INTEGRITY PROPERTY MANAGEMENT



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REAL ESTATE MANAGEMENT AGREEMENT

ADVANCED PROPERTY MANAGEMENT will manage property without regard to race, color, creed, sex or national origin.

1. PARTIES. This agreement between ,called Owner, and Advanced Property Management, hereinafter called Manager, whereby the Owner appoints the Manager the Exclusive Agent to rent, lease, control and manage the following described property:

2. ADDRESS:

City of Manhattan, County of Riley, State of Kansas.

3. TERM: This agreement shall be for a term of 12 months beginning on the day of _____________, 20__. Either party may cancel this agreement prior to the expiration date above by giving (90) days advance notice in writing and paying all sums due to both parties under the terms of this agreement.

4. RENTALS. Manager will use her best efforts to rent the property at a rental of $_,___.00 per month. Manager is given the right to rent as low as $_,___.00 per month.

a. All Security Deposits received by Advanced Property Management shall be held and maintained in a separate checking account.

b. Pet Deposits are returned to the Owner.

c. All late fees shall be split 50/50 between Owner and Advanced Property Management.

5. MANAGER’S AUTHORITY. Owner hereby grants Manager the sole and exclusive right to rent the Property. To inspect the Property at such times as Manager deems necessary. To collect all rents and other funds that may be due Owner. To issue receipts. To advertise the Property including placing of an Owner approved sign on the Property. To compromise and settle claims. To collect security deposits and deposit same in Manager’s account, which may be interest bearing if permitted by State law, the interest going to the Manager for Administrative Fees. To require releases from all parties in the event of a controversy before disbursing funds. To engage in all activities the Manager deems necessary to the efficient management of the property as long as it would not incur additional costs to the Owner.

a. Advertising: The Owners agree to pay for all classified advertising (except signs) to market the property provided said cost does not exceed $100 per month.

6. LEASING. Manager is given the exclusive right to execute leases and renewals for a total maximum period of One (1) year. Thereafter, month to month lease. To screen prospective residents. To terminate tenancies and to serve such notices and institute eviction proceedings in the name of the Owner as may be necessary. To employ attorneys in the name and at the expense of the Owner to prepare necessary legal instruments and institute and defend any legal actions arising out of the management of the property. Manager may obligate Owner up to $400.00 to terminate any single tenancy. Amounts beyond this must have Owner approval.

7. REPAIRS. Manager is given the right to institute repairs to the property, to purchase materials, and pay for same out of the Owner’s. Repairs and redecoration, except of an emergency nature, over the sum of $300.00 shall not be made without permission of the Owner. Manager 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 the Manager.

a. The Security Deposit shall be held in an account at all time by Advanced Property Management to cover repairs and redecoration.

b. Reimbursement of Advancements by Advanced Property Management: Reimburse Advanced, on demand, to the full extent of all moneys advanced by Advanced for account of Owner in carrying out the purposes of this agreement, it being understood that Integrity is not obligated to make such advances of money.

8. COMMISSION. Owner agrees to pay Manager a management fee of 8-10% the gross collected rental. The management fee is paid to Manager on date of each rental collection. All sums due Manager by any provision of this agreement, may be deducted from funds held by Manager for benefit of Owner.

9. STATEMENT. Manager will render a statement not less often than monthly and annually showing all funds collected and disbursed.

10. INDEMNITY. Owner agrees to indemnify Manager, contractors and employees, from all claims, suits and charges that may arise out of this agreement; to carry public liability at Owner’s cost. All claims, suits, and charges that may arise out of this agreement will be made known to Owner within 5 days of notice or discovery. Owner and Manager will determine appropriate actions in each specific case. These will be agreed to in a written document. Once Owner is notified, Manager is free of obligation until written agreement between Owner and Manager is executed. Each party hereto binds their successors, assigns, heirs, administrators and executors.

11. SPECIAL CONDITIONS.

• Pets are allowed. Subject to approval. Non aggressive dog breeds only.

• Smoking is NOT allowed inside house and garage.

• Listed kitchen appliances stay – refrigerator, stove/oven, dishwasher, garbage disposal

• Washer and dryer.

• Blinds stay in house.

• Lawn care is tenant’s responsibility

• Utilities paid by tenants

Executed in Duplicate originals this .

Annette Lauppe Owner

Advanced Property Management

240 Levee Drive Soc. Sec. # or Tax ID#

Manhattan, KS 66502

Phone: 785-320-7977

Fax: 785-776-9890 Address

E-mail: advancedpropmanagement@

City, State and Zip Code

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