Management Agreement Contract

1.      PARTIES. This Agreement between                             (“Owner”) and  Thomas M. Leinbaugh, Broker / Moeller Realty Inc.  (“Broker”), whereby the Owner appoints the Broker the Exclusive Agent to rent, lease, and manage the following described property:

2.      PROPERTY. The property is a single-family residence in the County of Alachua; Gainesville, Florida:
Address:                                              

3.      LEGAL DESCRIPTION:                                

4.      PERSONAL PROPERTY, including appliances:                                                                             

5.      TERM. This Agreement shall be for a term of  one year   beginning on the       day of         2002. Owner may cancel this Agreement prior to the expiration date by giving 30 days notice in writing, and paying all sums due Broker under the terms of this Agreement for its full term.

6.      RENTALS. Broker will use his best efforts to lease the property at a rental of $       per month.

7.      BROKER’S AUTHORITY. Owner hereby grants Broker the sole and exclusive right to rent or lease the property; to negotiate and execute leases and renewals; to complete lease forms as permitted by law; to screen prospective residents; to terminate tenancies; to inspect the property at such times as Broker deems necessary; to collect all rentals and other funds that may be due Owner; to issue receipts; to advertise the property, as Broker deems advisable, including placing of a sign on the property; to install a lockbox to access and show the property; to cooperate with other Brokers as he may see fit; to compromise and settle claims; to collect advanced rents and security deposits and deposit same in Broker’s trust account, which is not an interest bearing account; to do all those things Broker deems necessary to the efficient management of the property. Broker makes no representations as to the truth or falsity of information provided by any prospective tenant or as to the financial integrity or fitness and character of any prospective tenant.

8.      CONTINGENCY RESERVE. Owner agrees to maintain a contingency reserve of $         at all times in the Broker’s Operating Reserve Account to enable Broker to pay the obligations of Owner under this Agreement as they become due. In the event that the balance in the Operating Reserve Account is at any time insufficient to pay operating expenses, Owner shall immediately upon notice, remit to Broker sufficient funds to cover the deficiency and replenish the contingency reserve. In no event shall Broker be required to use his own funds to pay such disbursements. Nor shall Broker be required to advance any monies to Owner, to the Security Deposit Account, or to the Operating Reserve Account.

9.      REPAIRS. Broker is given the right to institute repairs to the property, purchase materials and pay for same out of the Owner’s funds. Repairs and redecorations, except of an emergency nature, over the sum of $     shall not be made without the permission of the Owner. Broker may engage, supervise and discharge independent contractors, in the name of the Owner, to maintain, redecorate and repair the property and enter into contracts for utilities and other services as may be deemed advisable by Broker.

10. COMPENSATION. Owner agrees to pay Broker a management fee of  10%  of the total rent due for the lease term and for the term of any extension or renewal of the lease. Broker shall deduct his fee from rent collected after said rent becomes due and owing to Owner. In the event this Agreement terminates while a lease executed under the authority given herein is still in effect, Owner agrees to pay Broker at the termination a fee for the unexpired term of the lease as if this Agreement had expired concurrently with the lease hereunder. In the event the property is sold or exchanged during the term of this Agreement by any person including the Owner, to anyone who has rented or leased the property, Broker shall be entitled to a commission of five (5%) percent of the sales price. All sums due Broker by any provision of this Agreement may be deducted from funds held by Broker for the Owner.

11. INDEMNITY. Owner agrees to indemnify Broker, his agents, servants, contractors and employees from all claims, suits and charges that may arise out of this Agreement and to carry public liability insurance at Owner’s cost. In the event Broker successfully defends any action arising out of this transaction brought by others, including Owner, Broker shall be reimbursed his Attorney’s fees and court costs by Owner. Each party hereto binds its successors, assigns, heirs, administrators and executors.

Executed in duplicate originals this        day of                  2002.

 

                                             

Broker—Moeller Realty Inc.                        Owner                                        SS#

 

                                             

By                                                       Owner                                        SS#