Inner City Property Management

INNER CITY PROPERTY MANAGEMENT 12527 Woodward Ave, Highland Park, MI 48203 OFFICE: 313-868-4479 FAX: 313-868-4477

Email: [email protected] ______MANAGEMENT AGREEMENT

THIS AGREEMENT ENTERED INTO ON ______BETWEEN ______, HEREIN REFERRED TO AS “OWNER”, AND INNER CITY PROPERTY MANAGEMENT, INC, HEREIN AFTER REFERRED TO AS “MANAGER”.

1. OWNER OWNS CERTAIN REAL PROPERTY LISTED ON THIS DOCUMENT. IN WHICH THEY HEREBY HIRE MANAGER TO RENT/MANAGE THIS PROPERTY ON OWNER’S BEHALF FOR 18 MONTHS, AND WILL RENEW ANNUALLY UNTIL WHICH POINT A THIRTY DAY WRITTEN NOTICE IS RECEIVED TO TERMINATE AGREEMENT PRIOR TO ANNUAL RENEWAL.

A. KEYS FOR PROPERTY MUST BE SUBMITTED TO MANAGER WIHIN 48 HOURS OF RECEIPT OF SIGNED AGREEMENT. B. WITHIN SIX (6) MONTHS, THIS AGREEMENT MAY BE CANCELLED BY EITHER PARTY BY GIVING THIRTY (30) DAY WRITTEN NOTICE TO THE OTHER AT THE ADDRESS SET FORTH ABOVE IN THE INTRODUCTORY PARAGRAPH. AFTER 6 MONTHS THE OWNER WILL BE CHARGED $350.00 TO CANCEL THE REMAINDER OF THE CONTRACT.

2. MANAGEMENT AGREES TO USE THEIR BEST EFFORTS TO OBTAIN RENTERS FOR THE PROPERTY, COLLECT AND FORWARD RENT TO THE OWNER AND INFORM THE OWNER OF ANY PROBLEMS AS THEY OCCUR. OWNER AGREES IN CONSIDERATION OF THE SERVICES TO BE RENDERED BY MANAGER, TO PAY MANAGER;

A. AMOUNT EQUIVAILENT TO FIRST MONTHS RENT AND SEVENTY-FIVE ($75.00) PER UNIT OR THE SUM EQUAL TO TEN PERCENT (10%), WHICHEVER IS GREATER OF THE MONTHLY RENT ON THE FIRST DAY OF EACH MONTH, BEGINNING THE SECOND MONTH, THEREAFTER UNTIL TERM OF THE AGREEMENT ENDS. UNLESS LANDLORD ALLOWS MANAGER TO EVICT TENANT (IF NECESSARY), BY THE 10TH OF MONTH, IN WHICH CASE MONTHLY FEE WILL BE SUSPENDED UNTIL WHICH TIME RENT COLLECTIONS RESUME.

B. IF OWNER OBTAINS TENANT PRIOR TO MANAGER, OWNER AGREES TO REIMBURSE MANAGER AMOUNT EQUVILENT TO 50% OF FIRST MONTHS RENT FOR ADVERTISMENT AND ADMINSTRATIVE EXPENSES INCURRED THROUGH INTERNAL ADVERTISING EFFORTS.

C. OWNER AGREES TO PAY MANAGER 20%, OF ALL OUTSTANDING FEES COLLECTED FROM PAST DUE TENANTS AT TIME OF AGREEMENT.

D. OWNER AND MANAGER AGREE TO A 50% SPLIT OF ALL LATE FEES COLLECTED FROM TENANTS.

4. ANY AND ALL REPAIRS, MAINTENANCE, EXPENSES, LEGAL FEES, INSURANCE TAXES, MORTGAGE OR LAND CONTRACT PAYMENTS AND ANY AND ALL OTHER EXPENSES PERTAINING TO THE PROPERTY ARE THE SOLE RESPONSIBILITY OF THE OWNER. OWNER HEREBY AUTHORIZES MANAGER TO HIRE AND PAY INDEPENDENT CONTRACTORS FOR REASONABLE REPAIRS UNDER $______WITHOUT FIRST CONSULTING THE OWNER. OWNER WILL HOLD AND INDEMNIFY THE MANAGER AS HARMLESS FROM ANY CLAIMS OR SUITS THAT MAY BE BROUGHT AGAINST MANAGER ARISING OUT OF MANAGERS DUTIES PERTAINING TO THE MANAGEMENT OF THE PROPERTY.

1 5. MANAGER WILL REMIT TO OWNER BY THE TWENTIETH (20TH) OF EACH MONTH, THE FUNDS COLLECTED LESS MONTHLY FEE AND SERVICE AGREEMENT REPAIR BILLS.

6. OWNER AGREES TO PROCURE AND KEEP IN FORCE, SUFFICIENT LIABILITY AND FIRE INSURANCE COVERING THE SUBJECT PROPERTY.

7. NOTHING HEREIN CONTAINED SHALL BE DEEMED TO CREATE A PARTNERSHIP, JOINT VENTURE, OR OTHER RELATIONSHIP BETWEEN OWNER AND MANAGER OTHER THAN STATED HEREIN.

8. THIS AGREEMENT SHALL BE BINDING UPON THE PARTIES HEREFORTH AND THEIR RESPECTIVE HEIRS, ASSIGNED AGENT(S) AND PERSONAL REPRESENATIVES.

9. ADDITIONAL CONDITONS AND AGREEMENT: MANAGER WILL HAVE TENANT (OF ALL SINGLE FAMILY DWELLINGS/TWO FAMILY UNITS) AT TENANTS’ OWN EXPENSE, MOW THE LAWN AND REMOVE SNOW FROM THE SIDEWALK, AS NEEDED IN ORDER TO KEEP PROPERTY IN PRESENTABLE AND SAFE CONDITION.

10. OWNER WILL BE REQUIRED TO COMPLETE A LANDLORD AFFIVIDATE FOR DTE AND DETROIT WATER DEPARTMENT UPON COMPLETION OF MANAGEMENT AGREEMENT. OWNER IS ALSO HEREBY INFORMED THAT SECTION 8 CURRENTLY REQUIRES CURRENT TAXES AND WATER BILLS FOR TENANT PLACEMENT.

PLEASE PROVIDE THE FOLLOWING INFORMATION FOR FUTURE REFERENCES (FOR AUTHORIZED USE ONLY BY PERMISSION) AS NEEDED FOR NEW ACCOUNT SET UP FEE AND REPAIRS.

NAME: ______

ADDRESS: ______

DOB______SSN: ______

TAX ID#______PROVIDER ID#______

TELEPHONE# (1) ______TELEPHONE# (2) ______

INSURANCE COMPANY: ______

POLICY#:______

KEY ACCESS OR LOCK BOX INFO: ______

OPTIONAL:

FOR PAYMENT OF ACCOUNT SET UP FEE AND/OR FURTURE REPAIRS

CREDIT CARD TYPE: ______

CREDIT CARD NUMBER: ______

2 EXP DATE: ______SECURITY CODE: ______

“OWNER” AND “MANAGER” HEREIN IDENTIFY THE FOLLOWING RESIDENTIAL PROPERTIES AS OUTLINED IN THE MANAGEMENT AGREEMENT.

ADDRESS CITY ZIP CODE TENANT’S NAME TELEPHONE NO. ARREARAGE 1.______

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______INNER CITY PROPERTY MGNT DATE PROPERTY OWNER DATE