Rental Housing Property Management Agreement
Page 4
(g) "Rent" is the monthly amount (excluding federal rental assistance payments)
that a Tenant is obligated to pay Owner pursuant to the terms of a Lease.
(h) "Rental Unit" is a dwelling unit in the Project rented and to be rented to
residential Tenants.
(i) "Tenant" is one or more persons occupying a Rental Unit pursuant to a Lease.
(j) "Tenant Deposit" is any security deposit, cleaning deposit, prepaid rent deposit,
or other sum advanced by a Tenant under terms that may require repayment by
Owner or application against a future liability of such Tenant.
Article 2: Appointment and Acceptance
The Owner appoints the Agent for the management of the property described more fully in
Attachment A of this Agreement, and the Agent accepts the appointment, subject to the terms
and conditions set forth in this Agreement.
Article 3: Term and Termination
This Agreement shall be in force on an annual basis beginning on the ___ day of ______, 201_
with a term of three years. This Agreement shall continue thereafter until either the Owner or
the Agent terminates it, effective the last day of any month, by written notice to the other party
ninety (90) days prior to said date. Either party may, not earlier than 60 days or later than 30
days prior to any renewal date, provide written notice of any proposed amendments or
modifications to the Agreement, and the parties agree to negotiate in good faith the terms of
any such amendment. In the event the parties cannot mutually agree on acceptable terms, the
Agreement shall terminate. In the event the parties fail to provide notice of any proposed
amendments to this Agreement within the period specified before the renewal date, the then-
existing terms of the Agreement shall remain in full force and effect for the next one-year
renewal period unless the Agreement is otherwise terminated.
This Agreement shall also be subject to termination upon any of the conditions identified in
Article 10.
Article 4: Services of Agent
4.1 Agent represents:
a) that it is experienced in professional management of property of the
character and nature similar to the Project
b) that it is legally authorized to manage such property in the state of
(______),
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Rental Housing Property Management Agreement
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Rental Housing Property Management Agreement
DOC: 2.0 MB | PDF: 780.7 KB (22 pages)
( 4.4, 19 votes )
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