PROPERTY MANAGEMENT AGREEMENT
6. The Manager has the following authority and duties as to the collection and
disbursement of revenues from the Premises:
(a) The Manager will use its best efforts to collect all rents and revenues
from the Premises.
(b) The Manager will establish and maintain, in a bank selected by the
Owner, a trust account for the deposit of all funds (except for tenants’
security deposits, which will be handled as specified in Paragraph (5)
(g) of this Agreement) collected form the Premises. The Manager will
withdraw from this account any payments that the Manager must make
to discharge the Manager’s responsibilities and duties under this
Agreement, and to pay its fees and commission, which are subject to
any and all limitations contained in this Agreement.
Insurance Coverage
7. The Manager shall obtain recommendations and premium costs from at least three
different insurance companies on all forms of insurance needed to protect the
Owner and the Premises. This insurance coverage shall include liability, fire,
flood, and other insurance required by law. The Owner shall designate the
insurance company or companies whose bids have been accepted by the Owner
and the Manager shall secure insurance in the amounts and with the beneficial
interests acceptable to the Owner. The following is also agreed between Owner
and Manager:
(a) The Manager will be named as coinsured in a policies relating to the
property.
(b) Proof of all insurance will be delivered to the Owner in a form acceptable
to the Owner.
(c) The Manager will promptly investigate and make a full written report on
all accidents, claims, and potential claims for damages relating to the
ownership, operation, and maintenance of the Premises, including and
damage to or destruction of the Premises and the estimated cost of repair.
The Manager will meet and fulfill all requirements applicable to the loss
or claim imposed under the insurance policy or policies covering the loss
or claim.
Legal and Accounting
8. The Manager will refer matters requiring legal or accounting services to qualified
professionals approved b the Owner, and will charge the fees for these ser
vices to the Owner’s account as an operating expense of the Premises...
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