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., PROPERTY MANAGEMENT ASSOCIATES 7808 Kelley Drive, Suite ll Stockton, CaUfornia $5207 • (209)474-0401 PROPERTY MANAGEMENT AGREEMENT l THIS IS INTENDED To BE A LEGALLY SINGING AGREEMENT-READ IT CAREFULLY x M1ydr'ed Dela Rive (hereinafter "Owner") , and PROPERTY MANAGEMENT '.° °ASSOCIATES (hereinafter "Agent") - California Real 'Estate Broker, agree as follows: 1'. The Owner employs nd-g�a�it ger� terms xclusive right to rent, lease, and manage the property,known s 1607 Bristol upon the hereinafter set forth, the period o -wear-com encing on 4%1/83 and terminating on 3/31/84 ?+ 0n the expiration date for the first and successive years if neither party has given ` thirty (30) days written notice. to terminate, this agreement is automatically extended k for an additional year. : .,:AGENT.. SHALL: Use diligence in the performance of this contract. b. Render monthly statements of receipts, expenses and charges and to remit to Owner receipts less disbursements. Qeposit all receipts and security deposits collected for Owner (less any sums properly deducted or otherwise provided herein) in a Trust account in a national or state institution qualified to engage in the banking or trust business, separate from Agent's personal account. However, Agent will not be held liable in event ' of bankruptcy or failure of a depository. di '. Bond by a fidelity company in adequate amount any employee who handles or is, { responsible for Owner's monies. 4. .t. the Owner grants agent the. following authority and empowers agent to pay the expenses 'd -j ' in connection therewith from the rent receipts collected and owner shall reimburse agent ,for any advancements made by agent as hereinafter provided: , it, Agent's Authority ,N:.. To advertise .the availability for rental of the above property or any part thereof, and to display "for rent" signs thereof. To sign, renew or cancgl rental agreements/leases for the premises or any part thereof. To collect rents or other charges and expenses due or to become due and give receipts 1 .1 ,;therefor. ` r , To terrniriate tenancies and to sign and serve 'in the name of the Owner such notices as are appropriate. ' Toy stitute and prosecute actions to evict 'tenants and to recover possession of said premises in the name of the Owner and recover rents and other sums due; and .when ' expedient, to settle, compromise, and release ,such attions.or suits or reinstate such tenancies. `�rt7 � ' U{ Re airs, Maintenance, Alterations its k Sin .,,. -14 . s,s{; , �_ T ; 1�+� `) T,oma�Ce Or Cdu5e. t0 e Ella ed�,5Vi5e repairs maintenance, and' alterat�ons>on , f 1r' ;. -'.��. said premises to ,purchase7suppl'ies and'rpay all bills therefor The Agent agrees to secure the prior approval of the Owner on all expenditures' in j excess of $150 for any one item, except monthly or recurring operating cha'rges' and I emergency repairs-irl excels--of-'-the.-max iinum,�--i-f-..in the_opin.ion ofi .the_Ag.:a. uch t Y} j repairs are necessary to protect the property from damage or prevent damage to life <: or to the property of others or to avoid suspension of necessary services or to avoid �o`r`fIW sTIo�m�ainta�n se�vire�`tom}5e—te-nn'ts—as IItF� `i W; r~ " V;��rental agreements/leases. � ;I�i Emo eel, ;qq ; 31To9sl ire disc large and. stiperv7se all , labor and employees required for the ;operation, *y i `and; maintenance of the -pr mi ses Agent may, perform any of its duties through Owner s aiaorneys, agents or employees and shall not be r ponsible for their acts; defaults or `negligence if reasonable ,care has been exerc'sed .in their appointment an retention. j. IJ sWn{