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MANAGEMENT AGREEMENT
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ATLAS GROUP LC
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MISCELLANEOUS EXPENSES:
All outside services, repairs, and replacements performed under this Agreement and unpaid Tenant charges will be charged to OWNER. Any special services requested by OWNER, which BROKER is able to perform, may be done at an additional charge to OWNER with prior agreement between OWNER and BROKER. OWNER assumes full responsibility for payment of any expenses and obligations incurred in connection with the exercise of BROKER'S duties set forth herein including legal actions on behalf of the OWNER. Unless otherwise stated below in Schedule-A, OWNER shall be responsible for making all payments such as real property tax, mortgages, utilities, maintenance/association fees, etc. OWNER shall be charged a monthly fee per Schedule-A below for recurring items made at OWNERS request. For OWNER'S, BROKER'S, and TENANT'S protection, OWNER agrees that smoke detectors will be installed in the property in working condition in accordance with the law prior to tenant’s occupancy and that lock changes will be made after each tenants departure from the property
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COMMISSION:
OWNER agrees to pay BROKER a monthly Management Fee of ______ percent of the gross receipts collected. Gross receipts are all amounts received from the operation of the premises including rents, laundry income, tenant deposits used for rent or other past due income, etc. and does not include administrative fees as outlined above under RECEIPTS. OWNER to pay a leasing/rental fee of up to $250.00 not including advertising or other incidental expenses. OWNER also agrees to pay a Referral Commission to outside Brokers in the amount of $250.00 should an outside Broker provide a qualified tenant that is accepted and moves in. If the Tenant does not stay in the property for a minimum of one half of the lease term or six (6) months, whichever is less, BROKER is to re-lease/re-rent the property with no re-leasing/re-rental fee. In the event OWNER elects to terminate this Agreement while a valid Lease/Rental Agreement initiated by BROKER remains in effect, OWNER shall prepay to BROKER fifty-percent (50%) of the total anticipated management fees for the remainder of the Lease/Rental Agreement term. In the event of a month-to-month rental agreement, OWNER shall prepay to BROKER six (6) months Management Fees for each property.
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SALE:
If, within the term of this Agreement, or within 365 days thereafter, a tenant that BROKER placed in the property, should enter into a purchase agreement or lease/option to purchase the Property, BROKER shall be deemed the procuring cause of the sale and OWNER shall pay BROKER a fee of four percent (4%) of the gross sales price. The OWNER may list the property for sale with any broker, company, or individual he so chooses. However, should the OWNER choose to list the property for sale with anyone other than the Atlas Group LC, the normal property management commission on the subject property will be increased by two (2) percent to cover the additional work involved in showing and dealing with appraisers, inspectors, mortgage companies, and interested buyers/agents requesting management data and information during the listing and sale period.
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STATEMENTS:
BROKER will render a statement every thirty (30) days showing all funds collected and disbursed. BROKER is directed to remit to OWNER not less than every thirty (30) days the net receipts. Net receipts include but are not limited to: Gross receipts less advertising costs, management fees, expenses incurred for all repairs, maintenance expenses, utility charges, cleaning charges, court costs, legal notices and eviction expenses, multiple listing referral fees, deposit refunds, and all payments as outlined below on Schedule-A. BROKER shall maintain accurate records of all monies received and disbursed in connection with its management of the property. OWNER is required to file all required Internal Revenue Service (IRS) forms and meet all IRS requirements. BROKER shall submit as required by the IRS at the conclusion of each calendar year a Form 1099 indicating the total income received through BROKER from the Property. All documents and correspondence including those made electronically, whether received, obtained, sent, or generated by BROKER, regardless of source, regarding the Property, any tenant, or tenancy, are to be considered the private property of BROKER and Atlas Group LC, and will only be disbursed or released at BROKER’S sole discretion.
OWNER to provide House/Association Rules and warranties in effect, if applicable, and agrees to make available to BROKER all documents, data, and records and to respond to requests for information pertaining to the Property which may be required for the proper execution of BROKER'S duties. OWNER agrees to prepare and submit an Inventory and Condition Form of the property, furniture, fixtures, and other articles therein. If OWNER fails to furnish the Inventory and Condition Form, OWNER agrees to accept Inventory and Condition Form prepared by BROKER. |
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