Owner employs the services of Manager to manage, operate, control, rent and lease the above described property
Manager agrees to collect all rents; to render to Owner an accounting of rents received and expenses paid; and to remit to Owner all income, less any sums paid out. Managers also agrees to deposit all the rental cheques to the Owners account.
Manager agrees to advertise for Tenants, screen tenants and select tenants of suitable credit worthiness. Manager will set rents that in opinion of the Manager at the time of rent negotiations with the tenant, reflect the market conditions of that time and approximate rents of comparable rental properties. Manager agrees to rent and to lease the property; to sign, renew and to cancel rental agreements and leases for the property or any part thereof; to sue and recover for rent and for loss or damage to any part of the property and/or furnishings thereof; and when expedient, to compromise, settle and release any such legal proceedings or lawsuits.
Manager will have the full right to rent the property and prepare Tenancy Contract on Owners behalf. Manager will be responsible in providing a report to the Owner, and remit all the rental payments accordingly.
The Owner shall pay a property Management Fee amounting to AED 1,950/- which covers all the below mentioned package. Major maintenance above AED 500/- will be the responsibility of the Owner
This Agreement shall be effective on the above given dates. Upon expiration of the above initial term, this Agreement shall be renewed or terminated by either party providing written notice of 90 days prior to the date of such renewal.
This document represents he entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on the date first above written.