Commercial Property Management Agreement

COMMERCIAL PROPERTY MANAGEMENT AGREEMENT

(form update 10-23-09)

Page5

in Section 3.7 hereof. If this Agreement is terminated pursuant to Article XIII hereof, Manager shall, at 161

Owner's option, assign to Owner or Owner's nominee all service agreements pertaining to the Property. 162

163

3.11 Non-Owned Properties. If Owner does not have title to the Property, such as when a Lien Holder is 164

on title, then notwithstanding the provisions of this Agreement including the provisions relative to the 165

making of repairs or maintenance of the Property, Manager shall not incur any expenses in any month in 166

excess of the income from the property during that month, without prior funding in full from owner. In 167

any case in which there is doubt, Manager shall inform Owner of the situation so that Owner may have 168

the opportunity of determining what action should be taken under the circumstances. 169

170

3.12 Taxes, Mortgages. Manager shall, if so requested, obtain and verify bills for real estate and 171

personal taxes, improvements, assessments and other like charges which are or may become liens 172

against the Property and recommend payment or appeal as in its best judgment it may decide. Manager 173

shall forward such bills to Owner for payment by Owner in such time to permit Owner to avoid penalty 174

for late payment or to permit Owner to take advantage of discounts. Manager shall not make any 175

payments on account of any ground lease, mortgage, deed of trust or other security instrument, if any, 176

affecting the Property. 177

178

ARTICLE IV 179

180

INSURANCE 181

182

4.1 Insurance. Owner, at its expense, will obtain and keep in force adequate insurance against physical 183

damage (i.e., fire with extended coverage endorsement, boiler and machinery, etc.) and against liability 184

for loss, damage or injury to property or persons which might arise out of the occupancy, management, 185

operation or maintenance of the Property. Manager will be covered as an additional insured in all 186

liability insurance maintained with respect to the Property with a minimum of $300,000 for liability 187

coverage, or as required by law or property managers insurance company. Owner shall save Manager 188

harmless from any liability on account of loss, damage or injury actually insured against and actually 189

collected by Owner. Manager shall notify Owner and the insurance carrier after manager receives notice 190

of any such loss, damage or injury and will take no action (such as admission of liability) which might bar 191

Owner from obtaining any protection afforded by any policy Owner may hold or which might prejudice 192

Owner in its defense to a claim based on such loss, damage or injury. Owner shall have the exclusive 193

right, at its option, to conduct the defense to any claim, demand or suit within limits prescribed by the 194

policy or policies of insurance. Lack of such coverage is a breach of this contract with penalties as 195

prescribed herein. 196

197

Manager shall furnish whatever information is requested by Owner for the purpose of establishing the 198

placement of insurance coverages and shall aid and cooperate in every reasonable way with respect to 199

such insurance and any loss thereunder. Owner shall include in its hazard policy covering the Property, 200

personal property, fixtures and equipment located thereon, and Manager shall include in any fire 201

Download
Commercial Property Management Agreement
DOC: 75.8 KB | PDF: 547.7 KB (16 pages)

( 4.5, 10 votes )

Commercial Property Management Agreement

Template Categories

Featured Categories

About Dexform