Property Management Agreement (Apartments)

Property Manager Agreement

1.   Parties

This Agreement (the "Agreement") is made and entered into by and between _____________________________________, (“Owner”), the owner of an apartment building located at [address] (the “Property”), and ______________________, who will be the manager of the Property (“Manager”).

In consideration of the covenants and conditions hereinafter set forth, Owner and Manager agree as follows:

2.   Services

Manager shall manage the operation, rental, maintenance, and repairs of the Property in a professional manner. Manager shall undertake such responsibilities in full compliance with all state, federal, and local laws, rules, regulations, and ordinances. A non-exhaustive list of the duties of Manager is attached hereto as Exhibit A.

3.   Term

This Agreement shall commence on the date hereof. Owner may terminate the use of Manager's services upon thirty (30) days written notice at any time without cause and without further obligation to Manager except for payment due for services prior to date of such termination.

4.   Hours and Schedule

Manager will be available to tenants of the Property during the following days and times: ___________________________________________________________________________ . If the hours required to carry out any duties may reasonably be expected to exceed ____________ hours in any week, Manager shall notify Owner and obtain Owner's consent before working such extra hours, except in the event of an emergency. Extra hours worked due to an emergency must be reported to Owner within 24 hours.

5.   Compensation

Manager will be paid an amount equal to _______% of the gross rental revenues received each month by Owner from tenants of the Property, or $_______ per month, whichever is greater. Manager will submit invoices to Owner monthly and invoices will be paid within 21 business days of receipt by Owner.

6.   Reimbursement for Expenses

(a) Expenses . Manager will be reimbursed...