Step 1 of 5 0% Property Management of the Lakeshore, INC. Offering Professional Rental Management 101 W. Loomis St. • Suite 201 • Ludington, MI 49431 Phone: 231-845-8544 Fax: 231-843-8845 PROPERTY MANAGEMENT AGREEMENT – RESIDENTIAL PROPERTIESThis Agreement is made and entered into Today's Date* Date Format: MM slash DD slash YYYY betweenOwner Name*hereby known as the "Owner(s)" whose home address is Home Address*and Property Management of the Lakeshore, Inc. whose business address is 101 W. Loomis St. Suite 201 Ludington, MI 49431, hereby known as the "Manager". Owner hereby employs Manager to manage, operate, control, rent, and lease Owner's properties located at (separate each with a semicolon;) Property Addresses (separate each with a semicolon;)Property Manager Objectives 1. To provide guidance to the Owner by analyzing the rental market so as to establish rents that are most profitable to the Owner while keeping vacancies to a minimum. 2. To protect the value of the Owner’s property by assuring that the property’s physical condition is watched and properly maintained. 3. To advise the Owner regarding procedures, laws and ordinances for rental properties and leases so as to protect the Owner from litigation and insure the civil rights of the Tenant. Responsibilities of Manager The Owner hereby appoints Manager as his lawful agent and attorney-in-fact with full authority to do any and all lawful things necessary for the fulfillment of the Agreement, including but not limited to the following: 1. To collect all rents due and as they become due, giving receipts therefore; to render to the Owner a monthly, or for the contracted rental period if less than one month, accounting of rents received and expenses paid out; and to remit to the Owner all income, less any sums paid out. 2. To make or cause to be made all cleaning, decorating, maintenance, alterations and repairs to said property and to hire and supervise all employees and other labor for the accomplishment of same. 3. To market the property through advertising, mail, and displaying of signs thereon; to schedule rental time and advise Owner of such schedule; to rent and lease the property; to sign, renew and cancel rental agreements and leases for the property or any part thereof. 4. To sue and recover for rent and for loss of or damage to any part of the property and/or furnishings thereof; and, when expedient, to compromise, settle and release any such legal proceedings or lawsuits. Liability of Manager Owner hereby agrees to hold Manager harmless from any and all claims, charges, debts, demands and lawsuits, including attorney’s fees related to his management of the herein-described property, and from any liability for injury on or about the property which may be suffered by any employee, tenant or guest upon the property. Compensation of Manager 1. Seasonal Properties. Manager compensation is based on the amount of total rent paid by each Tenant for the Contracted rental period. Owner will pay a Payment equal to thirty (30) percent to Manager by Owner for a rental period of less than thirty (30) days. A Payment equal to twenty-five (25) percent will be paid to Manager by Owner for any rental period more than Twenty-nine (29) days but less than ninety-one (91) days. 2. Non-Seasonal Properties. For Properties rented for a term more than ninety (90) days. Manager compensation is based on the monthly rent payment of each property under contract. A Payment equal to ten (10) percent of the monthly rent, will be paid to Manager each month the lease is in effect. A procurement fee equal to fifty (50) percent of the monthly rent will be paid to Manager for the initial signing of Tenant to a lease. A lease renewal fee equal to twenty-five (25) percent of the monthly rent will be paid to Manager for each subsequent lease renewal. 3. The rate of compensation shall remain constant for the initial twenty-four (24) months of this Agreement. The renewal of this Agreement shall be for twelve (12) months and the Manager, with consent of Owner, may adjust the rate of compensation of this Agreement.Term of AgreementThe term of this Agreement shall commence on Start Date* Date Format: MM slash DD slash YYYY and continue unless terminated in writing by either party with 90 days notice but in no event less than twelve (12) months from the inception date of this Agreement. This Agreement may also be terminated by mutual agreement of the parties at any time upon payment to Manager of all fees, commissions, and expenses due Manager under terms of this Agreement. This amount will be no less than 2 month's rent.Extent of Agreement This document, along with the following attached addendums: Property Information; Rent processing procedure; Authorization Agreement for ACH direct deposits; represents the entire Agreement between the parties hereto. IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on the date below:Today's Date* Date Format: MM slash DD slash YYYY Owner #1 Name* First Last Owner #1 Phone*Owner #1 Email* Owner #2 Name First Last Owner #2 PhoneOwner #2 Email Signature:Signature PROPERTY INFORMATIONGetting Started We will need 3 sets of keys to your property. One will remain in our locking key box. The other 2 will be given to tenants at lease signing. If your property is vacant at management take over time, it will need to be cleaned to our standards. You can do this, you can hire someone to do this, or we can have our cleaners handle it. We need the property cleaned to the same standard we would like the tenants to leave it in. Advertisement A “For Rent” sign will be placed on your property, if appropriate. Photos will be placed on our website. A generic newspaper ad will be placed, if needed. These forms of advertising are included in the procurement fee. Any specific ads or specialized advertisement needed will be an extra charge with prior owner approval. Cleaning and Maintenance • We have cleaning and maintenance people for most needs. Any major maintenance will be handled by licensed contractors in the specialty needed. • Our cleaning fee is $22/hour • Our maintenance fee is $37/hour • Major maintenance varies with contractor.RENT PROCESSING PROCEDURE 1. Rent is processed on a monthly basis 2. We have a schedule and as we obtain new properties they are added to the end of the list and will move up if time permits. 3. Payments are made by electronic transfer. 4. Statements are emailed when the payment is transferred. 5. The payment will take about 24 to 48 hours to be deposited into your account. 6. It is our suggestion to set up a folder inside your email to hold all your rental statements. This will make it easier at tax time! AUTHORIZATION AGREEMENT FOR DIRECT PAYMENTS (ACH CREDITS)I hereby authorize Property Management of the Lakeshore, Inc., hereafter called COMPANY, to initiate credit entries to my account indicated below at the depository named below, hereafter called DEPOSITORY. I acknowledge that the origination of ACH transactions to my account must comply with the provisions of U.S. law.Depository Location* Depository Name City Depository StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Routing Number*Routing NumberAccount Number*Account NumberAccount:*Account:SavingsCheckingThis authorization is to remain in full force and effect until COMPANY has received written notification from me of its termination in such time and in such manner as to afford COMPANY and DEPOSITORY a reasonable opportunity to act on it. Enter your property addresses below, separated by a semicolon;Property AddressesName* First Last Today's Date* Date Format: MM slash DD slash YYYY ACH Signature:* Final Form Signature:Manager Signature***Either before submitting this form or immediately after, please visit the IRS website here to fill out a W-9 Form. When finished, download it and send it to manager@abr.7ef.myftpupload.com***
