HomeMy WebLinkAboutKaiser Property Management/ENG/Property Management AgreementPROPERTY MANAGEMENT AGREEMENT
THIS AGREEMENT is entered into by and between Kaiser Property Management
hereafter called “Agent”), and_______City of Carmel__________, (hereafter
called “Owner”), who holds fee simple title to real estate located
at _10583 Lakeshore Dr, Carmel, IN 46033, (hereafter called “Property”).
IT IS AGREED BETWEEN PARTIES THAT:
1.Owner hereby employs Agent to exclusively lease and manage Owner’s
Property according to the terms and conditions set forth herein.
2.Owner agrees that this Property will be offered on the open market in
accordance with Federal and State law and race, creed, or color will have no
bearing on the acceptability of a Tenant.
3.Agent has the expressed authority to render the following services in
connection with the leasing of Owner’s Property:
a.Advertise Owner’s Property in local newspapers and business
journals at Agent’s discretion.
b.Notify local Realtors of the Property and submit information on the
Property into the Multiple Listing Service computer for further
exposure.
c.To display a sign on Owner’s Property for the purpose of advertising
its’ availability for lease.
4.Agent has the exclusive authority to approve all advertising and marketing
expenses incurred in locating and approving suitable Tenants for Owner’s
Property. If Owner requests additional advertising other than Agent
provides, cost for such will be charged to Owner.
5.All applicants are required to complete a “Lease Application”, upon Agents
favorable investigation of applicant’s employment, previous leasing history,
credit history, general references and applicant interview, Agent will contact
Owner for final approval. Owner understands and agrees that Agent is not a
guarantor of the performance of the lease obligations of any tenant, and
Owner hereby releases Agent from any claims, demands, or causes of
action arising from any matter to Owner caused by false or misleading
information having been supplied to Agent by or on behalf of prospective
tenants, or for any other reason.
6.Agent will receive a monthly management fee equal to ten percent (10% ) of
the monthly rent. Agent will receive fifty percent ( 50% ) of any late fees
assessed.
Should Owner terminate this Agreement, with a written notice to Agent, prior
to Agent’s obtaining an approved applicant, Owner shall pay to Agent any
out-of pocket expenses incurred by Agent in the performance of this
Agreement. Agent shall provide receipts of advertising costs. Termination
will become effective immediately. In the event the Property is leased within
30 days after termination of this Agreement, to any person procured in
whole or in part by efforts of Agent, Agent will be entitled to a Lease Fee.
7.An Occupancy Report will be completed after execution of the Lease
Agreement. Any items needing repair or replacement will be noted and such
expense will ordinarily be the Owner’s responsibility, in order to render the
items in good condition for the inception of a Lease. Items showing
noticeable wear and tear will be noted before the inception of a Lease and
will be considered by Agent in assessing any damages of the Property upon
termination of such Lease.
8.Owner will maintain liability insurance including but not limited to personal
injury and property damage covering the Property in an amount not less
than $1,000,000 with medical payments coverage for any one injured
person in an amount not less than $5,000.00. Agent, it’s directors, officers,
employees shall be named as additional insured on said policy, and a
certificate of insurance shall be furnished to Agent. Owner does hereby
waive and release any and all claims which it may have against Agent for
damages to said Property or contents herein to the extent that such
damages are covered by such insurance. In addition to liability insurance,
Owner will maintain, at his expense, adequate property insurance including,
in addition to fire, extended coverage’s, vandals and malicious mischief, and
an “all risk” clause on the building and any other improvements existing on
the Property,
9.Owner shall indemnify and hold Agent (and its representatives, employees,
officers, directors, and agents) harmless from and against all claims and
liability, whether separate, several, joint, or concurrent, arising from or
connected with Agents control or use of Owner’s Property, including without
limitation, any damage or injury to person or property. If Agent shall become
a party to litigation commenced by or against Owner, then Owner shall
indemnify and hold Agent harmless. This indemnification provided by this
paragraph shall include Agent’s legal costs and fees in connection with any
such claim, action or proceeding. Owner does hereby knowingly, willing, and
with a subjective understanding, release Agent from liability for any accident,
damage, or injury caused to persons or property on or about the Property.
