405 E. Amador, Suite B
Las Cruces, NM 88001
524-9490
Counseling
Rentals
Sales
| Patricia L. Lish, Broker
405 E. Amador, Suite B Las Cruces, NM 88001 524-9490 |
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Management
Counseling Rentals Sales |
MANAGEMENT AGREEMENT
| Parties
Exclusive
Renewal
Renting of
Statements
Separate Owners'
Bonded
Advertising
Collection
Legal
Repairs
Employees
Service
Save
Interest
Pending
Agent's
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In consideration of the covenants herein contained, ______________________________________________________________
(hereinafter called "Owner": and Active Rentals, Inc. (hereinafter called "Agent"), agree as follows: 1. The Owner hereby employs the Agent exclusively to rent, lease,
operate and manage the property known as:
2. The Agent accepts the employment and agrees: a) To use due diligence in the management of the premises for the period and upon the terms herein provided and agrees to furnish the services of his/its organization for the renting, leasing, operating, and managing of the herein described premises. b) To render monthly statements of receipts, expenses and charges and to remit to Owner receipts less disbursements. In the event the disbursements shall be in excess of the rents collected by the Agent the Owner hereby agrees to pay such excess promptly upon demand of the Agent. c) To deposit all receipts collected for Owner (less any sums properly deducted as otherwise provided herein in a Trust Account, separate from Agent's personal account. However, Agent will not be held liable in event of bankruptcy or failure of a depository. d) Agent's employees who handle or are responsible for Owner's monies shall be bonded by a fidelity bond. Resident personnel are "Owner's Employees" and should be bonded by Owner. 3. The Owner hereby gives to the Agent the following authority and powers and agrees to assume the expense in connection therewith: a) To advertise the availability for rental of the herein described premises or any part thereof, and to display signs thereon; to sign, renew and/or cancel leases for the premises or any part thereof; to collect rents due or to become due and give receipts therefor; to terminate tenancies and to sign and serve in Legal the name of the Owner such notices as are deemed needful by Agent; to institute and prosecute actions, Procedure to evict tenants and to recover possession of said premises; to sue for in the name of the Owner and recover rents and other sums due; and when expedient, to settle, compromise, and release such actions or suits or reinstate such tenancies. b) To make or cause to be made and supervise repairs and alterations, and to do decorating on said premises, to purchase supplies and pay all bills. The Agent agrees to secure the approval of the Owner on all expenditures in excess of $____________ for any one item, except monthly or recurring operating charges and/or emergency repairs in excess of the maximum, if in the opinion of the Agents such repairs are necessary to protect the property from damage or to maintain services to the tenants as called for by their tenancy. c) To hire, discharge and supervise all labor and employees required for the operation and maintenance of the premises; it being agreed that all employees shall be deemed employees of the Owner and not the Agent, and that the Agent may perform any of its duties through its attorneys, agents or employees and shall not be responsible for their acts, defaults or negligence if reasonable care has been exercised in their appointment and retention. The Agent shall not be liable for any error of judgment or for any mistake of fact of law, or for anything which it may do or refrain from doing hereafter, except in cases of willful misconduct or gross negligence. d) To make contracts for electricity, gas, fuel, water, telephone, window cleaning, ash or rubbish hauling and other services or such of them as the Agent shall deem advisable; the Owner to assume the obligation of any contract so entered into at the termination of this agreement. 4. The Owner further agrees: a) To save the Agent harmless from all damage suits in connection with the management of the herein described property and from liability from injury suffered by any employee or other person whomsoever, and to carry, at his own expense, necessary public liability adequate to protect the interests of the parties hereto, which policies shall be so written as to protect the Agent in the same manner and to the same extent they protect the Owner. b) To advise the Agent in writing if payment of mortgage indebtedness,
property or employee taxes or special assessments, or the placing of fire,
liability, steam boiler, pressure vessel or any other insurance is desired.
c) Upon and after the termination of this agreement pursuant to the method described in Paragraph 1 hereof, Owner shall recognize Agent as the broker in any pending negotiations for the leasing of said premises, or any part thereof, and in the event of the consummation thereof Owner shall pay to Agent a commission therefor at the rate prescribed in Paragraph 4, Subsection 2 hereof. d) To pay the Agent (1) For Management: __________________________________________________ (2) For Collection of Late Rent: _________________________________________________________ (3) For Sale or Exchange: In the event owner desires to sell or exchange said property, while this management agreement is in effect or for ninety (90) days thereafter, the owner agrees to execute an exclusive right to sell or exchange agreement with __________________________________________. The Owner agrees to pay the listing agent __________________________________________ commission on the total sales price or market value in the event of an exchange, plus applicable sales tax on said commission. (4) Other: ___________________________________________________ ______________________________________________________________ ______________________________________________________________
This Agreement shall be binding upon the successors and assigns of the Agent, and the heirs administrators, executors, successors and assigns of the Owner. IN WITNESS WHEREOF the parties hereto have affixed or caused to
be affixed their respective signatures this _______________ day of __________________________,
20 _____.
WITNESS: ______________________________________________________________
Active Rentals, Inc.
______________________________________________________________
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