Articlei: Definitions
PROPERTYMANAGEMENTAGREEMENT
THISPROPERTYMANAGEMENTAGREEMENT("Agreement")isenteredintobyandbetween**enter name**> ("Owner"),and**enter name**("Agent")bothofwhichareFloridalimitedliabilitycompanies.OwnerdesirestocontractwithAgenttoprovidepropertymanagementservices. Inconsiderationofthecovenantsandagreementsbelow,thepartiesagreeasfollows:
ArticleI: Definitions
Thefollowingdefinitionsreflectthetermsasusedinthisagreement:
(a)"FiscalYear"istheyearendingDecember31st.
(b)"GrossCollections"areallamountsactuallycollectedbyAgentasrents and other income from the Property butexcludingTenantDeposits
(c)"Lease"isanyrentalagreementwherebyOwnerhasagreedtoletandTenanthasagreedtoacceptaRentalUnitinthePropertyidentifiedintheLeaseinaccordancewiththetermsoftheLease. The form of the Lease to be used by the Agent for entering into rental agreements with Tenants shall be designated by the Owner.
(d)"OperatingAccount"isanaccountin the Owner's nameat a financialinstitution selected by the Owner. TheOperatingAccountshallbeusedsolelyfordepositingGrossCollectionsandformakingpaymentsauthorizedbythisAgreement.
(d) “OperatingBudget” isannualoperatingbudgetapprovedbytheOwner.
(e) “Property” istherealpropertylocatedatlocatedat**enter street address**>
(f)“PropertyRequirements” aretheleasingandotherrequirementscommunicatedinwritingtotheAgentbytheOwnerinconnectionwithitsownershipoftheProperty
(g)"Rent"isthemonthlyamountthataTenantisobligatedtopayOwnerpursuanttothetermsofaLease.
(h)"RentalUnit"isadwellingunitinthePropertyrentedandtoberentedtoresidentialTenants.
(i)"Tenant"isoneormorepersonsoccupyingaRentalUnitpursuanttoaLease.
(j)"TenantDeposit"isanysecuritydeposit,cleaningdeposit,prepaidrentdeposit,orothersumadvancedbyaTenantundertermsthatmayrequirerepaymentbyOwnerorapplicationagainstafutureliabilityofsuchTenant.
Article2: AppointmentandAcceptance
TheOwnerappointstheAgentforthemanagementoftheProperty,andtheAgentacceptstheappointment,subjecttothetermsandconditionssetforthinthisAgreement.
Article3: TermandTermination
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3.1ThisdutiesofthepartiestoperformunderthisAgreementshallcommenceonthedatethatthePropertyreceivesaCertificateofOccupancyfrom**name of the City**(“CommencementDate”). EitherpartymayterminatethisAgreementbywrittennoticetotheotheriftheCommencementDatehasnotoccurredwithin9monthsafterbothpartieshaveexecutedit.
3.1This duties of the parties to perform under this Agreement shall commence on <**enter date**> (“Commencement Date”).
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3.2ThisAgreementshallcontinueuntiloneyearaftertheCommencementDate. AfterthatoneyearperiodthisAgreementwillcontinueuntilterminatedby90dayswrittennotificationgivenbyeitherparty. IntheeventthattheOwnerterminatesthisAgreementwithouttheAgentbeingindefaultwithintheinitialtermorwithouttherequirednotice,OwneragreestopaytoAgentaterminationfeeofeightpercentofthepotentialgrossmonthlyrentfortheProperty,whetherornotthePropertyisleasedorrented,fortheremainderofthetermornoticeperiod.
Article4: ServicesofAgent
4.1AgentshallofferforleaseandshallleasetheRentalUnitsinthePropertyinaccordancewithallwritteninstructionsfromtheOwnerorwrittenpoliciesadoptedbytheOwner. Pursuanttoitsresponsibilities,Agentshall:
(a)useallreasonableeffortstomarkettheRentalUnits
(b)MaintainacurrentlistofacceptableprospectivetenantsandundertakeallarrangementsnecessaryandincidentaltotheacceptanceofrentalapplicationsandthesigningofLeases. AgentshallmarkettherentalunitsinaccordancewithanyaffirmativefairhousingmarketingplansadoptedbytheOwner(ifany)andshallmaintainrecordsofthemarketingactivityforcompliancereviewpurposes.Agentshallexerciseitsbestefforts(including,butnotlimitedto,placementofadvertising,interviewofprospectiveTenants,assistanceandcounselingincompletionofrentalapplicationsandsigningofLeases,processingofdocumentsandcreditandemploymentverifications,etc)toeffecttheleasingoftheRentalUnitsandtherenewalofleasesinaccordancewiththetermsofeachleaseandtherequirementssothatthePropertyisoccupiedasfullyaspossible.
