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Property Management Agreement 3

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Property Management Agreement 3
This Agreement, made this day ____________________, between Grijalva Realty Corp., an
Arizona Corporation, hereinafter called the “Manager” and __________________________
___________________, hereinafter called the “Owner.”
1) Owner is employing Manager to manage, collect rents, arrange for maintenance
and pay for same from Owner’s funds, locate and service tenants for the property known
as _____________________________________, Tucson, Arizona, ____________. Property
described as follows: ___ units. Utilities paid by Owner ________________. Owner is
responsible to pay any utility that has one meter serving more that one unit, or an
independent company will be hired at owners’ expense to read the meter and bill the
tenants. Minimum acceptable rent ____________. Starting rent $____________Minimum
acceptable security deposit_________ , Pets ____________ with _______ deposit. Owner will
participate with Move-In Specials. ___________. Other special conditions:
2) Owners desire to engage the service of Manager to provide such services on the
following terms and conditions:
A. This Agreement shall begin on _____________ and shall be in effect for a period of ___
years and expire at midnight on ____________. A Notice of Renewal will be sent out at
least 30 days prior to expiration date. If Owner does not notify Manager of their
intent to cancel, this agreement shall automatically renew for another term. Any
changes in the new management agreement will be effective at this time. Either
Manager or Owner may terminate this agreement at any time upon giving thirty (30)
days advance written notice to the other party. Should Owner terminate the
Agreement, Owner agrees all Management and other fees owed Manager shall be
paid in full. If owner cancels this agreement within the first 12 months there is a
cancellation fee of ______. Should a “Trustee’s Notice of Sale” be posted on said
property, the management agreement will immediately cancel and security deposits
on deposit with Grijalva Realty Corp will be forfeited to the tenant.
B. Manager to make or cause to be made and supervise repairs and maintenance and
to do routine work necessary when vacated to prepare the unit for re-rental: to
purchase supplies and pay all bills thereof. The Manager agrees to secure prior
approval of the Owner on expenditures in excess of $200.00 for any one item, except
monthly, or recurring operating charges and emergency repairs in excess of
maximum if, in the opinion of Manager, such repairs are necessary to protect the
property from damage, prevent damage to life or to the property of others, to avoid
suspension of necessary services, to avoid penalties and to maintain services to the
tenants as called for in their lease. Owner agrees to keep _________in reserve with the
management company to pay routine bills in a timely manner.
C. All reasonable expenses incurred by Manager in the operation of the property,
included but not limited to those expenses in Paragraph B, shall be paid for by
Owner. Such expenses shall be deducted from rents paid on the property, or as
otherwise agreed upon by Owner and Manager in advance of expenditure. A
monthly statement shall be sent to Owner with a net proceeds check or showing the
current account balance. A charge of $8.00 per week that the property has vacant
units, shall be charged to the owner to cover advertising. Advertising will include, but
not be limited to signs as permissible, internet advertising, vacancy lists available at
Property Management Agreement 3