The URL can be used to link to this page

Home My WebLink About2009 rental agreementResidential Property BETTY KRENZ R ASSOCIATESCopyright Management Agreement Lie Rock,�Arkansas 72207 wm�2003 Page 1 of 4 Phone (501) 664-0800 FAX (501 ) 664.0824 �Q„�,a, Arkansas REALTORS+ Form serial Number: DLADM-2Z2W4M-0JJ02 Association This Management Agreement is made between Jeanne Bonar hereafter called "Owner", and Betty Krenz and Associates hereafter called "Managing Agent". WITNESSETH in consideration of the terms, conditions, and covenants hereafter set forth, the parties hereby mutually agree as follows. 1. Exclusive Agency. a. The Owner hereby appoints the Managing Agent, and the Managing manage the following described property on the terms and conditions contanedtin his atgreemethe ��ointment, to i. Description: Duplex Ii. Address: 521-523 East 8th Little Rock AR 2. Tenn. The term of this agreement is a period of 12 months beginning on the 0. -day of Au ust . 2003 ,and continuing until the 01� day of Au USt terminated as provided herein_ The Owner may terminate this agreement at any time durOg�the first year b unless otherwise the Managing Agent 30 days advance written notice and by compensatingManaging y ging payment of an additional service fee ("Cancellation Fee") equal to 1 months mans Ment fee g Agent with the . This Cancellation Fee shall be paid upon Owner's delivery of the notice. In the event the termination is caused by the sale of the property, Owner shall not owe the Cancellation Fee. During the term of this agreement or any automatic renewals hereof, either party may terminate this agreement at expiration b (30) days written notice prior to the expiration of the term or any automatic renewals hereof. Managing Agent is granted a maximum of days Y giving thirty sixty (60) da after termination of this contract to g g g committed against the property and to render a final accounting to Owner per Paragraph 10 outstanding obligations 3. Renewal. Unless otherwise terminated in accordance with the foregoing renewed for successive periods of one (1) year each thereafter, until terminated as herein agree vitlmedent is automatically. 4. Managing Agent Responsibility. The Managing Agent agrees to,- a. o:a. Use diligence in the management of the property and to furnish the usual supervisory service of its organization for renting, leasing, operating, maintaining, and managing the property upon the terms herein provided. b. Render each month, with respect to current month, monthly statements of receipts and disbursements in connection with the operation of the property. C. Provide experienced assistance and recommendations to the Owner in connection with annual budgets and analysis of operating results. d. Comply with all Fair Housing laws and provide equal services to all persons regardless of race, color, religion, sex, marital status, national origin, disability, familial status, or age. 5. Owner Agreement. Owner hereby gives to the Managing Agent the following authority and powers and agrees to bear the expenses in connection therewith: a. To do and perform or cause to be performed all acts and things necessary, required, or desirable to insure the Proper and efficient rental, management, operation and maintenance of the property, {Continued an Page 2 of 4} Residential Property BETTY KRENZ & ASSOCIATES Copyright 7509 Cantrell Road # 236 2003 Management Agreement Little Rock, Arkansas 72207 Phone (501) 664.0800 FAX (501) 664-0824 Arkansas Page 2 of 4 r� or,," REALTORS® Form Serial Number: Dl ADM-2Z21N4M-0JJ02 Association b. To sign, renew, or cancel leases and/or rental agreements for and in the name of Owner as Owner's exclusive leasing agent for the property. Owner authorizes Managing Agent to advertise and market the property at a monthly rental of $450 per month, and Owner and Managing Agent further agree that no lease or rental agreement at a monthly rent of less than $425 Managing Agent without the consent of Owner. per month shall be executed by C. To receive all monthly rents due from tenants of the property and in connection therewith to request, demand, collect, and receive any and all charges or rents which become due to the Owner, d. To advertise the availability of rental of the property or any part thereof, and subject to compliance with any ordinances or restrictions applicable to the property, to display "For Rent" and other similar signs upon the property. e. To make or cause to be made and to supervise repairs and alterations, and to do decorating on the property, including but not limited to exterior and interior cleaning, painting, and decorating, plumbing, carpentry,and other such normal maintenance and repair work as may be necessary. Notwithstanding any other provision of this agreement to the contrary, the Managing Agent agrees to secure the prior approval of Owner on all expenditures in excess of $100 for any one item except monthly or recurring operating charges and emergency repairs in excess of the maximum, if in the opinion of the Managing Agent such repairs are necessary service to the property and/or tenant. f. To take such actions as may be necessary to comply with all laws, ordinances, orders or other requirements of any federal, state, county or municipal authority having jurisdiction of the property and affecting the property. Owner shall pay compensation as agreed upon in writing before any services are rendered. g. To hire, discharge, and supervise all labor and employees required for the operation and maintenance of the property, it being agreed that all employees shall be deemed employees of the Owner or of the contractor retained by the Managing Agent for the Owner, and not of the Managing Agent, and that the Managing Agent may perform any duties through Owner's attorneys, agents, or employees and shall not be responsible for their acts, defaults or negligence if reasonable care has been exercised in their appointment and retention. The Managing Agent shall not be liable to Owner for any error of judgment or for any mistake of fact or law, or for anything which it may do or refrain from doing