Property Management Agreement

The Owner appoints the Managing Agent as the managing agent for the property described in the next clause. Where the appointment is exclusive, the Owner shall not engage any other person or company to manage that property during the Term, and shall refer to the Managing Agent any leasing or management inquiry that reaches the Owner directly.

The Managing Agent accepts the appointment and shall manage the property with the skill and care of a reasonably competent property manager, in the Owner's best interests and in compliance with applicable law, including any licensing requirement for property managers or real estate brokers that applies where the property is located.

The Managing Agent shall manage the property at (the "Property"), comprising .

The Owner represents that the Owner owns the Property, or has full authority to appoint a managing agent for it, and shall give the Managing Agent the keys, access devices, existing leases, tenant contact details and any other record the Managing Agent reasonably needs to begin managing the Property.

This Agreement begins on and continues for an initial term of (the "Initial Term").

After the Initial Term, this Agreement renews automatically for successive periods of (each a "Renewal Term", and together with the Initial Term the "Term") unless either Party gives the other written notice of non-renewal at least before the then-current term ends.

The Managing Agent has authority, on the Owner's behalf and without needing the Owner's separate approval for each transaction, to:

1. advertise the Property for rent and show it to prospective tenants;

2. screen prospective tenants, including running credit, background and reference checks, applying and all applicable fair-housing and anti-discrimination law;

3. set the rent for a vacant unit within , or such other rent as the Owner separately approves in writing;

4. sign, renew and, on a tenant default, terminate leases with tenants in the Owner's name, on the Managing Agent's standard lease form or one the Owner has approved, for a term of no longer than without the Owner's prior written approval for a longer term; and

5. collect rent, fees and security deposits from tenants, and pursue late or unpaid rent, including issuing notices and — only where the Owner separately authorizes it in writing for that tenant — initiating eviction or other legal proceedings in the Owner's name.

The Managing Agent may approve and pay for a repair or maintenance item from the funds held under the Trust Account clause below without first obtaining the Owner's approval, provided the cost of that item does not exceed (the "Approval Limit"). For any item expected to cost more than the Approval Limit, the Managing Agent shall obtain the Owner's written approval before proceeding, except as the next paragraph allows.

Where there is a genuine emergency — a condition that threatens health, safety, or further damage to the Property if not addressed immediately — the Managing Agent may authorize repairs above the Approval Limit without the Owner's prior approval, and shall notify the Owner of the emergency and the action taken as soon as reasonably possible afterward, and in any event within .

The Managing Agent shall use for repairs and maintenance, shall disclose to the Owner in writing any financial interest the Managing Agent has in a contractor it engages for the Property, and shall keep invoices and receipts for every repair charged to the Owner.

The Owner shall pay the Managing Agent a management fee of (the "Management Fee"), which the Managing Agent shall deduct from the funds held under the Trust Account clause below before remitting the balance to the Owner. No Management Fee is payable on rent that is due but not actually collected.

In addition to the Management Fee, the Owner shall pay the Managing Agent: a leasing fee of for each new tenancy the Managing Agent places; a renewal fee of for each lease the Managing Agent renews; and . The Managing Agent shall not charge any fee not listed in this Agreement without the Owner's prior written consent.

The Managing Agent shall deposit all rent, security deposits and other funds collected for the Owner into a trust or client account held at , separate from the Managing Agent's own operating funds. The Managing Agent shall not use, borrow against, or commingle those funds with its own money, except to the extent — if any — that applicable law expressly permits.

The Managing Agent shall hold each tenant's security deposit for the whole of that tenancy, and shall pay the Owner or the tenant any interest on it that applicable law requires. The Managing Agent shall reconcile the trust account at least and shall keep records showing, at any time, how much of the trust account balance belongs to the Owner and how much belongs to each tenant.

On termination of this Agreement, the Managing Agent shall deliver to the Owner, within : the balance of the trust account attributable to the Property; every tenant's security deposit, or a transfer of it to the Owner's new managing agent; and copies of all leases, tenant files and maintenance records for the Property.

The Managing Agent shall give the Owner a written statement of account at least , showing rent and other funds collected, the Management Fee and any other fee deducted, the cost of each repair or expense paid on the Owner's behalf with supporting invoices, and the net amount remitted to the Owner. The Managing Agent shall remit that net amount to the Owner within by .

On request, and in any event once a year, the Managing Agent shall give the Owner a statement covering the whole of that year, sufficient for the Owner's own tax reporting, and shall give the Owner reasonable access to inspect the books and records the Managing Agent keeps for the Property.

The Owner shall maintain property and liability insurance on the Property naming the Managing Agent as an additional insured, with liability cover of at least , and shall give the Managing Agent evidence of that cover on request. The Managing Agent shall maintain for the duration of this Agreement.

The Owner shall indemnify the Managing Agent against any claim, loss or expense arising from the condition of the Property or from an act the Managing Agent takes within the authority this Agreement gives it, except to the extent it results from the Managing Agent's negligence, willful misconduct or breach of this Agreement. The Managing Agent shall indemnify the Owner against any claim, loss or expense arising from the Managing Agent's negligence, willful misconduct or breach of this Agreement.

The Managing Agent is an independent contractor, not an employee, partner or joint venturer of the Owner. The Managing Agent is responsible for its own employees or subcontractors, their wages, taxes and insurance, and for its own business expenses except those this Agreement makes reimbursable by the Owner. Nothing in this Agreement makes the Owner liable for the acts of the Managing Agent's staff or contractors beyond what applicable law imposes on a property owner.

The Managing Agent shall manage the Property, screen and select tenants, and handle every deposit and disclosure required for the Property, in compliance with all applicable law, including fair-housing and anti-discrimination law, habitability and safety codes, and any licensing or trust-account requirement for property managers or real estate brokers in the jurisdiction where the Property is located. The Managing Agent shall notify the Owner promptly of any notice of violation, failed inspection, or legal claim concerning the Property that comes to the Managing Agent's attention.

Either Party may terminate this Agreement for convenience by giving the other written notice. Either Party may terminate immediately on written notice if the other Party materially breaches this Agreement and does not cure the breach within of written notice, or if the other Party becomes insolvent or loses a license required to perform this Agreement.

On termination, the Managing Agent shall comply with the turnover requirements in the Trust Account clause above, shall assign to the Owner — or, at the Owner's direction, to the Owner's new managing agent — every lease it has signed on the Owner's behalf, and shall be paid any Management Fee and other fee earned up to the date of termination, together with .

This Agreement and any dispute arising out of it are governed by the laws of , and the Parties submit to the jurisdiction of the courts of . Where any term of this Agreement conflicts with a mandatory requirement of the law governing property management or trust accounts in that jurisdiction, that law prevails and the rest of this Agreement continues in force.

This Agreement is the entire agreement between the Parties about managing the Property and replaces any earlier understanding, promise or representation about it. It may be amended only in writing signed by both Parties. If any provision is held unenforceable, the rest continues in force. Notices under this Agreement must be in writing and delivered by hand, by post to the address stated for that Party, or by email to and .

This Agreement may be signed in counterparts and by electronic signature, each of which is an original and all of which together form one agreement. It takes effect on the date of the last signature below. Until both the Owner and the Managing Agent have signed it, it is a draft and gives the Managing Agent no authority under it.