Common use of DISCLOSURE AND ACKNOWLEGMENT Clause in Contracts

DISCLOSURE AND ACKNOWLEGMENT. A. At the time of execution of this Agreement, Owner acknowledges that they are aware that Manager is in the business of managing, operating and leasing residential real estate properties, including, without limitation, other buildings similar to the Premises or in proximity to the Premises, and therefore, Manager shall not be obligated to devote Itself exclusively to the management, maintenance, or operation of the Premises. B. Owner understands that this management agreement is fully assignable to a different Manager, should current Manager’s business sell, merge, or otherwise cease to exist. In this case, the new Manager is entitled to all of the rights privileges, and responsibilities mentioned in this agreement, and Owner continues to be bound by this agreement regardless of a change in Management company ownership. C. Owner further acknowledges that no guarantee or representation as to return, profit, anticipated gain or other possibility of profit or loss has been made to Owner by Manager, and that Owner has not relied upon any such guarantee or representation in entering into and executing this Agreement. D. Owner ▇▇▇▇▇▇ agrees to immediately notify Agent if mortgage payments are not being made on property, or if property has fallen into an unfavorable financial situation. Agent reserves the right to inform any tenant(s)/occupant(s) of possibility of foreclosure proceedings and Agent cannot be held responsible for tenant(s)/occupant(s) vacating during any foreclosure period. Owner agrees to provide Agent with a copy of a recent mortgage statement verifying current loan status before Agent begins management. E. If a lender begins the foreclosure process on the property. Then the Manger may terminate the management contract immediately by providing 3 days written notice, and the Manager may return the security deposit to the owner or tenant at manager’s discretion and notify the tenant of the owner’s address.

DISCLOSURE AND ACKNOWLEGMENT. A. At the time of execution of this Agreement, Owner acknowledges that they are aware that Manager is in the business of managing, operating and leasing residential real estate properties, including, without limitation, other buildings similar to the Premises or in proximity to the Premises, and therefore, Manager shall not be obligated to devote Itself exclusively to the management, maintenance, or operation of the Premises. B. Owner understands that this management agreement is fully assignable to a different Manager, should current Manager’s business sell, merge, or otherwise cease to exist. In this case, the new Manager is entitled to all of the rights privileges, and responsibilities mentioned in this agreement, and Owner continues to be bound by this agreement regardless of a change in Management company ownership. C. Owner further acknowledges that no guarantee or representation as to return, profit, anticipated gain or other possibility of profit or loss has been made to Owner by Manager, and that Owner has not relied upon any such guarantee or representation in entering into and executing this Agreement. D. Owner ▇▇▇▇▇▇ hereby agrees to immediately notify Agent if mortgage payments are not being made on property, or if property has fallen into an unfavorable financial situation. Agent reserves the right to inform any tenant(s)/occupant(s) of possibility of foreclosure proceedings and Agent cannot be held responsible for tenant(s)/occupant(s) vacating during any foreclosure period. Owner agrees to provide Agent with a copy of a recent mortgage statement verifying current loan status before Agent begins management. E. If a lender begins the foreclosure process on the property. Then the Manger may terminate the management contract immediately by providing 3 days written notice, and the Manager may return the security deposit to the owner or tenant at manager’s discretion and notify the tenant of the owner’s address.