2. Duties of Management: In order to properly manage and lease the property, Management shall have the following duties and responsibilities:
A. Best Efforts: Management shall use its best effort to attract and retain tenants for the Property.
B. Lease Negotiations: Management shall handle all negotiations with tenants with respect to leases and/or options. All such agreements are subject to the approval of Owner. However, Owner may provide Management with authorization to lease and/or option and/or sell the Property under certain specified terms and conditions, which are subject to change by Owner prior to any marketing of the Property.
C. Employees: Management shall employ, supervise, discharge, and pay all employees or independent contractors who are reasonably required in the proper management and operation of the Property. The Management shall pay all employees and independent contractors and be ultimately responsible to fully complete all necessary federal or other tax returns and to make payments of related taxes arising from the use of employees.
D. Supplies: Management shall purchase all necessary supplies for the proper management of Property.
E. Repairs and Maintenance: Management shall contract for or undertake the making of all necessary repairs and the performance of all other necessary work for the benefit of the Property on behalf of it's Owner including all required alterations to properly cany out this Agreement. However, no expenses shall be incurred for such matters in excess of FIVE THOUSAND__
Dollars (S 5,000.00 ) for any single item without the express consent of Owner, except where required during an emergency.
F. Mortgages and Other Expenses: From the rents received, Management shall pay all operating expenses and such otner expenses as requested by Owner, including the payment of mortgages and property, sanitary or other taxes.
G. Miscellaneous: Management shall also perform all other necessary tasks and do all other things as required for the proper management, upkeep and operation of the Property as customarily performed by a managing agency of this type of property. This includes handling of all inquiries and requests from the tenants or prospective residents.
H. Collection of Rents: Management shall collect all rents and other income from the Property promptly when such amounts become due taking all necessary steps to collect same and performing all reasonable acts on behalf of Owner. Management is empowered to take any legal action necessary to gain possession of the Property, or to collect any amounts due.
I. Financial Records: All monies collected by Management shall be deposited into Management's bank account or accounts as required by Owner. Management may withdraw monies from such accounts as necessary to properly perform this contract and in payment of compensation as required by this Agreement. Management shall provide Owner with periodic statements: accounting for all expenses and will open its records to Owner upon request.
J. Payments to Owner: Management will make payments to Owner from time to time as required from the funds being held by Management on behalf of Owner.
3. Compensation of Management: Owner shall compensate Management for its services the sum of ONE HUNDRED_ DOLLARS (S 100.00 ) per month or 10_% of collected rents, on a monthly basis. These amounts shall be payable to Management when such funds become available from the amounts collected by Management according to this Agreement. No compensation shall be due or payable for any month the property is vacant.
4. Duties of Owner: Owner will provide all necessary documents and records and fully cooperate with Management in all matters with respect to this Agreement and performance of its duties. Management will provide Owner with evidence of property hazard insurance, which evidence Owner shall examine to determine the adequacy of coverage. If necessary, additional insurance or changes in insurance coverage n*:av be made upon the approval of Owner.
5. Indemnity: Owner shall indemnify and hold Management completely harmless with respect to liability and damages, costs and expenses in connection with any damage or injury whatsoever to persons or property arising out of the use, management, operation, occupation, ownership, maintenance or control of the property or out of any matter or thing with respect to which it is elsewhere in this Agreement provided or agreed that Management shall not be under responsibility. Owner herewith grants Management, during the term of this Agreement and until this Agreement is terminated, the right to be named as an "Additional Insured" on any property hazard insurance coverage on any of the Trust's property covered under this Agreement. However, Owner wi 1 not indemnify Management against the willful misconduct of Management, its employees, officers, contractors, etc. Manager is required herewith not to reveal to anyone, unless so ordered by a court order, the name(s) or address(ies) or any other information relative to who the Owner(s) is (are) or how to contact them. If, under any circumstance, Management reveals this information, Management is automatically terminated and this Agreement is null and void forthwith.
6. Term of Agreement: This Agreement shall continue for a period of FIVE year(s) from the date hereof, and shall be automatically renewed from year to year unless terminated by either party without cause upon written notice sent to the other party not less than sixty (60) days before any expiration or termination.
7. Termination of Agreement: This Agreement may be terminated: at any time by either party upon giving the other party thirty (30) days written notice for any reason or in the event of a bona fide sale of the Property; or without notice and immediately in the event Management fails to discharge the duties of Management faithfully in the manner herein provided.
8. Notices: All written notices to Owner or to Management may be addressed and mailed, via first class U. S. Mail, to the address above written.
9. Modification: This Agreement may not be modified, altered or amended in any manner except by an agreement in writing executed by the parties hereto.
10. Who is Bound: This Agreement is binding upon the parties hereto, their representatives, successors and assigns.
11. Governing Law: All matters pertaining to this Agreement (including its interpretation, application, validity, performance and breach), shall be governed by, construed and enforced in accordance with the laws of the State of GEORGIA_. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in BETTEROFF___County, State of GEORGIA___. In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and all other expenses, w hether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled. In such event, no action shall be entertained by said court or any court of competent jurisdiction if filed more than one year subsequent to the date the cause(s) of action actually accrued regardless of whether damages were otherwise as of said time calculable.
In Witness Whereof, said parties have executed this Agreement the day and year first above written.
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