10. Agent will provide the following services in connection with the management
of Owner’s Property:
a.Agent shall make an inspection of both exterior and interior of
Premises within the first 30 days of any lease and approximately
each month thereafter for the term of the lease.
b.Agent shall be responsible for supervision of routine maintenance
matters, which expenses are allocated between the Owner – Lessor
and the Lessee pursuant to the Lease Agreement.
c.Agent will collect rent and have regular contact with Lessee to ensure
property is well maintained.
d.Upon Owner’s request, Agent will pay all utilities, and/or mortgage,
taxes and any expenses pertaining to the Property. If these expenses
exceed the rental income, Owner agrees to advance Agent the
estimated amount needed. Upon completion or payment Owner will
receive receipt of exact amount spent,
The following work will be performed at Owner’s expense:
1.A vacant property will be winterized, October through March,
including necessary snow removal, lawn service will be required
April through September, and all utilities will remain on.
2.Annually, heating and air conditioning systems will be serviced
and cleaned, as per lease agreement terms.
3.Prior to occupancy by a new Tenant, all carpets will be
professionally cleaned, and necessary repairs and/or painting
exterior or interior) shall be completed including any required
cleaning, subject to owner’s prior written approval.
e.Single maintenance or repair items up to $100.00 will be done at the
discretion of the Agent, and in accordance with the Lease
Agreement, without prior approval of the Owner. For any
maintenance or repair items in excess of $100.00, Agent must obtain
Owner’s approval, unless an extraordinary or emergency
condition exists and the Owner is unavailable.
f.Nothing in this Agreement shall be construed to require the
advancement of funds by Agent for any maintenance, replacement,
or repair, mortgage payments, taxes, insurance, homeowner’s
association dues, or any other claims against the Owner of the
Property.
g.Agent will keep an Escrow Account for Tenant’s damage deposit. The
retention of said deposit will be the responsibility of the Agent. Final
determination of the amount of refund of said deposit will be the
responsibility of Agent.
h.Any mortgage on the Property must be current and in good standing
at the time Agent assumes management, and must remain so
throughout this Management Agreement.
i.Agent shall provide Owner with a monthly computerized statement of
preceding month’s receipts and disbursements pertaining to the
Property.
11.Lease Up fee will be $ .
12. Owner does hereby authorized Agent to institute actions for the collection of
monies due to Owner from Lessee under the Lease Agreement, or do any
and all lawful acts and things necessary for the enforcement of the Lease
Agreement. Owner hereby acknowledges that any court action will
necessitate the services of an attorney. If legal assistance is authorized by
the Owner to enforce any right under this Management Agreement or under
the Lease Agreement and fees for such legal assistance cannot be collected
from the tenant as provided by the lease, the Agent shall be entitled to
collect from the Owner all costs and reasonable attorney fees necessarily
expanded to enforce such right.
13. The term of this Agreement begins upon the date signed by both the Owner
and the Agent and remains in effect until: (a) one year after the date hereof;
or (b) so long as a tenant secured for the Property remains in occupancy
under a lease, whichever is longer. The term of this Agreement shall
automatically be extended for consecutive one year periods at the end of the
term hereof unless either party notifies the other of its desire to terminate
this Agreement within thirty (30) days prior to the end of the term in effect of
time of such notice.
In the event that Owner is unable or unwilling to correct a problem that
affects the habitability of this property as it relates to health, safety, zoning,
or violation of any Federal, State or local statute, regulation or order, Agent
retains the right to cancel this agreement with a 7 day written notice.
14.This Agreement is binding upon the successors and heirs of the parties
hereto.
15. Any notice, demand, or request or other instrument which may be or is
required to be given under this Agreement shall be sent by United States
Mail Postage prepaid and shall be addressed (a) if to Agent, to Kaiser
Property Management, 12401 Old Meridian Street Carmel, IN 46032, and
b) if to Owner at:
2,550.00