(c)ShowrentalunitsinthePropertytoallprospectivetenants.
(d)Takeandprocessapplicationsandapplicationfeesforrentals,includinginterviewingandscreeningprospectivetenantstodetermineiftheymeettheOwner'srequirements.Applicantsshallbeselectedfromthewaitinglistinchronologicalorder. Ifanapplicationisrejected,theapplicantshallbeadvisedinwritingofthereasonforrejection. Iftherejectionisbasedoninformationfromacreditbureau,thesourceofthereportmustberevealedtotheapplicantpursuanttotheFairCreditReportingAct. Therejectedapplication,togetherwiththewrittennoticeoftherejectionandanyotherrelatedcorrespondence,shallbekeptonfileforthreeyearsfollowingtherejection.
(e)AgentshallleaseRentalUnitsonlytoindividualsorfamilieswhomeetthecriteriacommunicatedtotheAgentbytheOwner(includinganyrelevantTenantincomelimits).
(f)AgentshallusealeaseformapprovedbytheOwner.
(g)Certifyorre-certifyTenantsastotheirincomeandassetsasmayberequiredbytheOwner.
(h)AllleasesshallbeintheOwner'snamewiththeAgentbeingauthorizedtosignonbehalfoftheOwner'sasitsagent.
(i)Collect,deposit,anddisbursetenantdeposits,ifrequired,inaccordancewiththetermsofeachLeaseandArticle8hereof.
(j)ParticipatewiththeTenantintheinspectionofeachrentalunitidentifiedintheLeasepriortomove-inanduponmove-out,andrecordinwritinganydamagetotheRentalUnitatthetimetheTenantmovedinandanydamageoccurringduringtheTenant'soccupancy.
4.2Agentshallcollect,whendue,allrents,chargesandotheramountsreceivableonOwner'saccountinconnectionwiththemanagementandoperationoftheProperty. SuchreceiptsshallnotbecommingledwithotherfundsandshallbedepositedandheldintheOperatingAccountinaccordancewiththeprovisionsofArticle8herein.
4.3AgentshallsecurefullcompliancebyeachTenantwiththetermsofsuchTenant'sleaseandinamannerconsistentwiththeLandlord-TenantlawsgoverningtheProperty. Agentmay,andshallifrequestedbyOwner,lawfullyterminateanytenancywhen,inAgent'sjudgment,sufficientcauseforsuchterminationoccursunderthetermsofTenant'sLease,including,butnotlimitedto,nonpaymentofrent. Forthispurpose,AgentisauthorizedtoconsultwithlegalcounseltobedesignatedbyOwnerandbringactionsforevictionandexecutenoticestovacateandjudicialpleadingsincidenttosuchactions;provided,however,thatAgentshallkeepOwnerinformedofsuchactionsandshallfollowsuchinstructionsasOwnermayprescribefortheconductofanysuchaction. Reasonableattorneyfeesandothernecessarycostsincurredinconnectionwithsuchactions,asdeterminedbyOwner,shallbepaidoutoftheOperatingAccount. AgentshallproperlyassessandcollectfromeachTenantortheTenantDepositthecostofrepairinganydamagestoaRentalUnitarisingduringtheTenant'soccupancy.
4.4 TheAgentwillensurethatthePropertyismaintainedandrepairedinaccordancewiththeOwner’sspecificationsandanyrelevantstateandlocalhealthandbuildingcodes.TheAgentshall,atOwner'sexpense,maintainthePropertyinadecent,safe,andsanitarycondition. TheAgentwillensurethatthesitewillbekeptinaconditionacceptabletotheOwner,includingbutnotlimitedtocleaning,painting,decorating,plumbing,carpentry,groundscare,andsuchothermaintenanceandrepairworkasmaybenecessary.Thefollowingprovisionswillapply:
(a)Specialattentionshallbegiventopreventivemaintenance.
