This Agreement, entered into as of the________ day of ____________________, 19 _________, by and between _______________________________________ (hereinafter referred to as "Property Owner" and The Landmark Group (hereinafter referred to as the "Manager").
WITNESSETH:
1. PARTIES AND PURPOSES. The purpose of this Agreement is to provide property management services by the Manager to the Property Owner.
2. IDENTIFICATION OF PROPERTY. The property with respect to which the Manager shall
perform management services is described as follows:
__________________________________________
3. OWNER'S mailing address: _________________________________________________________ Telephone number: ________________________
Work telephone:__________________
4. MANAGEMENT SERVICES TO BE PROVIDED. The Manager shall provide the following
property management services:
a. Provide billing of the tenants in the name of the Property Owner, The Landmark Group, or Building name for monthly rent, receive rents due, provide receipts therefore to the tenants and notify Property Owner of any delinquencies with respect to payments of rent;
b. Maintain full, detailed and accurate records and accounts of all receipts and expenditures with respect to the property, which records and accounts shall be available for review by the Property Owner or his representatives, at any reasonable time;
c. Send to the Property owner on or before the fifteenth day of each month, a detailed, itemized statement of all property rent and expense receipts incurred during the month;
d. Arrange for the advertising of available units;
e. Unless directly paid by the Property Owner or the tenant, make payment for utilities, fuel, repairs and maintenance;
f. Promptly report to the Property Owner any and all adverse conditions relating to the property arid/or tenants which shall require the attention of the Property Owner;
g. Serve the proper preliminary notices in the event an eviction is required. Should the tenant contest the eviction and an attorney is required, the Owner shall pay all attorney and court costs;
h. Recommend to property Owner to determine rents to be charged;
i. Approve leases and rental agreements with previous agreement by the Owner;
j. Render emergency repairs, when Owner is not readily available, as may be required because of danger to life or property or which are immediately necessary for the preservation and safety of the premises or the safety of the tenants and occupants thereof or are required to avoid the suspension of any necessary services to the premises.
5. LIMITATIONS ON EXPENSES. The Property Owner hereby gives the Manager the following authority and powers and agrees to assume the expenses in connection herewith: To hire, discharge, and pay all contractors, janitors, and other employees; to make or cause to be made all ordinary repairs and replacements necessary to preserve the Premises in it's present conditions and for the operating efficiency thereof and all alterations required to comply with lease requirements, and to do decorating on the Premises; to negotiate contracts for non-recurring items not exceeding $500.00 dollars and to enter into agreements for all necessary advertising, repairs, maintenance, minor alterations, and utility services; and to purchase supplies and pay all bills. Manager shall secure tile approval of the Owner for any alterations or emergency repairs in excess of the maximum, if in the opinion of the Manager such repairs are necessary to protect the property from damage or to maintain services to the Tenants as called for by their tenancy.
6. TENANT OBLIGATION. The Property Owner agrees that all leases or rental agreements for space within the property shall include provisions imposing the following obligations on the tenants. (In the event the Property Owner occupies the property himself or any portion thereof, the Property Owner, himself shall be subject to these obligations): Adherence to reasonable rules and regulations to be promulgated by the Manager with respect to the storage and disposal of garbage and waste, parking of vehicles, and activities which may have an Impact on neighboring tenants; Alteration to the property only with the review and approval of the Manager.
7. CONSULTING SERVICES. Consulting services, such as outlined below shall be provided at the Property Owner's request, and shall be charged according to one of the following:
1.) On a fixed hourly rate of $ __65.00 dollars per hour, or
2.) A percentage basis of ____0/o or
3.) A flat fee of_________
CONSULTING SERVICES AVAILABLE, BUT NOT LIMITED TO THE FOLLOWING:
1) Collecting of delinquent rents and eviction procedures.
2) Property improvements.
3) Construction management.
4) Arranging for the provision of such services, labor, supervision and materials for the ongoing maintenance of the property, with the limitation on expenses previously outlined in the Agreement. In the event the owner requests the Manager to act in a contractor capacity for the purpose of major and/or renovation. (This also applies to major restoration required due to fire, flooding, earthquake and /or any other major damages.) Owner then agrees to pay Manager a service fee of ______ % of the contracted price, for bidding and contracting out of subcontractors. Owner will be notified and approve of said fees prior to bidding for said services.
8. PROPERTY OWNER RESPONSIBILITIES. The Property Owner shall be exclusively responsible for the following matters:
a. Payment of real property taxes, insurance premiums and mortgage payments unless specified otherwise in this Agreement and attached hereto;
b. Determination of insurance policies to be purchase.
c. If the property has a chimney, the Owner agrees to pay for the cleaning once a year;
d. Matters of determining rent decreases or increases;
e. Matters of collection of delinquent rent and tenant eviction;
f. Approval of all improvement plans;
g. Owner agrees to supply the Manager with a copy of any rules and regulations pertaining to the premises;
h. If the Owner lives out of the area, the Owner will be charged for any long distance phone calls that are required to keep the Owner advised of problems that arise with the property; The manager shall not be required to advance any monies for the care or management of the said property, and the Owner specifically agrees to advance promptly all monies necessary therefore, including disbursements and charges in excess of monthly receipts.
j. Payment of all advertising for the rental property.
