MENAQUALE PROPERTY MANAGEMENT

P.O. Box 55, Newark, DE 19715

(302) 368-1334

~ EXCLUSIVE AUTHORIZATION TO LEASE ~

The undersigned Owner hereby grants the undersigned Agent the EXCLUSIVE AUTHORIZATION AND right, for a period commencing this date and terminating at midnight on ______, 19______, to lease the real property described as ______

______consisting of: ______together with the following personal property: ______

______at a rental of $______, for a period of not less than ______and not more than ______

Upon the following terms: ______

______

Menaquale Property Mgt. shall undertake the following responsibilities…

  1. To maintain the property in a good habitable condition at all times and to effect all necessary maintenance and repairs promptly and efficiently but with due regard to costs involved.
  2. To pay promptly all property related expenses and accounts as well as any other payments required by the owner.
  3. To ensure that all licenses are applied for and renewed as demanded by Delaware regulations for rental properties.
  4. To ensure that all payments, expenses and rental income is forwarded monthly to the homeowner.
  5. To ensure that the property is thoroughly cleaned after each tenant and all repairs are made and deducted from the security deposit within the amount of time Delaware allows. Any deductions for repairs, etc. that are not allowed to be deducted from security deposits shall be the responsibility of the homeowner
  6. Statements of account are prepared monthly and any rental income due owner is paid to owners monthly.

Property Owners shall…

  1. Allow the management company into the property at any reasonable and convenient time during the term of this rental agreement.
  2. Reimburse the management company for any necessary advertising expenses, repairs, renewals or any other property related charges borne by the management company to ensure that the rental property remains in good habitable condition.
  3. Ensure that the rental property is adequately insured against fire or any other destruction as well as against liability towards tenants, their guests or any other contractors who may enter the property.
  4. The owner will be responsible for all utilities not covered by the tenants.

Owner agrees to pay MPM as compensation for services rendered a fee of

  • ______% of the gross rent received each month for management
  • An initial rental fee of ½ months rent each time a new, qualified tenant is obtained for the rental property.
  • Any time a late fee is paid by a tenant, MPM will deduct said ______% management fee from those amounts.
  • Any mailings sent to owners or tenants which require a special delivery charge, said charge will be passed on to property owner.

IF …

  1. During the term hereof Agent procures a tenant on the terms specified herein or on any other terms acceptable to Owner.
  2. During the term hereof the property is rented or leased by Owner or through any other source.
  3. A lease, or agreement of sale, exchange or other transfer of the property is made within three (3) months after the termination of this authorization with persons with whom Agent shall have negotiated during the term hereof and whose names Agent shall have submitted in writing to Owner within ten (10) days after termination of this authorization.

*If suit is brought to collect the compensation or if Agent successfully defends any action brought against Agent by the Owner arising out of the execution of this authorization or any lease or other transfer relating to the herein described property, Owner agrees to pay all costs incurred by Agent in connection with such action, including a reasonable attorney’s fee.

*Should MPM have to represent themselves and the owner in court against a tenant, for any reason, there will be a $75.00 fee, per occurrence payable from the property owner as the court does not allow tenants to pay this cost even if the tenant is found at fault.

*At any time if a property owner does not allow MPM to make any necessary repairs, especially repairs or maintenance that could be considered safety items, then MPM has the right to cease management of the property and return keys, leases, security deposits, etc. to the property owner at the end of the month of which the property owner has already paid a management fee to MPM.

*Owner agrees to make available to Agent all data, records and documents pertaining to the property, to allow Agent to show the property at reasonable times and upon reasonable notice and to commit no act which might tend to obstruct the Agent’s performance hereunder.

*Property owner herby acknowledges that he/she has insured the subject rental premises with a minimum of $300,000 property liability insurance and will name Menaquale Property Mgt. as an additional insured so as to hold the management company harmless should a claim arise. Property owner further agrees to furnish management company with a certificate of insurance upon request.

*The undersigned Owner warrants that he/she is the owner of record or the property or has the authority to execute this agreement. In consideration of the execution hereof, the undersigned Agent agrees to use diligence in procuring a lessee.

  • Property owner / management may cancel this rental management contract at any time upon written notice.

Receipt of a copy hereof is hereby acknowledged

Agent:______

Anne L. MenaqualeDate

T/A Menaquale Property Management______

P.O. Box 55Owner

Newark, DE 19715______

(302) 368-1334Address

______

Address

______

Anne L. MenaqualePhone

The following additions, changes, etc. are hereby incorporated into this authorization:

______

This authorization is hereby extended until midnight of ______. All other terms and conditions shall remain unchanged and in full force and effect.

______

Date

______

AgentOwner