(b)SubjecttoOwner'spriorwrittenapproval,Agentshallcontractwithqualifiedindependentcontractorsforthemaintenanceandrepairofmajormechanicalsystems,andfortheperformanceofextraordinaryrepairsbeyondthecapabilityofregularmaintenancepersonnel. PriortocommencementofanyworkAgentshallobtainappropriatewrittenevidenceofsuchcontractor'sliabilityandworker'scompensationinsurance.
(c)AgentshallsystematicallyandpromptlyreceiveandinvestigateallservicerequestsfromTenants,takesuchactionthereonasmaybejustified,andkeeprecordsofthesame. Emergencyrequestsshallbeservicedona24-hourbasis. ComplaintsofaseriousnatureshallbereportedtoOwnerafterinvestigation. AtOwner'srequest,Ownershallreceiveallservicerequestsandthereportsofactionthereon.
(d)Agentshalltakesuchactionasmaybenecessarytocomplywithanyandallordersandrequirementsoffederal,state,county,andmunicipalauthoritiesandofanyboardoffireunderwriters,insurancecompanies,andothersimilarbodiespertainingtotheProperty.
(e)ExceptasotherwiseprovidedinthisSection,Agentisauthorizedtopurchase,atOwner'sexpense,allmaterials,equipment,tools,appliances,suppliesandservicesnecessaryforpropermaintenanceandrepairoftheProperty. Agentshallobtainbidsforallcontracts,materials,supplies,utilities,andservicesexceeding$1,000.00forthoseitemsthatcanbeobtainedfrommorethanonesource. AgentshallsecureandcredittoOwneralldiscounts,rebates,orcommissionsobtainablewithrespecttopurchase,servicecontracts,andallothertransactionsonowner'sbehalf.
(f) Notwithstandingtheforegoing,thepriorwrittenapprovalofOwnerwillberequiredforanycontractthatexceedsoneyearinduration,orexpenditurethatexceeds$5,000.00inanyoneinstanceforlabor,materials,orotherwiseinconnectionwiththemaintenanceandrepairoftheProperty,exceptforemergencyrepairsinvolvingmanifestdangertopersonsorproperty,orrequiredtoavoidsuspensionofanynecessaryservicetotheProperty.
(g)Intheeventofemergencyrepairs,AgentshallnotifyOwnerpromptly,andinnoeventlaterthan72hoursfromtheoccurrenceoftheevent.
4.5Agentshallmakearrangementsforwater,electricity,gas,fuel,oil,sewage,andtrashdisposal,verminextermination,decorationofcommonareas,laundryfacilities,telephoneservices,andothernecessaryservicesinconnectionwiththeProperty. SubjecttoOwner'spriorwrittenconsentasmayormaynotberequiredinArticle4,Agentshallmakesuchcontractsasmaybenecessarytosecuresuchutilitiesandservices.
4.6DisbursementsfromtheOperatingAccountshallbemadeinaccordancewiththeOperatingBudget. IntheeventthatthebalanceintheOperatingAccountisatanytimeinsufficienttopaydisbursementsdueandpayable,AgentshallpromptlyinformOwnerofthefactandOwnermaythen deposit into the Operating Account sufficientfundstocoverthedeficiency. InnoeventshallAgentberequiredtouseitsownfundstopaysuchdisbursementsorbeliableforanylosses,costs,ordamagesarisingoutofOwner'sfailuretocoverthedeficiency.
4.7OperatingBudget.
(a)AgentshallpreparearecommendedannualoperatingbudgetandprojectedrentalratesforthePropertyforeachFiscalYearduringthetermofthisAgreement.AgentshallsubmittheannualoperatingbudgettoOwneratleast90daysbeforethebeginningofsuchFiscalYear. TheproposedbudgetshallbesubjecttoapprovalbyOwner. OwnershallinformAgentofanychangesincorporatedintheapprovedoperatingbudgetwithin45daysafterreceiptfromAgent.
(b)TheannualoperatingbudgetshallincludeascheduleofrecommendedrentstobechargedforeachRentalUnit,includingrecommendedRentincreaseswithrespecttoLeaserenewalsandnewLeases.TherecommendedrentsshallbeincompliancewiththePropertyRequirements,includingconsiderationofchangesinmedianfamilyincomeandutilityallowances.
(c)InpreparingeachproposedannualOperatingBudget,Agentshalluseitsbesteffortstotakeintoaccountanticipatedincreasesinrealestatetaxes,utilitycharges,andotheroperatingcosts. Totheextentfeasible,Agentshallsupportanticipatedincreasesinrealestatetaxesandutilitychargeswithwrittenevidenceordocumentation.
