RFP for Property Management Services

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A debt service coverage ratio no less than _____%, (defined as the ratio of net operating income after deduction of required reserve contributions to required debt payments (hard debt), and WHEREAS, the Owner requires that Agent provide, coordinate or arrange for the following Resident Services: _______________________________ AGREEMENT NOW, THEREFORE, in consideration of the promises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, Owner and Agent agree as follows: 1. Appointment of Agent. Owner hereby appoints Agent and Agent hereby accepts appointment on the terms and conditions set forth in this Agreement and its attachments, as Owner's exclusive agent to manage, operate, supervise, and lease the Property and, except as otherwise provided herein, to perform those actions necessary to fulfill Owner's obligations to any government agencies with authority over the Property, as well as Owner's obligations under any partnership agreements or other contracts, copies of which Owner has provided to Agent. 2. Term, This Agreement shall be in effect commencing _________, 2011 and terminating ____________, 2013. 3. Compensation. The compensation of Agent for its services hereunder shall be as provided in Exhibit A attached hereto and incorporated herein by this reference. Fees shall be paid monthly at the beginning of the month following the month in which services were performed, and shall be deductible from the Operating Account as part of the operating expenses of the Property. In the event of commencement or termination of this Agreement other than on the first or last day of a month, respectively, Agent’s compensation shall be prorated to the effective date of such commencement or termination, Proration shall be calculated based upon a thirty (30) day month. 4. Duties and Responsibilities a. General Responsibilities of Agent. Subject to the provisions of this Agreement, Agent is hereby authorized to manage, operate and lease the Property in accordance with the Owner- Property Management Agreement 2 December 2010
approved Management Plan, applicable regulatory agreements, and with standards of practice of professional managers of similar properties in the County of Santa Clara. In addition, Agent will provide other customary property management services required for the ordinary and usual business and affairs of the Property consistent with the management, operation, leasing, and maintenance of similar properties in the County. For the purpose of this Agreement, "similar properties" means properties or projects serving generally the same population of residents and operating pursuant to substantially the same or comparable programs or subsidies Owner requests Agent to perform services beyond the requirements of this Agreement, Agent must, prior to performing the service, provide Owner with immediate, written notice that the Agent believes that the request constitutes an additional service. Agent understands that such notice is critical to the Owner’s decision to have the Agent perform the service, and if Agent fails to provide such notice, Agent will have deemed to have waived any request for additional compensation for same, which shall be negotiated by the parties based on the fees provided for in this Agreement. b. Agent’s Specific Duties and Responsibilities i) Collection of Monies. Agent shall use reasonable and lawful efforts and means to collect the rents and other charges due from tenants, and all other charges, and revenues, and, when deemed economically appropriate by Agent and approved by Owner, to institute legal proceedings on behalf of Owner for collection in connection with the operation of the Property. Owner authorizes Agent to request, demand, collect, and receive funds for collection thereof in accordance with all applicable laws, regulations, ordinances or administrative grievance procedures and for the lawful dispossession of tenants, guests, and other persons from Property. Amounts expended by Agent for use of nonemployee consultants or experts, including attorneys, in the performance of these duties are the responsibility of Owner and shall be expensed to the Property's Operating Account. ii) Books, Records, and Documentation a) Agent shall maintain either at its principal office (if in Santa Clara County) or on the Property, to be decided at Agent's sole discretion, complete and separate books, records, reports, and documents relating to the management and operation of the Property, including without limitation all contracts, original leases, amendments, extensions and agreements relating to contracts and leases, annual contributions contracts, files, correspondence with tenants and Property Management Agreement December 2010 3
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RFP for Property Management Services

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