All Beach Apartment Management

The Condo Commandos

Contract Terms
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Buy the Beach Realty

Contract Terms:

This Agreement is entered into by and between the undersigned Owner(s), hereinafter called Owner, and All Beach Apartment Management, Inc., hereinafter called Company, with regard to the property known as:

Legal Description:
Street Address:

Personal Property Included: [__] Yes or [__] No
If Yes, see attached schedule [__] for items included or list here:

1. Company Obligations:
a. Inspect and report on condition of property at the commencement of this agreement, and schedule necessary cleaning, painting, and other services to ready the property for occupancy.
b. Collect all rents and security deposits, which rents and security deposits shall be paid to and deposited in Company account. Any tenant security deposit and "advance rent" must be retained by Company for return to or use of the tenant and cannot be used to pay Owner's current expenses. These sums will be held, as per Florida Statutes, in a separate non-interest bearing account for the account of the tenant(s) until earned.
c. Interface with tenants.
d. Schedule and supervise necessary repairs.
e. Arrange payment of invoices from repairmen, suppliers, etc. on behalf of owner, from Owner's funds. However this agreement shall not be construed in any way that the Company is financially responsible for these payments.
f. Process eviction, should such be necessary, up to the point of serving Tenant with a 3-Day Notice. Should further action be necessary, an attorney must be retained at Owner's expense. Company will provide interface and follow-up with Owner's attorney. Assist at removal of Tenant by Sheriff is Writ of Possession is executed.
g. Prepare complete records with monthly statements of account.
h. Prepare year-end statement of income and expenses.
i. Inspect and report on condition of property at end of tenancy, and schedule necessary cleaning, painting and other services to ready the property for future occupancy.

j. In any month in which the balance in Company's account on behalf of Owner exceeds the amount need to cover the security deposits, prepaid rents, the $500.00 minimum balance referenced in 2(a) plus current expenses, Company will promptly remit to Owner the excess.

2. In consideration of the above, Owner agrees to:
a. Pay Company a management fee while Property is occupied of 5% of the monthly rent or $75.00, whichever is greater. Minimum maintenance fee for unoccupied unit to be $75.00 per month. Maintenance fees shall be prorated as required for partial months.
b. Pay all expenses incurred by or ordered by Company with regard to the property.
c. Timely pay condo maintenance fees, mortgage, taxes, and any other fees and payments due on behalf of the property.
c. Deposit immediately upon execution of this contract and maintain in Company's account on Owner's behalf a fund of not less than $500.00 per unit for payment of necessary repairs and emergencies. If funds in Company's account fall below this amount, these monies must be replenished within 15 days of demand by Company.
d. Maintain insurance on the property to cover injuries to or damage by contractors, or external forces.
e. Immediately refer to Company for attention all inquiries relative to the Property.
f. Make the Property available for inspection and repairs at reasonable hours.
g. Grant Company the sole right, for the duration of this Agreement, to install and display a management sign on the Property in keeping with all county and city ordinances currently in effect.
h. Permit Company to place a lien of the Property for any unpaid sums.
i. Provide documentation necessary for execution of Company's duties, including but not limited to service contracts, equipment warranties and instruction manuals, condominium rules, emergency contact information, alarm codes.
3. Owner hereby warrants that he is the title holder or has legal authority to sign this Agreement.
4. Any reference to Owner in this Agreement shall include all owners of the Property who shall be jointly and severally obligated under the provisions herein stated.
5. It is agreed that the Property is in full compliance with federal, state, and local fair housing laws against discrimination on the basis of race, color, religion, sex, age, familial status, handicap, or national origin.
6. Time shall be of the essence. This Contract shall be binding on the parties, their heirs, personal representatives, successors, and assigns. This Contract may be signed in two or more counterparts. No modification or changes to this Agreement shall be valid or binding upon the parties unless in writing and signed by all parties hereto, but nothing herein contained shall preclude Company from freely assigning Its interest in this Contract.
7. Owner agrees to indemnify and hold harmless Company and those relying thereon for damages resulting from the inaccuracy of said information and from Owner's failure to disclose any facts materially affecting the value or desirability of the Property. If any action is brought by any party against the Company for the Company's failure to disclose said facts, other than those specifically set forth above, Owner hereby agrees to indemnify the Company and hold Company harmless from and against any and all claims, liabilities, damages, cost and expense, including attorney's fees and costs incurred by Company, in connection with or arising out of the Company defending said action.
8. The management fee herein referenced is in addition to and separate from any real estate commissions which may be due to any Broker(s) participating in the rental of the subject property.
9. Owner recognizes that during the early months of the rental period, that the combined expenses for upkeep and maintenance fees will probably exceed the rents collected and that Owner will not be entitled to any payments until the balance of such fees is brought up to date. In addition, Owner may be required to make additional payments to bring his account current. Owner also recognizes that Company cannot disburse against uncollected funds.
10. This Contract shall remain in effect for a minimum period of 12 months from date of execution, or until 30 days after the expiration of any lease agreement entered into while this agreement remain in effect, whichever is later ("Contract Period"). Both parties agree that this agreement shall automatically renew for a subsequent Contract Period on the same terms, unless written notice is received no less than 60 days prior to the expiration of the Contract Period.
11. If in Company's sole discretion Company is unable to adequately perform the services called for under this Contract, Company may terminate this Contract upon 30 days written notice to Owner.
12. Upon termination of this Contract, Company will promptly submit a final accounting and remit any funds being held on Owner's behalf.
13. In the event any litigation arises out of this Contract, the prevailing party shall be entitled to recover attorney's fees and costs including at trial and appellate levels.
14. Owner hereby authorizes Company, through its officers, to negotiate and enter into a lease for the Property and to sign any documents required to form the Tenancy including but not limited to Leases, Addendae to Leases, Memoranda or Contracts-For-Lease.
15. Owner authorizes Company, through its officers, to sign a listing agreement and list the Property for Lease with a Florida Real Estate Broker at prevailing rates and terms for the procurement of a Lease of the Property and agrees to be bound by any such agreements thus formed.
16. Owner authorizes Company to engage an attorney or attorneys to represent Owner in any legal action relating to the Property, including but not limited to bringing suit for collection of past due rents, tenant evictions, response to suits in which Landlord is named as a defendant relating to the operation of or ownership of the Property and to pursue any remedies or defend in any actions between Owner and the Condominium Association for the Property.
17. Facts materially affecting the value or desirability of the Property:

18. Broker Fees: Notwithstanding any past practice, modification to existing or prior listing agreement or informal arrangements supposedly in effect, Company will debit and pay to listing broker, commissions of 10% on all renewals or extensions of any and all tenancies.
19. Additional Clauses

20. Service is to start, and management fees shall accrue beginning___________________________ [immediately if left blank].

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Last modified: September 08, 2009
All Beach Apartment Management, Inc.
PO Box 398034
Miami Beach, FL 33239-0034
786-350-7218  (tel)
305-531-6742 (fax)