(d)AtthesametimeAgentpreparestheannualOperatingBudget,AgentshallprepareforOwner’sapprovalanassessmentofthecapitalneedsofthePropertyforthecomingyearandforthetwoyearsfollowingthecomingyear.
(e)Agentshallmakenoexpendituresinexcessoftheamountsintheapprovedoperatingbudget,foreachlineitemofoperationexpenseitemized,withoutthepriorwrittenapprovalofOwner,exceptaspermittedpursuanttoArticle4foremergencyrepairsinvolvingmanifestdangertopersonsorproperty,orrequiredtoavoidsuspensionofanynecessaryservicestotheProperty.
4.8EscrowandTaxPayments;PropertyTaxExemption: -IfrequiredbythetermsofamortgageencumberingtheProperty,Agentshallmakemonthlyescrowpaymentsrequiredunderthemortgageloanforthepurposeoffundinginsurance,tax,andsuchotherreserveorescrowaccountsfromfundscollected. AgentshallpromptlypresenttaxbillsandinsurancepremiumnoticestotheescrowagentforpaymentandshallfurnishOwnerwithevidenceoftimelypaymentofsuchtaxesandinsurancepremiums,andoftimelypaymentofmortgageandescrowpayments.
4.9AgentshallacquireandkeepinforceatOwner'sexpenseanyandalllicensesandpermitsrequiredfortheoperationofthePropertyasrentalhousing.
4.10AgentshallprepareandprovidereportsreasonablyrequiredbytheOwner(suchasmonthlyoccupancyreports,Property’sbalancesheets,monthlybudgetedandactualincomeandexpensereports,andtenanteligibilityreports,etc)
4.11 Agentshallestablishandmaintainasystemofrecords,books,andaccountsinamannerreasonablysatisfactorytotheOwner. AgentshallestablishTenantfilescontainingcopiesofLeases,certificationforms,notices,andotherdocumentationreasonablyrequiredbyOwner. Allrecords,files,books,andaccountsshallbesubjecttoexaminationatreasonablehoursuponreasonablenoticebyanyauthorizedrepresentativeofOwner.
Article5: ManagementAuthority
5.1Agent'sauthorityisexpresslylimitedtotheprovisionscontainedherein. OwnerexpresslywithholdsfromAgentanypowerorauthoritytomakeanystructuralchangeinthePropertyortomakeanyothermajoralterationsoradditionsinortothePropertyorfixturesorequipmenttherein,ortoincuranyexpensechargeabletoOwnerotherthanexpensesrelatedtoexercisingtheexpresspowersgrantedtoAgentbythetermsofthisAgreement,withoutthepriorwrittenconsentofOwner.
5.3Agentshallcomplyfullywithallfederal,state,county,municipalandspecialdistrictlaws,ordinances,rules,regulations,andordersrelativetotheleasing,use,operation,repair,andmaintenanceoftheProperty. Agentshallpromptlyremedyanyviolationofanysuchlaw,ordinance,rule,orregulationwhichcomestoitsattentionandshallnotifyOwnerbytheendofthenextbusinessdayafterAgentbecomesawareofanyviolationforwhichOwnermaybesubjecttopenalty. AgentshalltakenoactionsolongasOwneriscontestingorhasaffirmeditsintentiontocontestanysuchorderorrequirement.
5.4Intheperformanceofitsobligationsunderthisagreement,theAgentwillcomplywiththeprovisionsofanyFederal,State,orlocalFairHousinglawprohibitingdiscriminationinhousing oremploymentonthegroundsofrace,color,religion,sex,familialstatus,Nationalorigin,orhandicap,andothernondiscriminationlawssuchasTitleVIoftheCivilRightsActof1964(Publiclaw88-352,78Stat.341),Section504oftheRehabilitationActof1973,andtheAgeDiscriminationActof1975,andtheAmericanswithDisabilitiesAct,asapplicable.
5.5AgentshallmaintainasconfidentialanyfinancialinformationobtainedfromoraboutOwner,evenafterterminationofthisAgreement.
Article6:InsuranceandIndemnification
6.1Exceptasexpresslyprovidedtothecontraryherein,theobligationsanddutiesofAgentunderthisAgreementshallbeperformedasagentofOwner,butAgentshallbepersonallyliableforitsbreachesofthisAgreementandfordamagesandcosts(includingreasonableattorneyfees)resultingfromAgent'snegligenceormisconduct.
