Oakwood management LTD

Property Management Agreement

Dated this ________ day of_________, 20________:

In Consideration of the covenants herein

_______________________________________________________________________________________

_______________________________________________________________________________________________

(Herein know as the “Owner”)

And

OAKWOOD MANAGEMENT LTD

10206 A 99 Ave Fort Saskatchewan Alberta

T8L 1Y1

Phone: [phone] Fax: [phone]

(Herein known as the “Property Manager”)

IN CONSIDERATION of the premises and mutual covenants herein contained the parties hereto agree as follows:-

Appointment:

1. The Owner hereby expressly charges the building and the land and appoints Oakwood as the Owner’s sole and exclusive Agent to rent, lease, operate, and manage the Owners property known as:

______________________________________________________________________________________________________

Address City Province Postal Code

Plan:______________ Lot:_____________ Block:_________

Condo Plan:____________ Unit Number:_____________ Condo Name:__________________________

(hereinafter called “the Property”)

Commencement, Renewal, and Termination:

2. This Agreement shall commence and be effective from the first day of __________, year________ and continue in full force and effect for one (1) year and thereafter for a tri-monthly periods from time to time unless on or before thirty (30) days prior to the expiration of such renewal period, either party hereto shall notify the other in writing that it elects to terminate this Agreement, in which case this Agreement shall be terminated at the end of said period.

3. As between the Owner and Oakwood this contract or notices under this contract be signed and transmitted by fax or Email. This procedure will be as effective as if the parties had signed and delivered and original copy. Text messages are specifically excluded from this arrangement.

Powers of Oakwood:

4. The Owner gives Oakwood the following authority and powers and the Owner agrees to indemnify and save harmless Oakwood for any and all expenses, charges, or costs incurred therewith and the Owner agrees to pay such expenses.

a)  Oakwood shall have the authority to manage, operate, lease and rent the Property for and on behalf of the Owners as principal or in the name of the Owner or in the name of Oakwood or otherwise, and in connection therewith to rent or lease any part or parts of the Property to such persons, firms or corporations and for such terms and such rents as Oakwood shall deem fit; and to advertise the availability for rental of the Property or any part or parts thereof; and to display signs thereon; and to sign, renew, or cancel leases or other agreements in connection therewith.

b)  For and on behalf of the Owner as principal or in the name of the Owner or in the name of Oakwood or otherwise, to collect rents due or to become due and give receipts there upon; to terminate tenancies and to sign and recover possession of the Property, to sue for or seize for the recovery of rents and other sums due; to settle, compromise and release such suits, seizures or prosecutions or to reinstate such tenancies as Oakwood shall deem necessary or expedient in the exercise of the above prosecution and the ensuing enforcement of Judgments or Orders obtained.

c)  To make or cause to be made such repairs and/or alterations to the Property as Oakwood deems advisable or necessary and to purchase such supplies, materials or appliances as Oakwood deems advisable or necessary; provided however, that Oakwood agrees to secure the approval either oral or written of the Owner on all expenditures in excess of the sum of Five Hundred Dollars for any one repair, alteration or supply purchase, and provided further, that the approval of the Owner as aforesaid is hereby waived by the Owner, if in the opinion of Oakwood, the repair, alteration, supply material or appliance purchase is of an emergency nature or is necessary to protect the Property from damage or to maintain service to the Tenants of the premises in accordance with the terms of their tenancy.

d)  For or on behalf of the Owner as principal, or in the name of the Owner or in the name of Oakwood or otherwise, to make such contracts or agreements as Oakwood deems necessary for the proper maintenance of the Property grounds, including and without restricting the generality of the foregoing, contracts for electricity, gas, fuel, water telephone, window cleaning, hauling, rubbish or trash, and disposal of same, landscaping, gardening, snow removal, and any other services or such of them as Oakwood deems advisable.

e)  To hire, discharge, and supervise all labor and employees required for the operation and maintenance of the Property, it being agreed that all employees of shall be deemed employees of the Owner and not of Oakwood and that Oakwood may perform any of its duties through its employees or tradesmen. Oakwood and /or its employees shall not be responsible for their acts, defaults’, or negligence, if reasonable care has been exercised in their appointment and retention. Oakwood shall not be liable 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 on the part of Oakwood.

f)  The Owner hereby agrees for Oakwood to pay expenses on their behalf from the Owner’s money held for the Owner by Oakwood in Oakwood’s Trust account.

g)  The Owner hereby agrees to supply Oakwood with 3 active sets of keys, 2 garage door opener, 3 key fobs, as applicable.

h)  If applicable the Owner agrees to supply 2 sets of Condominium By-Laws and advise the Owner’s Condominium Management of Oakwood’s retention under this Property Management Agreement.

Duties of Oakwood:

5. In considerations of the remuneration to be paid by the Owner to Oakwood as set out in below Oakwood agrees to:

a)  To manage and operate the Property in accordance with the applicable laws for the term provided herein and to furnish its services for renting, leasing, operating and managing of the Property described premises for and on behalf of the Owner as principal or in the name of the Owner or in the name of Oakwood or otherwise.

b)  To render monthly statements of receipts and disbursements and to remit to the Owner all receipts less Oakwood’s compensation and proper disbursements. In the event the disbursements shall be in excess of the receipts collected by Oakwood, the Owner hereby agrees to pay such excess promptly upon demand by Oakwood within 10 days of verifiable notification.

c)  To deposit all receipts collected for the Owner (less any sums properly deducted as otherwise provided herein) in a Trust Account separate from Oakwood’s operating account.

d)  To manage and operate the tenant’s security deposits in accordance with the Residential Tenancy Act of Alberta and it is agreed and understood any interest earned on security deposits in excess of that paid to the tenant shall remain the property of Oakwood.

