Compensation for Management Services. The Owner acknowledges and agrees to pay the following costs: (a) one-time $200 initial set up fee for the first unit and $100 per additional unit; (b) a fee of 8% of monthly gross rents the Manager collects, without reduction for any Owner concessions, which is due and owing when rent is due for all full and prorated months for the Management Services; (c) a leasing fee of 50% of one full month’s rent due upon Lease execution; (d) periodic property review, market rent assessment, and Lease renewal for a fee of 12.5% of one month's rent; (e) $25 administrative fee for preparation of annual year end statements. If any Federal, State or Local Government laws, rules, regulations, ordinances, orders, declarations, or otherwise temporarily suspend, cease, or ▇▇▇▇▇ a tenant’s rent payment the management fee shall remain due and owing. If someone besides Manager (E.g. prior property manager, owner) placed the tenant and tenant does not pay rent on time the management fee shall remain due and owing.
Appears in 3 contracts
Sources: Management Agreement, Management Agreement, Management Agreement