Renewals or Extensions. Each time a tenant renews or extends their lease agreement, ▇▇▇▇▇▇ Properties will charge a Renewal Commission equivalent to 1% of the total lease revenue generated for that signed extension. This charge will be paid the following month after the extended lease agreement has been executed. Example: A tenant renews their lease agreement for an additional 12 months paying $1,500 per month in rent. This will generate the owner $18,000.00 in gross revenue, ▇▇▇▇▇▇ Properties will charge 1% (One Percent) of that $18,000.00 for a total commission payable upon execution of $180.00. The minimum renewal fee is $120.00 and will be pro-rated for shorter than 12 month lease extensions.
Appears in 2 contracts
Sources: Property Management Agreement, Property Management Agreement