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Duplicate Candidate - Property Management Agreement - 326-332 S Alcott St, Denver, CO 80219.pdf

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Property Management Agreement This Property Management Agreement ("Agreement") is entered into on March 20th, 2025, between: Landlord: Pelican LFTY0316 DAO LLC 30 N Gould St Ste R, Sheridan, WY 82801 Property Manager: ECO Systems, LLC c/o Earl V. Co, Manager 500 Westover Dr #33191, Sanford, NC 27330 Seller: Derek Scruggs Property: 326-332 S Alcott St, Denver, CO 80219 1. Engagement of Services: The Landlord hereby engages the Property Manager to manage the above-described property, and the Prope

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Property Management Agreement
This Property Management Agreement ("Agreement") is entered into on March 20th, 2025,
between:
Landlord:
Pelican LFTY0316 DAO LLC
30 N Gould St Ste R, Sheridan, WY 82801
Property Manager:
ECO Systems, LLC c/o Earl V. Co, Manager
500 Westover Dr #33191, Sanford, NC 27330
Seller:
Derek Scruggs
Property:
326-332 S Alcott St, Denver, CO 80219
1. Engagement of Services:
The Landlord hereby engages the Property Manager to manage the above-described
property, and the Property Manager agrees to manage the property in accordance with the
terms and conditions of this Agreement.
2. Services Provided:
The Property Manager agrees to coordinate or provide the following services:

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Marketing the Property for Rent
Tenant Screening and Selection
Lease Preparation and Execution
Rent Collection
Property Maintenance and Repairs
Inspections
Handling Tenant Issues and Disputes
Accounting and Financial Reporting
Eviction Proceedings (if necessary)

3. Term:
The initial term of this Agreement shall commence on March 24th, 2025 and shall continue for
a period of 5 years. After the initial term, this Agreement shall automatically renew for
successive periods of 5 years unless terminated by either party with 60 days' written notice.

Doc ID: 36d8892f2791b1fcdc594330583cebcdb822d5fc

4. Fees:
In consideration for the services provided, the Landlord agrees to pay the Property Manager the
following fees:
Management Fee: 10% of monthly gross revenue
Leasing Fee for New Tenancies - 50% of first month's rent
Lease Renewal Fee - None
Maintenance Reserve Deposit - $500 per unit = $2000
5. Repairs:
Repairs and maintenance costs will be split amongst the seller, Derek Scruggs, and the investors
based on the ownership stake in the property. For example, if the sellers owns 50% of the equity,
and a repair occurs for $1,000, the seller will pay $500 and the investors will pay $500 towards
the repair from the Operating Reserve.
Property Manager may hire contractors to repair, maintain, or alter the Property provided that
Property Manager does not expend more than $500 for any single repair, maintenance item, or
alteration without Landlord's consent, unless the repair is deemed necessary by Property
Manager.
Property Manager may hire contractors to make emergency or necessary repairs to the Property,
without regard to the expense limitation above, that the Property Manager determines are
necessary or to protect the Property or the health or safety of a tenant.
Property Manager may contract for annual preventative maintenance at the expense of the
Landlord.
Property Manager may contract, at Landlord's expense, in Landlord's name for all utilities and
maintenance to the Property, and other regularly recurring expenses that Property Manager
determines are reasonable to maintain and care for the Property.
6. Owner's Responsibilities:
The Landlord agrees to provide the Property Manager with all necessary documents and
information related to the Property and maintain the Property in compliance with all applicable
laws and regulations.

Doc ID: 36d8892f2791b1fcdc594330583cebcdb822d5fc