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MANAGEMENT AGREEMENT
Continued
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ATLAS GROUP LC |
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LEASING CONTINUED:
Keybox – OWNER [_____] does [_____] does not, authorize BROKER to install a keybox in connection with the showing of the Property when necessary. OWNER acknowledges that they have been advised that:
a. The purpose and function of the keybox is to permit access to the interior of the Property by all members of the Multiple Listing Service (MLS) of the Greater Las Vegas Association of Realtors, including certified appraisers and photographers;
b. OWNER should safeguard personal property and valuables located within the Property;
c. It is not a requirement of the GLVAR’s MLS for an OWNER to allow the use of a keybox;
d. Where a tenant/lessee occupies the Property, the tenant/lessee’s consent is also required;
e. Neither BROKER, a prospective tenant’s Broker, nor the GLVAR is an insurer against the loss of personal property. OWNER hereby releases Brokers, their agents, and the GLVAR from any responsibility relating to the keybox.
BROKER is given the exclusive right to collect rents and other sums due and to place said funds into BROKER'S Trust Account. BROKER may accept checks for the rental payments from the tenant at the OWNER'S risk. OWNER agrees to reimburse BROKER for such sums as have been disbursed in good faith when such checks should be returned unpaid. Service charges for late rent payments, returned checks, other Tenant charges and interest earned on BROKERS Trust Account shall be disbursed to BROKER. BROKER shall not collect any undisclosed fee, rebate, or discount, and if any is offered or tendered, BROKER agrees to credit OWNER’S account.
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DISBURSEMENTS:
From the Trust Account, BROKER is hereby authorized to pay or reimburse itself for all expenses and costs of operating the Property and for all other sums due BROKER under this Agreement, including BROKER’S compensation. In no event shall BROKER be required to use its own funds to pay such disbursements, nor shall BROKER be required to advance any monies to OWNER or to the Trust Account. If BROKER should advance any monies in connection with the Property, OWNER shall reimburse BROKER, including interest at a rate of 12% per annum, and BROKER may deduct such amounts from any monies due OWNER.
To the extent that funds are available and after maintaining the cash contingency reserve amount as specified in Section “RESERVE”, BROKER shall transmit the cash balances to OWNER monthly.
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REPAIRS:
BROKER is given the exclusive right to institute repairs to the Property, to purchase materials, and pay for same out of the OWNER'S funds to preserve the Property in a habitable condition and for the operating efficiency of the Property, and for all alterations required to comply with lease requirements, governmental regulations, HOA requirements, or insurance requirements. BROKER shall not be required to perform any act or duty involving the expenditure of monies, unless BROKER has sufficient funds from OWNER. Repairs, replacement, and maintenance, except for an emergency where repairs are immediately necessary for the preservation and safety of the Property, to avoid suspension of any essential services, to avoid danger to life or property, or to comply with federal, state, or local law, over the sum of $300.00 shall not be made without the permission of the OWNER, except where owner has authorized BROKER to make such expenditures without his consent or where BROKER is unable to get OWNERS authorization due to OWNERS unavailability. BROKER may engage, supervise, and discharge independent contractors in the name of the OWNER, to maintain and repair the Property and enter into contracts for utilities and other services as may be deemed advisable by BROKER. OWNER is aware and acknowledges that BROKER’S wife, associates, partners, and friends have maintenance and cleaning businesses (ROA Cleaning and Maintenance, SBH Cleaning, Quality Building Maintenance, Asia Maintenance, Home Doctor, Lucas Maintenance etc.) that not only provides services to the general public, but also provides cleaning and maintenance services for properties which the BROKER manages. BROKER uses a variety of venders which may be more suited to the requirements of the job and any OWNER should be aware that the best price/performance ratio is always sought. OWNER may request at any time that only venders, not even remotely associated with BROKER, be used exclusively for all work performed on their unit/property. OWNER understands and agrees that he is responsible for all charges and expenses incurred in the maintenance and repair of the property.
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