Property Management Agreement This Agreement is made and entered in this ________ day of _________________________,
20_______, between ______________________________, of ___________________________________,
hereinafter called "Owner", and ___________________________________, of
______________________________, hereinafter called "Manager".
Owner hereby employs the services of the Manager to manage, operate, control, rent
and lease the following property:
(Insert Description of Property)
Responsibilities of Manager
The Owner hereby appoints Manager as his lawful agent and attorney-in-fact with full
authority to do any and all lawful things necessary for the fulfillment of this Agreement, including
the following:
1. To collect all rents due and as they become due, giving receipts therefore; to render
to the Owner a monthly accounting of rents received and expenses paid out; and to remit to the
Owner all income, less any sums paid out.
2. To make or cause to be made all decorating, maintenance, alterations and repairs to
said property and to hire and supervise all employees and other labor for the accomplishment of
same.
3. To advertise the property and display signs thereon; to rent and lease the property;
to sign, renew and cancel rental agreements and leases for the property or any part thereof; to
sue and recover for rent and for loss of or damage to any part of the property and/or furnishings
thereof; and, when expedient, to compromise, settle and release any such legal proceedings or
lawsuits.
Liability of Manager
Owner hereby agrees to hold Manager harmless from any and all claims, charges, debts,
demands and lawsuits, including attorney's fees related to his management of the herein-
described property, and from any liability for injury on or about the property which may be
suffered by any employee, tenant or guest upon the property.
Compensation of Manager
Owner agrees to compensate Manager as follows:
Term of Agreement
The term of this Agreement shall commence on the ______ day of ___________________,
20______, and end on the _________ day of __________________, 20________.
Upon expiration of the above initial term, this Agreement shall automatically be renewed
and extended for a like period of time unless terminated in writing by either party 30 days prior to
the date for such renewal.
This Agreement may also be terminated by mutual agreement of the parties at any time
upon payment to Manager of all fees, commissions and expenses due Manager under terms of
this Agreement.
Extent of Agreement
This document represents the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on the date
first above written.
___________________________
___________________________ This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