6.2Insurance.
(a) AgentshallobtainandkeepinforcesuchformsandamountofinsuranceasrequiredbytheOwnerwithinsurancecompaniessatisfactorytoOwner. Suchinsuranceshallincludebutisnotlimitedto,fidelityinsurance,workerscompensationinsurance,insuranceagainstphysicaldamage(e.g.,fireandextendedcoverageendorsement,boilerandmachinery,etc.)andagainstliabilityforloss(includinglossofincomeduetobusinessinterruption),damage,orinjurytopropertyorpersonswhichmightariseoutoftheoccupancy,management,operationormaintenanceofanypartoftheProperty. AgentshallprovideacopyofsuchinsurancepoliciestoOwner.
(b) AgentshallbenamedasanadditionalinsuredwhileactingasagentforOwnerinallliabilityinsurancemaintainedwithrespecttotheProperty.
(c) AgentshallinvestigateandpromptlyfurnishtoOwnerfullwrittenreportsofallaccidents,claims,andpotentialclaimsfordamagesrelatingtotheProperty,andshallcooperatefullywithOwner'sinsurers,regardlessofwhethertheinsurancewasarrangedbyAgentorothers.
(d) AgentshallfurnishwhateverreadilyavailableinformationisrequestedbyOwnerforthepurposeofobtaininginsurancecoverage,andshallaidandcooperateineveryreasonablewaywithrespecttosuchinsuranceandanyloss.
6.3Indemnification
(a)Totheextentpermittedbylaw,Agentagreestodefend,indemnifyandsaveharmlesstehOwnerfromandagainstallclaims,investigations,andsuitswithrespectto(i)anyallegedoractualviolationofstateorfederallabor,discriminationorotherlawspertainingtoagent’semployees,itbeingexpresslyagreedandunderstoodthatasbetweenOwnerandAgent,allpersonsemployedinconnectionwiththePropertyareemployeesofAgent,notOwner;or(ii)Agent'sbreachofthisAgreementoritsnegligenceormisconduct.
(b)Totheextentpermittedbylaw,Owneragreestodefend,indemnify,andsaveharmlessAgentfromandagainstallclaims,investigationsandsuitsinconnectionwiththeProperty,providedthatsuchclaims,investigationsandsuitsareattributabletobodilyinjury,sickness,disease,ordeath,ortoinjurytoordestructionoftangibleproperty,andsuchclaimsandsuitsarise,orareallegedtoarise,inwholeorinpartoutofanynegligentactoromissionofOwner,itsofficers,employees,oragents. OwneragreestoincludeAgentasanadditionalinsuredinOwner'spublicliabilitypolicywithrespecttotheProperty,butonlywhileAgentisactingasrealestatemanagerforOwnerunderthisAgreement. OwnershallprovideAgentwithacertificateofinsuranceevidencingsuchliabilityinsuranceandprovidingnotlessthantendays'noticetoAgentpriortocancellation.
(c)TheindemnityobligationscontainedinthisAgreementshallsurvivetheterminationofthisAgreement.
Article7: Owner'sRighttoAudit
7.1Ownerreservestherighttoconductortoappointotherstoconductexaminations,atOwner'sexpense,withoutnotification,ofthebooksandrecordsmaintainedforOwnerbyAgentandtoperformanyandalladditionalaudittestsrelatingtoAgent'sactivitieshereunder.
7.2ShouldOwner'semployeesorappointeesdiscovereitherweaknessesininternalcontrolorerrorsinrecordkeeping,Agentshallcorrectsuchdiscrepancieseitherupondiscoveryorwithinareasonableperiodoftime. AgentshallinformOwnerinwritingoftheactiontakentocorrectsuchauditdiscrepancies.
Article8: RemittanceofFunds
8.1AgentshalldepositimmediatelyuponreceiptallGrossCollectionsinabankaccountapprovedbyOwner.
8.2AgentshalldepositimmediatelyuponreceiptallTenantDepositsinaseparatebankaccountapprovedbyOwnerthatisseparatefromallotheraccountsandfunds. InterestonTenantDepositsshallbepaidaccordingtoStatelawandAgentshallmaintaindetailedrecordsofallTenantDepositsandsuchrecordsshallbeopenforinspectionbyOwner'semployeesorappointees.
