Property Management Contract
Property Management Contract
This Agreement, executed on October 07, 2050, by and between, [Your Name] here in after referred to as the "Owner", having a principal address at [Your Company Address], and Light Realty here in after referred to as the "Manager", a company with principal business address at 2305 Walnut St, Butte, MT 59701. Both parties collectively are referred to as the "Parties."
1. Property
The Owner owns the residential real property located at [Your Company Address], including all improvements located thereon (the “Property”).
2. Appointment of Manager
The Owner hereby appoints the Manager as exclusive Property Manager and grants the Manager the exclusive right to manage and lease the Property.
3. Rights and Obligations of Manager
The Manager shall act in accordance with the laws of Montana and regulations under property management, and applicable laws and regulations under tenant screening, rent collection, and property maintenance.
4. Rights and Obligations of Owner
The Owner represents and guarantees that he holds full authority and right to enter into this Contract and that there are no limitations or restrictions on the Property's leasing or management.
5. Compensation
The Manager will receive a fee of $1,500 payable on the 1st day of each month commencing November 01, 2050. In the event of delay in payment, the Manager will duly notify the Owner and the Owner will be given a reasonable amount of time to comply.
6. Term
This Contract shall automatically be renewed for similar successive periods of one (1) year, unless after the term of ten (10) years either Party decides to terminate this Agreement by giving thirty (30) days written notice.
7. Termination
Upon termination, the Manager will hand over all property matters to the Owner or new manager, as designated by the Owner. After settling all dues for the services provided by the Property Manager until termination date, any excess amount will be refunded to the Owner.
8. Indemnification
Both Parties will at all times indemnify and hold each other harmless from any loss, costs, liability, or expense arising out of any breach of any representation or warranty contained in this Agreement.
9. Governing Law and Interpretation
This Agreement shall be construed in accordance with and governed by the laws of the State of Montana. The jurisdiction and venue for all disputes arising out of this Agreement shall be in the state and federal courts located in Yellowstone County, Montana.
10. Integration Clause
This Agreement embodies the entire agreement between the Owner and the Manager and supersedes any and all other agreements, oral or in writing.
11. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original.
IN WITNESS WHEREOF, the Parties hereto have executed this Contract as of the date first above written.
[Your Name]
OWNER
[Date]
Light Realty
Property Management Company
[Date]
