKER is given the exclusive right to execute, modify, or terminate leases, renewals, extensions, and month-to-month agreements; to screen prospective residents; and to act, sign and serve on behalf of OWNER such notices as BROKER deems appropriate. To institute legal and collection actions on behalf and at the expense of OWNER to evict tenant(s) and recover possession of the premises and to settle and release such actions. All costs associated with such actions shall be paid out of the Property Trust Account. Leases, rental agreements, and associated addendums and paperwork are to be written on BROKER’S forms.
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