hereafter except in cases of willful misconduct or gross negligence. h_ To make such contracts for water, electricity, gas, telephone, vermin extermination, furnace and air conditioning repair, waste disposal, labor and other services or such of them as the Managing Agent shall deem advisable, and to place purchase orders for such equipment, tools, appliances, materials and supplies as Managing Agent deems necessary. All such contracts and orders so entered into shall be made in the name of the Owner, 6. Separate Owner's Funds. The Managing Agent shall establish and maintain, in a bank, whose deposits are insured by the Federal Deposit Insurance Corporation, a trust account for the Managing Agent's owner's fund with authority to Managing Agent to draw thereon for any payments to be made by the Managing Agent to discharge any liabilities or obligations of the Owner incurred pursuant to and subject to the limitations of this agreement. The Owner shall forward funds to the Managing Agent in an amount deemed sufficient by the Managing Agent to provide for all sums due and payable by the Owner as operating expenses authorized to be incurred under the terms of this agreement. The Managing Agent may make periodic payments to Owner of funds in said owner's fund which are in excess of that amount deemed necessary by Managing Agent to meet operational expenses, subject to the limitations, however, that any such payments shall not affect Owner's obligation hereunder to hereafter furnish sufficient funds to Managing Agent to meet operational expenses should such additional deposits be deemed necessary by Managing Agent. (Continued on page 3 of 4) Residential Property BETTY KRENZ & ASSOCIATES copyright 7509 Cantrell Road # 236 2003 Management Agreement Little Rock, Arkansas 72207 Phone (501) 664-0800 FAX (501) 664 0824 Arkansas Rage 3 of 4 A�rO?" x;01REALTORS@ Form Serial Number: QLAI}NI-2Z2W4Nl-0JJ02 Association 7. Hold Harmless Agreement. Owner agrees, at Owner's expense, to indemnify and save the Managing Agent harmless from any claims or damages, including, but not limited to costs, expenses, and reasonable attorney fees and accounts thereof, that may be made by anyone in connection with the management of the property and/or injuries suffered by employees or any person whomsoever, and to carry, at Owner's expense, Comprehensive General Liability Insurance with limits of $300,000 death or injury, and $100,000 property damage. The Managing Agent shall be named as an additional insured under Owner's policies at Owner's expense. in the event this insurance is ever canceled, a thirty (30) day written notice of cancellation will be sent to the offices of the Managing Agent, and the Managing Agent is specifically authorized to place, at Owner's expense, liability coverage if a copy of any existing liability policy is not furnished to Managing Agent within thirty (30) days after the effective date of this agreement. 8. Agency. Everything done by the Managing Agent under the provisions of this agreement shall be done as Agent of the Owner, and all obligations or expenses incurred thereunder shall be for the account, on behalf, and at the expense of the Owner. 9. Bankruptcy. In the event a petition in bankruptcy is filed by or against Owner, or in the event Owner shall make an assignment for the benefit of creditors, take advantage of an insolvency act or otherwise seek some form of debtor relief, Managing Agent may terminate this agreement upon three (3) days notice to Owner. If Owner shall breach obligation hereunder and such breach remains uncured for a period of thirty (30) days after receipt by Owner of notice of such breach, then Managing Agent may forthwith terminate this agreement. 10. Final Accounting. Upon termination of this agreement, pursuant to the provisions hereof, Managing Agent shall have a maximum of sixty (60) days in which to process all outstanding obligations committed against the property and to render a final accounting to Owner. It is expressly understood that notwithstanding any termination of this agreement, Owner shall account to Managing Agent for any sums payable by Owner and occurring prior to termination. 11. Waiver. Owner agrees to waive all rights of action of any type against Managing Agent for damages caused or allegedly caused by Managing Agent, its employees, subcontractors, or any other party acting on its behalf. 12. Managing Agent's Fee. Owner agrees to pay Managing Agent $ per of monthly rents collected, whichever is greater, throughout the term of this agreement. n henevent the property sold or exchanged during the term of this agreement by any person including the Owner, to an p p is corporation who has rented or leased the property, y person, firm or p party, Managing Agent shall be entitled to a commission equal to Seven percent (Z-%) of the gross sales price. 13. Other Provisions. (Continued on Page 4 of 4) 907 569 1048 1,-01 R�fd ! Prap�rty BETTY A T S `.."W ianag�mmt Agmmwt �7 ReMi aQ$ Phoft F iso � r Lrt � 1 pro Ae�Rbr+ TW t A L6 &LV R#MM AGFIIBKW WHO 8WW BY THE PARTMD IWW MCAD f f CAf11!' LILLY. IF YOU DC NOT uiae WAW TOE "PICT QP AMY PART, COMt>{RILT YOUR A ORWY SIMM MIaMMM. REAL GNATS ARlREI W eAWA r MW YORK LEMAL ADMIX. IM PAWW Ipl NFP M Mf WNW TMEIR MR WT TG RR A MR ATMAW DRAFT TNM FORT *IM FM x MlDCUt7k'D AID OOPYIMWU BY THE AMAN" WJUQNR A119001 IC THE OCTAL NWIIR BRUT 8 A UMR9lIP MOM NOT UM ON ANY rOTHVt POOK W 6110R. MUMS! MM *OU BE Alf ORIODW PR2nW NOT SACKKtom, 9THER NK TNR: FARM MAY NAPE Mali ALTERMii. DO WTOW TNM RM #F IT D MW EiMCU'f W PAST OEMOM 31,2M3. RM SEIVAL NWWWk OL.AOM-2ZYW4M 4JJ02 DlYfier and frM^pin0 Ayent W" 80 times end dells set forth to ft ReskWtW PrvpmtY Martiap merd Agnwnertt aster to ArK*n os cen" OW and dere. This eWeaMont SMI be bWdN upon the succoamm and tt & easpns of the Mermong 1ogrtt and the fielrz, admfniktrat m, exacutom, sucoemors, and ins Df Ow Dwyw. IN WITNESS WHEREOF, the parties Rreretc hew afftad or deed to be atteced their mWootve srgrtotufes ON i OWNER' soaw Uau* M: .� ` • Z - 4 3 �,7 home Pltane; G '�— GC,' .3 .4 , J 7 ��6 �/c,Work Pt m* + MANAGING AGENT. r