Fort Lee / New Jersey / United States
This agreement is entered into on the th day of , 2003 by and between Furumoto Realty of NYC, Inc, a New York Corporation, having its principal office at 150 East 58th Street, NY 10155 23rd floor 23rd floor (hereinafter "Agent") and , (hereinafter "Owner") owning premises (the"Property") located at . Whereas Owner holds title to the "Property" and, Whereas Owner desires to provide for the management of the Property and, Whereas Agent is engaged in the business of managing such properties: Now, therefore, in consideration of the mutual promises and other consideration set forth herein, it is hereby contracted, covenanted and agreed by the parties hereto, as follows: 1.1 It is hereby agreed that Owner shall employ Agent as the sole and exclusive management agent of the Property 2.1 It is hereby agreed that Agent shall use all reasonable efforts to lease the Property to desirable tenants. For this purpose Agent may: d. Prepare leases and execute same as agent for Owner.Owner shall refer all inquiries for leases and renewal to Agent and all negotiations or leases and renewals shall be conducted and controlled by the Agent. 2.2 It is hereby agreed that Agent shall collect the rents and other income from the Property promptly when such amounts become due and shall deposit all such amounts in a separate account in a banking institution insured by the Federal Deposit Income Corporation.Owner however will have access to any information regarding his account at any time upon request. Agent shall quarterly render to Owner a formal statement of receipts and disbursements, and shall quarterly pay to Owner all amounts in such bank account except a reasonable balance for working cash, and shall simultaneously provide Owner with a statement of account. However, Owner shall have access to any information regarding Owners account at any reasonable time, upon prior written request therefor. 2.3 It is hereby agreed that Agent shall, at the expense of Owner, purchase necessary and proper items for the upkeep and maintenance of the Property as well as make or escrow for ordinary repair thereof. Agent may contract for the emergency repair of the Property unless the Property is rendered untenantable, at which time Owner shall decide whether to effectuate repairs. Except where the Property has been rendered untenantable, all purchases and contracts for the maintenance, upkeep and repair (either ordinary or emergency) shall be entered into and controlled by Agent. For purposes of fulfilling the duties and exercising the powers set forth in this paragraph, Agent may draw upon the bank account described in paragraph 2.2 of this agreement. If requested by Owner, Agent shall make payment of mortgage, taxes, and insurance for the Property provided the income from the Property is sufficient to pay the same. Agent shall not be liable to Owner for the non-payment of said items if Agent has exercised due diligence and reasonable care. 2.4 It is hereby agreed that Agent shall employ, discharge, supervise, and pay, on behalf of Owner and at Owners expense, all servants, employees and contractors considered by Agent to be necessary for the efficient management of the Property. Agent shall not be liable to Owner, and shall be held harmless by Owner, for any act or omission on the part of such servant, employee or contractor, unless any claim against Agent shall arise out of, or in connection with, the gross negligence or willful misconduct of any of the foregoing parties. 2.5 It is hereby agreed that Agent be, and hereby is, authorized to institute legal actions in the name of, and at the expense of Owner, to enforce the collection or rent or other income from the Property and to dispossess tenants or other persons from the Property. With regard to any such legal action, Agent may engage counsel, in connection therewith, at