8.3AnydisbursementsmadebyAgentpursuanttothisAgreementshallbemadeoutoftheOperatingAccount,exceptasotherwisedesignatedasexpensesoftheAgent. OwneragreestomakenecessaryoperatingfundsavailabletoAgent. AgentshallnotbeobligatedtomakeanyadvancetotheOperatingAccountortopayanyamountexceptoutoffundsintheOperatingAccount,norshallAgentbeobligatedtoincuranyextraordinaryliabilityorobligationunlessOwnershallfurnishAgentwiththenecessaryfundsforthedischargethereof. IfAgentshallvoluntarilyadvanceanyamountofitsownfundsonbehalfofOwnerforthepaymentofanyobligationornecessaryexpenseconnectedwiththemaintenanceoroperationofthePropertyorotherwise,OwnershallreimburseAgentthereforwithinareasonabletimeafterdemand.
8.4Notwithstandinganyoftheforegoingprovisionsoranysimilarprovisionsthatfollow,thepriorwrittenapprovaloftheOwnerwillberequiredforanyexpenditurewhichexceeds$5,000.00inanyoneinstanceforlitigationinvolvingtheproject,orlabor,materials,orotherwiseinconnectionwiththemaintenanceandrepairoftheProperty(includingwithdrawalsfromthereplacementreservetofundmaintenanceandrepairoftheProperty). ThislimitationisnotapplicableforrecurringexpenseswithinthelimitsoftheOperatingBudgetoremergencyrepairsinvolvingmanifestdangertopersonsorproperty,orthatarerequiredtoavoidsuspensionofanynecessaryservicetotheproject.Inthelatterevent,theAgentwillinformtheOwnerofthefactsaspromptlyaspossible.
Article9: AgentCompensation
TheOwneragreestopayAgent**write number**> percent (<**enter number**>%) ofthegrossmonthlyrentactuallycollectedfromthePropertyascompensationfortheservicessetforthinthisAgreement. TheOwnershallpaythisamounttotheAgentnotlaterthanthefifteenth(15)dayofmonthfollowingthemonthuponwhichtheamountwascalculatedunlessotherwiseagreedbytheparties.
Article10:Termination
10.1ThisAgreementshallbeterminatedautomaticallyandimmediatelyupondestruction,condemnation,ortransferofownershipofthePropertybyOwner.
10.2ThisAgreementmaybeterminatedbymutualwrittenconsentofAgentandOwner
10.3 ThisAgreementshallterminateupontheoccurrenceofanyofthefollowingcircumstances,whichshallbeconsideredadefault:
(a)ThefilingofavoluntaryorinvoluntarypetitionofbankruptcyintheUnitedStatesBankruptcyCourtbyeitherOwnerorAgent;
(b)ThefailureofAgenttoperform,keep,orfulfillanyofitsdutiesortocomplywiththecovenants,undertakings,obligations,orconditionssetforthinthisAgreement,andthecontinuanceofanysuchdefaultforaperiodof30daysafterwrittennoticeofsuchfailure(exceptintheeventofAgent'smisconduct,inwhichcasenonoticeshallberequired).
(c)ThefailureofOwnertomakeavailablesufficientfundstomaintainthePropertyincompliancewithapplicablestateandlocallaws,andsuchfailuretoprovidefundingcontinuesforaperiodof30daysafterAgentprovidesOwnerwithwrittennoticeoftheneedforsuchfunds.
Uponanysucheventofdefault,thenon-defaultingpartymay,withoutprejudicetoanyotherrecourseatlawthatitmayhave,givetothedefaultingpartynoticeterminatingthis.
10.4WithinfivedaysaftertheterminationofthisAgreement,AgentshallcloseallaccountsandpaythebalancesorassignallcertificatesofdepositregardingthePropertytoowner. WithintendaysaftertheterminationofthisAgreement,AgentshalldelivertoOwnerallplansandsurveysofthePropertyinitspossessionandallbooksandrecords,keys,reports,files,Leases,contracts,andallotherwrittenmaterialandpropertyconcerningtheProperty. Within30daysaftertheterminationofthisAgreement,AgentshallsubmittoOwnerallreportsrequiredunderSection4.14hereoftothedateofsuchtermination,andAgentandOwnershallaccounttoeachotherwithrespecttoallmattersoutstandingasofthedateoftermination. UponOwner'srequest,AgentshallassigntoOwnerallcontractsrequestedbyOwnerconcerningtheProperty,totheextentpermittedbysuchcontracts,andshallcooperate(atnoexpensetoAgent)withOwnerinconnectionwiththetransitiontoanewmanager.
