PROPERTY MANAGEMENT AGREEMENT

This Agreement is entered into between {hereinafter

referred to as "Owner(s)"), and Kona Management, LLC, {hereinafter referred to as "Manager"),

agree to this

Property Management Agreement (hereinafter referred to as the "Agreement") as

follows:

Exclusive Agency. The Owner(s) hereby employs the Manager exclusively to rent, lease, operate

and

manage all units at {hereinafter

referred to as the "Property") upon the terms and conditions provided herein for the period of One (1)

Year

beginning and ending and shall automatically renew

thereafter for annual periods. Manager accepts the employment and shall furnish the services of the

organization

for the management of the property. Owner shall pay all of the expenses in connection with this service described

herein.

Relationship of Manager to Owner: The relationship of the parties to this agreement shall be that of

principal

and agent, with Manager serving as the agent of Owner and an independent contractor of

Owner. Nothing in this

Agreement shall be construed as creating a partnership, joint venture, or any

other relationship other than agency.

Manager shall not be considered an employee of Owner.

Description of Property: "Property," as used throughout this Agreement shall be limited to the

Property or

Properties described above.

Manager Responsibilities: To assist Owner with the ongoing management of the Property, Manager

shall

perform the following:

Collection and Disbursement: Manager shall collect all rent due and owing and provide to Owner all Owner

Income. Manager shall remit to Owner all income, less any properly deducted fees/charges, by

U.S. Mail, wire, automatic payment, or other arrangement as established by Manager and Owner. Before

payment is remitted to Owner, Manager reserves the right to hold rent checks from Tenant

with previous NSF

or other payment issues until check has officially cleared Managers bank. Should

payment made by Tenant be

refused or returned for any reason, Owner shall refund to Manager any

such payment made to Owner within 5

days from written or verbal request.

Late Payments from Tenants: Any lease with Tenant shall include a 5% late rent fee in the event

Tenant

rent is not received by the

5th

day of each month. All late fees shall be paid to Manager.

C. Lease Negotiations: Manager will set rents that in the opinion of the manager at the time of the rent

negotiations

with the Tenant reflect the market conditions of that time and approximate rents of

comparable rental properties.

However, Manager will not set the rents if expressly instructed in

writing by Owner to Manager to the contrary, with Owner confirming the amount of the initial rent

and any

subsequent increases which are deemed acceptable to Owner.

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PROPERTY MANAGEMENT AGREEMENT

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