← 326-332 S Alcott St, Denver, CO 80219 · All properties

AAA Investments Property Services Agreement - 2024-10-01 - 326-332 S Alcott St.pdf

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

PROPERTY SERVICES AGREEMENT 1. THE PARTIES. This Property Services Agreement (“Agreement”) made on October 1, 2024 is by and between: Owner: Derek Scruggs and assigns, with a mailing address of 1212 S Dunn Ave #5, Fayetteville, AR 72701 (“Owner”) Servicer: AAA Investments LLC, with a mailing address of 2255 Sheridan C-110, Denver, CO 80214 (“Servicer”). The Owner and Servicer shall each be referred to as a “Party” and collectively as the “Parties.” Both Parties agree to the following: 2. PROPERT

Text Preview

PROPERTY SERVICES AGREEMENT
1. THE PARTIES. This Property Services Agreement (“Agreement”) made on October
1, 2024 is by and between:
Owner: Derek Scruggs and assigns, with a mailing address of 1212 S Dunn Ave
#5, Fayetteville, AR 72701 (“Owner”)
Servicer: AAA Investments LLC, with a mailing address of 2255 Sheridan
C-110, Denver, CO 80214 (“Servicer”).
The Owner and Servicer shall each be referred to as a “Party” and collectively as
the “Parties.” Both Parties agree to the following:
2. PROPERTY. The Owner hereby appoints the Servicer the exclusive right to rent,
lease, operate, and manage the property located at 326-332 S Alcott St, Denver
CO 80219 hereinafter known as the “Property.” The Property is currently used as
housing for four residences, each with two bedrooms and one bath
3. TERM. This Agreement shall be for a term of 12 months beginning on the date of
10/1/2024 and ending on 9/30/2025(“Term”).
After the Term expires, this Agreement shall continue on a month-to-month basis
with either Party having the option to terminate by providing thirty (30) days’ notice.
4. SERVICES. The Servicer agrees to provide the following Services under this
Agreement: (check all that apply)
☒ - Property tours. Show property to prospective tenants.
☒ - Eviction. Notifying tenants of lease violations and removal.
☒ - On site communications. Important communications via signage and other
physical notices
☒ - Eviction. Notifying tenants of lease violations and removal.
☒ - Property Maintenance. Handling the day-to-day repairs on the Property.
Hereinafter known as the “Services.”
5. SECURITY DEPOSITS. Security deposits will be collected and held in trust by
Owner. Owner shall pay all interest on Tenants’ security deposits as required by
Governing Law.
Any security deposits collected by either the Servicer or Owner must be placed in a
bank account with an interest rate in accordance with Governing Law.

Doc ID: ab8d0539b7b045197f3e25d01712339c92674b7a

6. SERVICER’S COMPENSATION. The Owner agrees to pay the Servicer the
following fees for the services provided under this Agreement: (check all that apply)
☒ - New lease fee in the amount of $800.
☒ - Renewal of lease fee in the amount of $400.
☒ - Fee for each month’s rentals in the amount equal to 6% of
each month’s collected rent.
☒ - Project management fee as described below:
For any work performed by third-party contractors arranged by Servicer, a
Project Management Fee of 15% of the contractor’s invoice amount shall be
added. This fee compensates the Property Servicer for coordinating and
overseeing contractor services, including hiring, scheduling, supervising, and
ensuring completion of the work to required standards. The Project Management
Fee applies to both routine maintenance and complex projects that require
additional oversight.
7. REPORTS. The Servicer agrees to provide the monthly reports on maintenance
activities, including any requests or complaints received from tenants.
8. RIGHT TO SELL. Owner retains right to sell all or part of the property at any time.
9. TERMINATION. During the Term of this Agreement, both Parties may terminate
this Agreement by mutual and written agreement. Both Parties shall also retain the
right to terminate this Agreement, with or without cause, by providing the other
Party at least 30 days’ notice. On termination, the Owner shall pay to Servicer any
fees, commissions, or expenses owed under the terms of this Agreement.
This Agreement shall automatically terminate: (1) on the Owner’s voluntary sale of
the Property; (2) upon foreclosure of the Property, transfer in lieu thereof, or
exercise of a lender’s remedies; or (3) in the event of total condemnation of the
Property. In case of a sale, the Owner shall notify the Servicer as soon as such sale
is negotiated.
10. REPAIRS AND MAINTENANCE. The Servicer shall obtain prior approval from the
Owner for all expenditures over $500 for any single item.
The Owner hereby gives power to the Servicer to supervise repairs, improvements,
alterations, and decorations to the Property, as well as purchase and pay bills for
services and supplies. Prior approval for lesser amounts shall not be required for
monthly or recurring operating charges or if emergency expenditures over the
aforementioned maximum amount are, in the Servicer’s opinion, needed to protect
the Property from damage, prevent injury to persons, avoid suspension of
necessary services, avoid penalties or fines, or suspension of services to tenants
required by a lease or rental agreement or by law, including, but not limited to,

Doc ID: ab8d0539b7b045197f3e25d01712339c92674b7a