MANAGEMENT AGREEMENT
In consideration of the covenants herein contained, "[click and type here]"
(hereinafter called “Owner”), and SOLID FOUNDATION, a real estate corporation (hereinafter called
“Agent”), agree as follows:
1. The Owner hereby employs the Agent exclusively to rent and manage the property known as 47-
629 Mapele Street, upon the terms herein after set forth for the period of one year beginning on
the "[click and type here]" and ending on "[click and type here]" . Either party may terminate
this upon thirty (30) days written notice after the expiration term.
2. The Agent accepts the employment and agrees:
a. To use due diligence in the management of the 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, Owner hereby agrees to pay such expenses promptly upon
demand of the Agent.
c. To deposit all receipts collected for Owner (less any sums properly deducted or otherwise
provided herein) in a Trust Account, separate from the Agent’s personal account.
However, Agent will not be held liable in event of bankruptcy or failure of a depository
3. The Owner hereby gives to the Agent the following authority and powers and agrees to assume
the expenses in connection herewith:
a. To advertise the availability for rental of the herein described premises, to sign, renew
and/or cancel leases for the premises, to collect rents due and give receipts thereof; to
terminate notices as are appropriate; to institute and prosecute actions; to evict tenants
and to recover possession of said premises; to sue for in the name of 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 and supervise repairs on said premises; to purchase supplies and pay all bills
therefore. The Agent agrees to secure the prior approval of the Owner on all
expenditures in excess of $200.00 for any one item, except monthly or recurring
operating charges and/or emergency repairs in excess of maximum.
c. To pay the Agent 10% management fee, based on gross rental income.
d. Other Items of Mutual Agreement: Owner agrees to save Agent harmless from all
damages and liability suites in connection with management. Also Agent shall not be
liable for any error except in case of gross negligence