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Property Management Agreement 4

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Property Management Agreement 4 Page 2
M. To deliver to Owner all receipts less disbursements, including agreed upon compensation and required
reports, except as otherwise provided herein, upon request.
N. To make inspections of the Property consistent with applicable laws and as deemed necessary an d
appropriate in the sole discretion of Manager.
O. To purchase and pay for necessary and reasonable repair and maintenance supplies not to exceed $250 or
Essential Services.
P. To execute contracts, in Owner’s name, for utilities and services for the operation, maintenance and safety
of the property, as Manager shall deem necessary and appropriate, in its sole discretion. Utility bills shall be
placed in the Owner’s name C/O Ned Baker Real Estate with a billing address of: 2339 State St. Salem, OR
97301. All multifamily units, in which utilities are paid, must hold a $200 reserve over the term of
management to cover the bills.
Q. To provide notice to tenants of termination of this Agreement within 30 days of termination.
R. To provide to Owner, within sixty days after termination of this Agreement, all unobligated funds and a
final accounting of obligated funds and copies of all necessary of agreed upon documents which may be
reproduced by Manager in accordance with its schedule of fees and charges.
S. To comply with all requirements of the law applicable to landlords or to advice Owner so that he/she may
act as necessary to comply therewith.
T. To maintain the Property in good repair in accordance with local codes and any other applicable laws of this
state of its subdivisions. This includes, but is not limited to, cleaning, painting, decorating, plumbing,
carpentry, grounds care, and such other maintenance and repair as may be necessary subject to limitations
imposed by Owner in writing in advance. Expenses associated with maintenance and repair shall be paid
out of Owner’s operating client trust account.
U. To manage the Property in accordance with standards of reasonable care and diligence and to furnish the
service of its organization for the management and operation of the Property.
V. If this agreement pertains to more than one property or if the Owner and the Manager have entered into one
or more other agreements under which Manager is managing property for Owner, Manager is authorized to
transfer funds from the ledger of one such property to the ledger of another such property for the purpose of
prompt payment of any indebtedness authorized by this and/or any other similar management agree ments.
Please mark one: Yes, to Funds Transfers No, to Funds Transfers X_____________
(Owner Initials)
W. Upon termination of this agreement by either party, and unless directed otherwise in writing by Owner,
Manager shall, in a timely manner, deliver all refundable security deposits to Owner.
X. To disburse funds in the Owner’s client trust account to Owner, on or about the 20
day of each month to
extent those funds exceed the sum of Advances required per Paragraph IX, below, of this agreement, any
other amounts held back per written instruction from Owner and prepaid rent to extent it exceeds the
management fee applicable to that months’ rent. In any case, funds will not be disbursed until the
availability of those funds has been verified by the financial institution on which a check is drawn or
fourteen days after the check is deposited, whichever comes first. For each additional payment other than
the regularly scheduled Owner distribution, Manager may assess a $15.00 transaction fee.
III. Duties of Owner. Owner accepts and agrees to perform, the following duties:
A. Remit any excess of disbursements and charges over receipts to Manager within ten days of oral or written
notice advising Owner of the amount of the deficiency.
B. Take notice of the condition of the Property and, subject to the availability of funds, establish goals to
upgrade and maintain the Property.
C. Assume the obligation of any contract entered into legally and for the benefit of the Owner pursuant to this
agreement at the termination of this agreement. For example, if Manager has entered into an agreement for
repairs of the property, Owner shall be responsible for the payment of the agreement even if this agreement
has been terminated by either party.
(Owner Initials)
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Property Management Agreement 4