1212 Washington - Potts

Donna Antonucci Property Management
1027 Washington St., 2R

Hoboken, NJ 07030
PROPERTY MANAGEMENT AGREEMENT
This Agreement is made and entered into this _____ day of ___ ____, ____ between ___________ ____Kerri
Potts______________ (Owner) and Donna Antonucci (Manager).
Owner employs the services of Manager to manage, operate, control, rent and lease the following described
property: 1212 Washington St, 4N, Hoboken, NJ 07030.
Responsibilities of Manager. Owner hereby appoints Manager as his lawful agent with full authority to do
any and all lawful things necessary for the fulfillment of this Agreement, including the following:
A. Collection and Disbursement. Manager agrees to collect all rents as they become due; to render to Owner
a monthly accounting of rents received and expenses paid; and to remit to Owner all income, less any sums
paid out. Manager agrees to collect the rents from the tenant and to disburse funds by ordinary mail or as
instructed by the Owner on or before the 10th day of the current month, provided, however, that the rent has
been received from the tenant.
B. Maintenance and Labor. Manager agrees to decorate, to maintain, and to repair the property and to hire
and to supervise all employees and other needed labor.
C. Advertisement and Legal Proceedings. Manager agrees to advertise for tenants, screen tenants and select
tenants of suitable credit worthiness. Manager will set rents that in the opinion of the Manager at the time of
the rent negotiations with the tenant, reflect the market conditions of that time and approximate rents of
comparable rental properties, unless expressly instructed in writing by the Owner to the Manager to the
contrary, as to the amount of the initial rent and any subsequent increases as may from time to time be
appropriate. Manager agrees to rent and to lease the property; to sign, renew and to cancel rental
agreements and leases for the property or any part thereof; to sue and recover for rent and for loss 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, and to defend Manager against,
any and all claims, charges, debts, demands and lawsuits. Owner agrees to pay Manager’s attorney's fees
related to Manager’s management of the herein-described property and any liability for injury on or about the
property which may be suffered by any employee, tenant or guest upon the property. Owner agrees to
maintain sufficient and prudent all risks property insurance and that the Manager shall be an additionally
named insured. Owner shall provide a copy of such insurance policy to the Manager for the Manager's
records.
Compensation of Manager. Owner agrees to compensate Manager as follows. Owner agrees to pay the
Manager an amount equal to one hundred (100%) percent of the first full month’s rent as a fee for acquiring,
screening, and renting the premises; and further agrees to pay Twenty Nine dollars ($29) per month, as a fee
for managing the property; which fees, plus any repair expenses, may be deducted by the Manager from
rents, and further agrees to abide by the conditions set forth by the Manager to the tenant on the Owner’s
behalf. The Owner agrees to pay $80 per hour for any single project estimated at $1500 or more for project
supervision.
Operating Account. Owner agrees to set up an operating account with the Manager on the account as an
authorized signer with a minimum balance of $500. In the event that any rents deposited or to this account or
remaining balance do not cover a repair or maintenance project deemed as necessary, the Owner agrees to
adequately fund this account with enough money to cover the estimated cost of the project plus 20% prior to
beginning any work on the premises.
Page 1 of 2
Donna Antonucci Property Management
1027 Washington St., 2R
Hoboken, NJ 07030
Term of Agreement. This Agreement shall be effective as of the ___ day of ____, 2011_ and shall expire on
the ____ day of ____, 2012____. Upon expiration of the above initial term, this Agreement shall automatically
be renewed and extended for a like period of time unless terminated in writing by either party by providing
written notice __90__ days prior to the date for such renewal. This Agreement may also be terminated by
mutual agreement of the parties at any time. Upon termination Owner shall pay to
Manager any fees, commissions and expenses due Manager under terms of this Agreement, which are owing
to Manager. In the event of the premises not renting within a 90-day period of entering into this agreement, or
of a vacancy continuing for a period of longer than 90 days, Owner reserves the right to declare this
agreement void.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors
and assigns of Manager and the heirs, administrators, successors, and assigns of the Owner. Notwithstanding
the preceding sentence, Manager shall not assign its interest under this Agreement except in connection with
the sale of all or substantially all of the assets of its business. In the event of such sale, Manger shall be
released from all liability under this Agreement upon the express assumption of such liability by its assignee.
This document represents the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on the date first above written.
____________________________________
Owner
____________________________________
Manager
Page 2 of 2

1212 Washington - Potts

Uploaded by

Copyright:

Available Formats

1212 Washington - Potts

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1212 Washington - Potts

Uploaded by

Copyright:

Available Formats

Donna Antonucci Property Management

1027 Washington St., 2R

PROPERTY MANAGEMENT AGREEMENT

You might also like