Court Fees:

Our fees for initial court proceedings are $250.00 plus Costs plus GST (this in additional charge to the management fee). This charge includes the preparation of all court documents, filing of documents and appearing in court. If further action is necessary, i. e. collection services, another charge will be assessed on a per case basis. Owner's approval is required prior to commencing any court proceedings.

Indemnity and Insurance:

6. The Owner agrees as follows:

a)  To save Oakwood harmless form all damage suits in connection with the renting, leasing, operating and managing of the Property and from any liability from injury suffered by and employee of the Owner or any other person and to carry at the Owner’s expense, necessary public liability ( General Comprehensive Liability – GCL) and workmen’s compensation insurance adequate to protect the interests of the parties hereto, and the insurance policies written in accordance herewith shall be written so as to protect Oakwood in the same manner and to the same extent as they protect the Owner.

b)  To advise Oakwood in writing if payment of a mortgage indebtedness, property taxes, employee taxes, or special assessments are in arrears, or the placing of fire, public liability, steam boiler or pressure vessel insurance or any other insurance is desired and Oakwood shall have the right to withhold from the receipts of the Property and pay out as Oakwood deems necessary, all amounts required in connection therewith.

Owner’s Warranty and Indemnity:

7. The owner warrants that the Property is free of any material latent deficiencies and asbestos. The property is properly zoned and permitted for use as a residential or commercial rental property (as the case may be) and that in the event that the Property ceases for any reason to be suitable for residential/commercial rental use Oakwood shall not be held liable or responsible in any way to the Owner for any loss of income or for any infraction of zoning or permitted use regulations or By Laws and that the Owner shall accept full responsibility for the same and shall save harmless Oakwood from any prosecution arising from any breach of such zoning regulation or By Laws.

8. The Owner warrants that Oakwood shall not be held responsible in any way in the event that the Property should become infested with bed bugs, mites, cockroaches or any insects, mice or vermin.

Retainer:

9. The Owner agrees to provide Oakwood with a Seven Hundred ($700.00) dollar retainer to be held in Oakwood’s Trust account for use throughout the duration of this contract plus 45 days or after final billings and processes with no interest payable.

Compensation of Oakwood:

10. The Owner agrees to pay Oakwood the following sums:

a)  For Management $__________ per month per dwelling unit or ________% of gross monthly rent receivable or received whichever is greater.

b)  For leasing____________________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________

________________________________________________________________________________________.

c)  15% contract management fee on any initial and /or major repairs or renovations. All compensation above

mentioned is PLUS G. S.T. and other applicable taxes.

d)  To pay Oakwood interest at 2% per month on any moneys owing or due to Oakwood after 15 days commencing the day the same became due and payable. If necessary to cover outstanding fees and disbursements, loans to the Owner may be made by Oakwood of up to $3,000.00 at an interest rate of 2% per month commencing from the date the loan amount was transferred by Oakwood to the Owner’s trust account with Oakwood continuing until the loan and all interest thereon is paid in full.

Assignment & Enurement:

11.It is agreed between the parties hereto that this Agreement is assignable only if both parties agree in writing and further that this Agreement shall be binding upon the successors and assigns of Oakwood and the heirs, administrators, executors, successors, or assigns of the Owner.

General:

12. It is further agreed between the parties hereto that Oakwood shall have such other general authority and

powers as may be necessary, conductive or advisable to do all such acts and things as are incidental to the renting, leasing, operating, and managing of the Property.

13. If any condition, term or obligation of this Agreement is invalid, unenforceable the same shall be served and the remainder of the terms and conditions and obligations shall not be affected and shall be and remain enforceable to the full extent permitted by law.

Notices:

14. Any notice required to be given in writing by one party to the other may be sent by ordinary mail, delivered in person, email or fax (NO TEXT MESSAGES) to:

Oakwood Management Ltd. Phone: [phone] Fax: [phone]

10206 A 99 Ave Email: *****@***net

Fort Saskatchewan AB T8L 1Y1

Additional Provisions:

15._____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________.

IN WITNESS WHEREOF the parties hereto have hereunder set their hands and seals in the day and year first above written.

Oakwood Owner Owner

______________________ _______________________ _________________________

_______________________ _________________________

______________________ _______________________ _________________________

Witness Name: Witness Name Witness Name

Owner Information:

Mailing Address: ____________________________________________________________________________________________

____________________________________________________________________________________________.

Phone: (Home) ______________________ (Work) _________________________ (Cell) _____________________

Fax: ______________________ Email: ________________________________

Bank Account # ___________________________ Transit # _____________________

Insurance & Policy # _______________________________ Send to: Owner or Bank

Condo Association: _______________________________ Contact:_________________________

Address: ____________________________________________________________________________________________

Phone: _____________________ Fax: _____________________ Email: _________________________________

Fees: _______________ Paid by Owner: _______ Broker_______

Account # ______________________ Parking Stall # _____________ Cage # __________

The Owner and Oakwood agree to inform each other in writing of any change in address or contact information.