PROPERTY MANAGEMENT AGREEMENT
Page 4 of 4
A.
Owner's Reporting to Internal Revenue Service (IRS): Owner is required to file all required IRS forms
and
meet all IRS requirements. Owner agrees to furnish Manager with a proper TIN (Taxpayer
Identification Number)
via an IRS W9 form, or other applicable IRS approved documents.
B. Reports: Manager shall furnish Owner with a statement of cash receipts and disbursements from
the operation
of the Property. In addition, manager shall, on a mutually acceptable
schedule, prepare and submit to Owner such
other reports as are agreed on in writing by both parties. Manager shall submit as required by the IRS at the
conclusion of each calendar year a Form 1099
indicating the total income received from the Property.
5.
Leasing and Renting
A.
Manager's Authority: Manager is authorized to negotiate, prepare and sign all leases, including all
renewals
and extensions of leases and to cancel and modify existing leases of Owners. To the extent Owner wishes to take
this responsibility or wants final approval of such terms, Owner must identify
this to Manager, in writing.
Leases are to be written on Manager's standard lease form.
B.
Enforcement of the Leases: Manager is authorized to institute, in Owner's name, all legal actions or
proceedings for the enforcement of any lease term, for the collection of rent or other income from
the
Property, or for the eviction or dispossession of the tenants or other persons from the Property. Manager is
authorized to sign and serve such notices, as Manager deems necessary for lease
enforcement, including the
collection of rent and other income. If Agent deems it necessary, Agent
may retain an attorney of Agent's
choice (unless Owner supplies Agent with the name of Agent's
attorney). Owner shall pay all attorney fees and
court cost.
6.
Reasonable Maintenance and Repair
A.
Ordinary Maintenance and Repair: Manager is authorized to make or cause to be made, through contracted
services, employees or otherwise, all ordinary repairs and replacements reasonably
necessary to reserve the
Property in a habitable condition and for the operating efficiency of the Property, and all alterations required to
comply with lease requirements, governmental regulations or
insurance requirements. All expenses over $500
associated with regular and ongoing Property maintenance shall require permission from Owner which may
occur by written or verbal permission,
including, phone, fax or email. Manager reserves the right to inspect
Property randomly at the discretion of manager. Owners with Home Warranty or Service plans shall provide
account information
to manager and must list manager as an additional member on the account. Tenants shall be
responsible for maintaining Property as addressed in their lease. Fines assessed by the city,
Municipality or state for violations such as snow removal, lawn/tree/landscaping/issues, trash, or the
Like shall be paid first by Tenant (if consistent with terms of the lease).
B.
Emergency Maintenance and Repair: The Manager agrees to notify the Owner(s) of all expenditures
in excess of $300 for any one item, except for the following:
Previously approved, monthly or recurring operating charges
i.
Emergency repairs that are immediately necessary for the preservation and safety of the property, to
avoid the
suspension of any essential service to the property, to avoid danger or life of property, or to
comply with federal,
state, or local law.
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