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Property Management Agreement 3

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Property Management Agreement 3 Page 2
the Managers’ office, and generic ads in the Tucson Newspaper. If additional
advertising is requested by Owner, the cost will be charged to the Owner.
D. Manager will mail debt service (Mortgage/Association fees) payments for the Owner
if requested. Manager assumes no responsibility for late charges or other penalties or
actions, if the Owner has insufficient funds on deposit with Manager to meet the
obligations at the time they are due.
E. Manager to execute and terminate tenancies and to sign and serve in the name of
the Owner such notices as are appropriate as prescribed by the Arizona Landlord
Tenant Act, to institute and prosecute action, to evict tenants to recover possession
of said premises in the Owner and recover rents or release such actions or suits or
reinstate such tenancies. Manager agrees to follow all procedures possible to secure
responsible tenants. If said tenants fail to live up to the terms of the lease, Owner shall
not hold Manager responsible.
F. Owner agrees to indemnify and hold harmless the Broker from any claims, demands,
or charges, including necessary attorney’s fees, from any liability for injury suffered on
or about the premises by any person, and in connection to management unless they
arise from gross negligence of Broker.
G. Manager’s fee for the above services shall be in the amount of ______ per cent of the
gross monthly collected rents of said property and Manager is hereby authorized to
deduct this fee and other applicable expenses from said rents each month for the
term of this agreement. All late fees collected by Manager are considered
compensation for extra management expenses and belong to the Manager.
Additionally, there is a __________ leasing fee to be paid by Owner when a lease of at
least six (6) months is signed by a tenant on said property. This fee is for initial leases
only. This fee shall be collected from the first month’s payment on said lease, in
addition to first month’s management fee.
H. Manager is a licensed real estate broker in Arizona and an independent contractor
of Owner, not an employee of owner. All notices, demands, or other communication
shall be in writing and be deposited in the U.S. Mail, postage prepaid. Grijalva Realty
Corp., 4431 E. Broadway Blvd., Tucson, AZ 85711.
I. Manager will retain all security deposits received from tenants per term of the lease,
until such time a tenant defaults on the lease and the deposit is forfeited for the
benefit of the Owner. The Owner understands and agrees that funds may be
deposited in an interest-bearing account with a duly-licensed bank in a trust account
separate from Corporate Operating account. Owner further understands that
interest will be used to offset banking fees and accounting costs. The interest will not
be credited to Owner. There will be a fee of $.25 per copy for excessive copies
J. Owner agrees to list property for sale with Grijalva Realty Corp for sale, if the owner
decides to sell during the term of this agreement. Sales commission to be 6% of the
gross sales price. If tenant procured by Grijalva Realty Corp. buys said property, a
commission of 6% of gross sales price shall be paid to Grijalva Realty Corp.
K. Other charges: Should owner want manager to do inspections of the property, there
will be a fee of $45.00 per inspection and 35 cents per mile if over 6 miles from the
office. This report shall include pictures of interior and exterior. If manager must put
Property Management Agreement 3