10.5UponterminationofthisAgreementforanyreason,AgentshalldelivertoOwnerimmediatelyupontermination(oruponAgent'ssubsequentreceiptoracquisition)thefollowingwithrespecttotheProperty:
(a)AnyTenantDepositsorothermoniesbelongingtoOwnerheldbyAgentonOwner'sbehalf;and
(b)Allrecords,contracts,Leases,receiptsfordeposits,unpaidbills,andotherpapersordocumentsrelatingtotheProperty.
Article11:Miscellaneous
11.1SpecialPowerofAttorney. OwnerauthorizesAgentasattorney-in-factforOwnertoenterintoandexecuteLeasesandrentalagreementswithrespecttothePropertyonformsapprovedbyOwner,tocollectrentsandotherfundsdueOwnerinAgent'snameonOwner'sbehalf,andtoestablishandmakedepositsintoandwithdrawalsfromtheTenantDepositAccountandtheOperatingAccount (including the authority to sign checks as Owner's agent for the purpose of making payments from those accounts) inaccordancewiththetermsofthisAgreement.
11.2EntireAgreement. ThisAgreementconstitutestheentireAgreementbetweenAgentandOwner,andnoamendment,alteration,modification,oradditiontothisAgreementshallbevalidorenforceableunlessexpressedinwritingandsignedbythepartiesheretoandunlesssuchamendment,alteration,modification,oradditionhasbeenconsentedtoinwritingbytheHUD.
11.3Waiver. ThewaiverofanyofthetermsandconditionsofthisAgreementonanyoccasionoroccasionsshallnotbedeemedaswaiverofsuchtermsandconditionsonanyfutureoccasion.
11.4Illegality. IfanyprovisionofthisAgreementshallprovetobeillegal,invalidorunenforceable,theremainderofthisAgreementshallnotbeaffectedthereby.
11.5Relationship. NothingcontainedinthisAgreementshallbeconstruedtocreatearelationshipofemployerandemployeebetweenOwnerandAgent,itbeingtheintentofthepartiesheretothattherelationshipcreatedherebyisthatofanindependentcontractor. NothingcontainedhereinshallbedeemedtoconstitutetheOwnerandAgentrelationshipasapartnershiporjointventure.
11.6GoverningLaw. ThisAgreementshallbegovernedbyandinterpretedinaccordancewiththelawsofthestateofFlorida.
11.6SuccessorsandAssigns. ThisAgreementshallinuretothebenefitofandconstituteabindingobligationuponOwnerandAgentandtheirrespectivesuccessorsandassigns;provided,however,thatAgentshallnotassignthisAgreementoranyofitsdutieshereunder,withoutthepriorwrittenconsentofOwner.
11.7 NoThird-PartyBeneficiaries. NothinginthisAgreementisintendedtobenefitanypersonorentityotherthanOwnerorAgentandthisAgreementshallnotbeconstruedtoprovideanyotherpersonsorentitieswithanyrightsorremediesagainsttheparties. NooneotherthanOwnerorAgentshallbeentitledtorelyontheimplementationorenforcementofanytermofthisAgreement.
11.8Consent-WheneverinthisAgreementtheconsentorapprovalofAgentorOwnerisrequired,suchconsentorapprovalshallnotbeunreasonablywithheldordelayed. Suchconsentshallbeinwritingandshallbedulyexecutedbyanauthorizedofficeroragentforthepartygrantingsuchconsentorapproval;provided,however,notwithstandinganythinginthisAgreementtothecontrary,ifsuchconsentorapprovalwouldberequiredforAgenttocomplywiththeRequirements,AgentshallnotberesponsibleforafailuretocomplywiththeRequirementsasaresultofOwner'srefusalorunreasonabledelaytosoconsentorapprove.
11.9Cooperation-Ifanyclaims,demands,suits,orotherlegalproceedingsthatariseoutofanyofthemattersrelatingtothisAgreementbemadeorinstitutedbyanypersonagainsteitherOwnerorAgent,OwnerorAgentshallgivetoeachotherallpertinentinformationandreasonableassistanceinthedefenseorotherdispositionthereof,atitssoleexpense.
Agent: <**enter name**
By:______Date:______
Signature
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Owner: <**enter name**
By:______Date:______
Signature
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