FOR MANAGEMENT. Owner shall pay Manager a management fee equal to 12% (twelve percent) of the gross monthly rents collected (the “Management Fee”). Should a security deposit claim be made to cover any unpaid rent, the Management Fee shall be applicable to such rent also. If a tenant pays rent in advance, such rent shall be held in escrow and will be distributed to Owner minus the Management Fee and any money owed by Owner to Manager each month as rent becomes due.
Appears in 2 contracts
Sources: Full Service Management Agreement, Residential Property Management Agreement