Property Management Contract with Owner Template

PROPERTY MANAGEMENT CONTRACT

THIS PROPERTY MANAGEMENT CONTRACT (the “Agreement”) is entered into as of this [Day] day of [Month], [Year] (the “Effective Date”), by and between:

OWNER: [Owner Name/Entity Name], with a principal place of business located at [Owner Address] (“Owner”), and

MANAGER: [Company Name], a [State/Jurisdiction] [Entity Type, e.g., Limited Liability Company], with a principal place of business located at [Manager Address] (“Manager”).

RECITALS

WHEREAS, Owner holds legal title to the real property located at [Property Address] (the “Property”);

WHEREAS, Owner desires to engage Manager to operate, manage, and maintain the Property, and Manager desires to accept such engagement under the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

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1. OPERATIONAL DEFINITIONS

1.1. "Gross Receipts" means all income, rentals, and revenue collected from the operation of the Property, including but not limited to base rent, utility reimbursements, and late fees, but excluding security deposits until forfeited or applied.

1.2. "Management Fee" means the compensation payable to Manager as defined in Section 3.4.

1.3. "Operating Expenses" means all costs reasonably incurred by Manager in the management, operation, and maintenance of the Property, including repairs, taxes, insurance, and utilities.

1.4. "Property" means the premises described in the recitals, including all improvements, appurtenances, and common areas.

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2. SUBSTANTIVE TERMS AND OBLIGATIONS

2.1. Appointment. Owner hereby grants to Manager the exclusive right to manage, operate, and maintain the Property, and Manager accepts such appointment subject to the limitations set forth herein.

2.2. Manager’s Duties. Manager shall: (a) Use commercially reasonable efforts to market and lease the Property to creditworthy tenants; (b) Collect all rents and other charges due; (c) Maintain the Property in good repair and condition; (d) Perform accounting functions, including the submission of monthly financial reports to Owner by the [Day] of each month.

2.3. Owner’s Obligations. Owner shall: (a) Provide Manager with all necessary legal documentation and authority to act on Owner’s behalf; (b) Maintain adequate insurance coverage (Comprehensive General Liability) naming Manager as an additional insured.

2.4. Management Fee. As compensation, Owner shall pay Manager an amount equal to [Percentage]% of Gross Receipts, payable monthly upon the processing of rent collections.

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3. DEFAULT, TERMINATION, AND REMEDIES

3.1. Term. This Agreement shall commence on the Effective Date and continue for a period of [Number] year(s), automatically renewing for successive one-year terms unless terminated.

3.2. Termination for Cause. Either party may terminate this Agreement upon a material breach by the other party. The non-breaching party must provide written notice detailing the breach. The breaching party shall have a period of thirty (30) business days from receipt of notice to cure said breach.

3.3. Termination Without Cause. Owner may terminate this Agreement without cause by providing [Number] days’ prior written notice to Manager.

3.4. Remedies. In the event of a default, the non-breaching party shall be entitled to exercise all remedies available at law or in equity, including recovery of reasonable attorney’s fees incurred in enforcing the terms hereof.

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4. BOILERPLATE LEGAL PROVISIONS

4.1. Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable.

4.2. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior discussions, representations, or agreements, whether oral or written.

4.3. Force Majeure. Neither party shall be liable for failure to perform duties due to causes beyond their reasonable control, including acts of God, war, terrorism, or government regulation.

4.4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction].

4.5. Dispute Resolution. Any controversy or claim arising out of this Agreement shall be settled by binding arbitration in [City, Jurisdiction] in accordance with the rules of the American Arbitration Association.

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5. FORMAL EXECUTION BLOCK

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date first written above.

OWNER:

Signature: ___________________________ Name: [Signatory Name] Title: [Title] Date: ________________

MANAGER:

Signature: ___________________________ Name: [Signatory Name] Title: [Title] Date: ________________