Not withstanding the fact that the aforementioned items are to remain the responsibility of the Property Owner, it is agreed that the Property Owner will consult with the Manager prior to taking any action or making any decision, which would or might affect the management of the property.
The Owner agrees to provide the Manager with an emergency contact who has the written authority to make decisions pertaining to the management of the premises in the event the Owner cannot be reached.
EMERGENCY CONTACT/S AND THEIR RELATIONSHIP:
NAME: _________________________ PHONE # ____________ RELATIONSHIP: _____________
NAME: ________________________ PHONE # ____________ RELATIONSHIP: ____________
NAME: _______________________ PHONE # ____________ RELATIONSHIP: ____________
9. INDEMNITY. It is understood and agreed that the Manager, its corporate officers, employees and sub conractors, shall have no liability whatsoever except for injury, loss or damage directly caused by its or their negligence. The property Owner hereby agrees to indemnify and hold harmless the Manager, its brought or entered against the Manager, its corporate officers, employees or subcontractors except for injury, loss or damage caused by or through its or their negligence.
The Owner agrees to pay all expenses incurred by the Manager, including, but not limited to, reasonable attorney's fees and Manager's costs and time in connection with any claim, proceeding, or suit involving an alleged violation by the Manager or the Owner, or both, of any law pertaining to fair employment, fair credit reporting, environmental protection9 rent control, taxes, or fair housing, including, but not limited to any law prohibiting, or making illegal discrimination on the basis of race, sex, creed, color, religion, national origin, familial status, or physical handicap, provided, however, that the Owner shall not be responsible to the Manager for any such expenses iii the event the Manager is finally adjudicated to have personally, and not in a representative capacity, violated any such law. Nothing contained herein shall obligate the Manager to employ counsel to represent the Owner in any such proceeding or suit. The Owner also agrees to pay reasonable expenses (or an apportioned amount of such expenses where other employers to the Manager also benefit from the expenditure) incurred by the Manager in obtaining legal advice regarding compliance with any law affecting the Premises or activities related thereto. Similarly, the Manager agrees to indemnify and hold harmless the Property Owner from and against any and all claims, actions and judgments arising directly from the negligence of the Manager.
10. TERM OF AGREEMENTS. The term of this Agreement shall commence with the date of its execution, and shall be automatically renewed each year thereafter unless either party gives notice of termination not less than sixty days prior to the end of the contract year; provided, however, that either party may terminate this agreement on sixty days written notice. Where the agreement is canceled by the Owner, such notice in order to be effective must be accompanied by payment to the Manager of a cancellation fee in an amount equal to one month's management fee, and said notice must provide the trust account address and number into which the Manager is to deposit any tenant's security deposits which the Manager has been keeping. Failure to provide the list of the new trust account, shall result in the Manager returning the funds to the tenant/s as directed by law.
Such cancellation shall not release the indemnities of the Owner as set forth above and shall not terminate any liability or obligation of the Owner to the Manager for any payment, reimbursement, or other sum of money then due and payable to the Manager thereunder.
11. COMPENSATION PAYABLE TO THE MANAGER. The Property Owner shall pay to tile Manager a monthly fee of 10 percent (%) of gross rental amounts received on all leases or rental agreements with respect to the property, plus any penalty fee indicated in the rental agreement in the event the renter defaults on the terms of the agreement (i.e.: late charges, NSF charges, etc.). If the Property Owner himself occupies the property or any part thereof, the fee shall be the same percentage of the gross rental value of the space occupied by the Property Owner. In addition, the Property Owner will reimburse the Manager on a monthly basis for all direct costs and expenses (to the extent that they are not withheld from rental receipts) incurred by the Manager with respect to the Property Owner of the property covered by this Agreement.
If the Manager secures a tenant for the property, the Owner agrees to pay the Manager either a (1) one month's rent or 5 (five) % of the gross lease term. In the case of an option, the fee will not be due until such time as the option is exercised. This fee is a non-refundable fee.
For renewal to the same tenant, the Owner shall pay the Manager to be negotiated on a case by case basis. This renewal fee is a non-refundable fee.
12. OTHER CONDITIONS.
_______________________________________________________
IN WITNESS WHEREOF, the Property Owner And the Manager have executed this Agreement as of the date first above written. This Agreement shall be binding upon the successors and assigns of the Manager and the heirs, administrators, executors, successors and assigns of the Owner.
PROPERTY OWNER/S: ______________________________
THE LANDMARK GROUP :
Property Management Div A
Managing Agent:
Jaime M. Hernandez- Associate Broker_ _____________________________
3101 E. Madison Street
Seattle,WA 98112
206 325-6000