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PROPERTY MANAGEMENT AGREEMENT

PROPERTY MANAGEMENT AGREEMENT

CFRM Villas
2850 Deer Creek Commerce Ln
Davenport, FL 33837
863-421-0905

This Management Agreement (hereinafter “Agreement”) is made this on this date.
by and between Central Florida Rentals & Management, Inc., DBA CFRM Villas (hereinafter “Management”) and (hereinafter “Owner”).

Whereas Owner wishes to engage Management to perform the services more specifically enumerated herein, and whereas Management wishes to be engaged by Owner to perform said services in exchange for consideration and the mutual promises more specifically enumerated herein; it is therefore AGREED:

1. Owner’s Property: This agreement is for property management services of Owner’s Property located at , (Hereinafter “Owner’s Property”)

2. Management Responsibilities: Management shall be responsible to perform the following functions:

A. Perform or contract at Management’s sole discretion, for normal maintenance of the Owner’s Property.

B. Collect rents and sales tax when appropriate, and other amounts due from Guest for the rental of Owner’s Property.

C. Timely pay all utility and other bills related to the maintenance and management of Owner’s Property, including electric, sewer, gas, water, telephone, cable television, provided Management has sufficient funds in Owner’s reserve account to do so. It is the sole responsibility of Owner to provide or make up any deficiency of funds in order that monies are always available to timely pay said bills. If owner elects to pay own utilities, Owner agrees to hold harmless Management for any loss of rentals due to disconnection for non-payment.

D. Timely communicate with the Owner about any extraordinary expenses caused by liabilities, damages, or necessary expenditures in excess of the amount provided for in Paragraph Five (5) of this agreement.

E. Timely provide documentation as required by Management.

3. Owner’s Responsibilities: Owner shall be responsible to perform the following nonexclusive functions:

A. Maintain a minimum of $1,200.00 unless otherwise agreed upon in Management’s homeowners’ reserve account which is due and owing upon receipt of statement. (Other amount: ). OWNERS’ INITIALS: MANAGEMENT INITIALS:

B. Timely pay other costs incurred and invoices provided by Management in the management and maintenance of Owner’s Property.

C. Timely pay real property taxes, mortgage payments, insurance and any other obligation not specifically enumerated by this Agreement or by a separate Addendum signed by both parties.

D. Timely communicate with Management regarding approval of expenditures in excess of the amount provided for in Paragraph Five (5) of this Agreement.

E. Timely provide documentation as required by Management.

4. Disagreement: Owner agrees to waive the right to a jury trial, and Owner may submit a Written Notice of a Dispute to Management who will refer the dispute to a Certified Public Accountant to resolve and the determination by the Certified Public Accountant will be binding on both parties. The Fee of the Certified Public Accountant will be paid by the unsuccessful party. The Certified Public Accountant will request a deposit from the Owner as security for any portion of the Certified Public Accountant’s Fee which may subsequently require payment. Any balance will be refunded to the Owner after the dispute is resolved.

5. Repairs: Owner agrees to allow Management to make repairs and maintenance to Owner’s Property in an amount not to exceed $250.00, without Owner’s written permission, except in emergencies, in which event, Management will in its sole discretion decide the extent of emergency repairs.

6. Inspection: Management will make timely inspection of the property after each rental. If charges to a renter are required, Management will first take such monies from any reservation/security deposit. In the event of a shortfall by a renter, Management will pursue guests for the timely payment of any charges incurred. Owner may visit and inspect Owner’s Property when it is vacant, but specifically will not do so during occupancy by renters, unless coordinated with Management.

7. Compensation:
A. In exchange for the services described in this Agreement, Owner agrees to pay the sum of $150.00 per month.
B. Management is in the business of managing, operating, and maintaining residential properties. From the rentals received the Company shall deduct a commission of 15% from rental revenue before fees and taxes and shall credit the Owner’s Management Account the balance. Owner direct bookings will be charged a flat $65 fee for administrative purposes.

8. Default: In the event of default by owner, Management is entitled to immediately retain any funds designated to the Owner which are being held in the Management reserve account. In addition, Management shall be entitled to a lien on the subject property for all fees, commissions, and reimbursable expenses due, including any attorney’s fees and costs expended in filing and foreclosing on said lien and in any lawful collection pursuits. This clause shall not be deemed to limit Management from seeking any other remedy allowable by law.

9. Indemnification by Owner: Owner shall indemnify and hold Management harmless from the defense of any action, suit, proceeding, including appellate proceedings brought against Management by reason of any intentional, negligent, or fraudulent activity of Owner.

10. Term and Termination of Agreement: This Agreement is for a period of twelve (12) months from the effective date. Either party may cancel this contract not less than thirty (30) days prior to the end of the contract period. In the event neither party cancels the contract with not less than thirty (30) days remaining, the contract will automatically renew for another twelve (12) month period, under the same terms and conditions herein written. Owner shall be responsible to Management for all commissions for reservations whose dates fall within the term of this Agreement.

11. Entire Agreement: This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between parties.

12. Amendment: This Agreement may only be modified or amended in writing signed by both parties.

13. Severability: If any provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable.

14. Waiver of Rights: The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement.
OWNER’S INITIALS:

15. Attorney’s Fee: In the event of dispute between Owner and Management, the prevailing party shall be entitled to reasonable attorney’s fees and costs, including the costs for experts.

16. Applicable Law: This Agreement shall be governed by the laws of the State of Florida, Venue and jurisdiction shall lie in Polk County, Florida.

17. Headings: The headings of the paragraph of this Agreement have been set forth for convenience only and are not intended to influence the interpretation of this Agreement.

18. Time is Of the Essence: For all terms of this Agreement wherein the term “timely” is used, or a specific time for performance called for, time is of the essence, and failure to comply within the times set forth constitutes a default, as set forth herein.

IN WITNESS WHEREOF, the parties have executed this Agreement and have intended the same to be and become effective as of the day and year first above written.
Signed,

In the presence of:
Central Florida Rentals & Management Inc., DBA CFRM Villas

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Signed by CFRM Villas
Signed On: July 7, 2023

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July 7, 2023 10:12 am EDT

PROPERTY MANAGEMENT AGREEMENT Uploaded by CFRM Villas - reserve@cfrmvillas.com IP 177.95.86.187