Property Management Agreement

A UTOPILOT L ANDLORDING

©

A GREEMENT

The undersigned Owner hereby employs the undersigned Management exclusively to rent, lease, operate and manage the real property described as: ________________________________________________________________________________________________, (Property”) for a period commencing this Date of signing stated below and terminating at midnight on the _____________day of _________________________________, 20________, upon the following terms and conditions:

MANAGEMENT OBLIGATIONS Owner hereby confers upon the Management the following duties, authority and powers: 1. Leasing: To advertise the availability for rent of the property or any part thereof and to display “For Rent” or “For Lease” signs thereon; to execute leases for terms not to exceed one (1) year, renewals or cancellations of leases relating to the property; to terminate tenancies and to sign and serve for the Owner such notices as Management deems appropriate; to institute legal actions in the name of the Owner, to evict tenants and recover possession of the premises, to recover rents and other sums due; to settle, compromise and release such actions.

2. Rent: To collect rents and to collect disbursement security and other deposits; to deposit all receipts collected for owner in a business account with a qualified banking institution but Management shall not incur any liability for bankruptcy or failure of the depository.

3. Maintenance: to employ, supervise and discharge all labor required for operation and maintenance of the property, it being agreed that all contractors shall be deemed to be owner’s contractors.

4. Service Contracts: To execute contracts for utilities and services for the operation, maintenance and safety of the property, as the Management shall deem advisable and/or necessary.

5. Repairs: To take charge of repairs, decorating and alterations and to purchase supplies therefore. Management agrees to obtain owner’s prior authorization for any and each expense item in excess of Two Hundred Dollars (US $200.00) except monthly or recurring operating charges or emergency repairs, or in the event the owner is not reasonably available for consultation, if Management deems such expenditures in excess of this amount necessary for the protection of the property from damage or to perform services to the tenants provided for in their leases.

6. Disbursements: To accrue and make disbursements from owner’s funds for: contractual mortgage payments, property taxes, special assessments premiums for hazard and liability insurance and any other insurance require, except as follows: _____________________________________________________________________________________________________

7. Periodic Statements: To render periodic itemized statements of receipts, expenses, charges and accruals and to remit to owner receipts less disbursements and accruals for future expenses. In the event disbursements shall exceed receipts, Owner shall promptly remit such excess to Management. Owner assumes full responsibility for the payment of any expenses and obligations incurred in connection with the exercise of Management’s duties set forth herein. OWNER’S OBLIGATIONS: 1. Management Fees: Owner agrees to pay Management a fee or fees for services rendered at the rates hereinafter set forth. Owner recognizes Management as agent in any negotiations relative to the property or any part thereof, which may have been initiated during the term thereof, and if consummated, shall compensate Management in accordance with the rates hereinafter set forth. Such compensation is due and payable on demand and may be deducted by Management from receipts: a) Management will receive first month’s rent as a leasing fee for finding new tenant; thereafter, Fifteen percent (15%) of gross collected rents. b) If you intend to have Management to handle all maintenance and repairs for hassle-free landlording a fee of Fourteen Dollars ($14.00) will be assessed to cover our administration, contractor contacts and invoicing per invoice

2. Hold Harmless: Owner agrees to hold the Management harmless from all damage suits in connection with the management of the herein described property and from liability from injury suffered by any person whomsoever, and to carry, at his own expense, adequate public liability insurance. The Management also shall not be liable for any error of judgment or for any mistake of fact or law, or for anything which he may do or refrain from doing hereunder, except in cases of willful misconduct or gross negligence. If suit is brought to collect the Management’s compensation or if Management successfully defends any action brought against Management by Owner, relating to the property, or Management’s management thereof, Owner agrees to pay all costs incurred by Management in connection with such action, including a reasonable attorney’s fee.

I/WE READ, UNDERSTAND, AGREE AND RECEIVED A COPY OF THIS PAGE 1 of 3

INITIALS:

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3. Data and Records: Owner agrees to make available to Management all data, records and documents pertaining to the property which the Management may require to properly exercise his duties hereunder. If property presently occupied, please Management with Lease and application. PROPERTY INFORMATION Are there smoke alarms on every floor and a fire extinguisher in the kitchen: (other Management will install, see Charges Guidelines): Allow Pets? Do you wish to rent to Section 8? YES ______ NO ______ Minimum lease period: If you are leaving stove and refrigerator do you intend to keep them in good repair: YES ______ NO ______ List all personal property left on Property, if any:____________________________________________________________________ List the arrangements of disposing of such personal property:__________________________________________________________ Repairs needed: Does Property suffer form: electrical problems or sewer problems? Has the furnace been serviced this year? To arrange full preparation of property, all utilities need to be on. If owner cancels this Agreement after it is rented, any debit must be paid to our office, or the file will be given to Management’s attorney for collection. If tenant ever becomes delinquent for nonpayment of rents, Owner will forward to our office the filing fee cost $ 46.00 and the Legal fee cost to evict of $ 125.00, immediately. After vacancy and possession of the real estate, a letter of distribution will be prepared by Management and all other court documents and pertinent invoices pertaining to the case, including photographs, in order to be ready for the Court appearance. A charge of $50.00 will be assessed for this service. If we are fortunate in collecting any monies from the courts, a fee of 10% will be assessed by Management. If the office is in the debit, any debit will be deducted from the Court monies. DESCRIPTION OF PROPERTY: Bedrooms: ____ Bathrooms: ____ DR: ____ Rec Room: ____ Laundry Room: ____ W/D hookup: ____ Stove: electric ____ gas___ Gas or Electric Dryer hookup: __________ Refrigerator:____ A/C: ____ F/P: ____ Carpeting: ____ Wood flooring: ____ Heating: FA Gas heat ____ electric heat ____ Basement: ____ Slab: ____ Crawl space: ____ Garage size: __________________ attached ____ detached ____ Fenced Yard: ____ Lot size: _____________ Sq. Footage: ______________ OWNER(S): ____________________________________________ Owner ( 1 ) Signature

_________________________________________________ Owner ( 1 ) Printed name

Address: ____________________________________________________________________________________________ Home ph: (

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Social Security Number: _________ - _________- _________

____________________________________________ Owner ( 2 ) Signature

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Date of signing: __________________________________

_________________________________________________ Owner ( 2 ) Printed name

Address: ____________________________________________________________________________________________ Home ph: (

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Cell ph: (

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Social Security Number: _________ - _________- _________

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Date of signing: __________________________________

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Management by property manager I/WE READ, UNDERSTAND, AGREE AND RECEIVED A COPY OF THIS PAGE 2 of 3

INITIALS:

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_______. _______. _______.

6435 West Jefferson Blvd. #200 Fort Wayne, Indiana 46804-6203 (260)436-5000

I/WE READ, UNDERSTAND, AGREE AND RECEIVED A COPY OF THIS PAGE 3 of 3

INITIALS:

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