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property management agreement 2024.pdf

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Property Management Agreement This Property Management Agreement ("Agreement") is entered into on June 11th, 2024, between: Landlord: Cherry LFTY0412 DAO LLC 30 N Gould St Ste R Sheridan, WY 82801 Property Management Company: Calixte Duffaut Property Details: Property Address: 49 Bannbury Ln Palm Coast, FL 32137 1. Engagement of Services: The Landlord hereby engages the Property Management Company to manage the above-described property, and the Property Management Company agrees to manage the property in accordance with the terms and conditions of this Agreement. 2. Services Provided: The Property Management Company agrees to provide the following services: ● ● ● ● ● ● ● ● ● 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 June 11th, 2023 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: 3c506a0f3b7c34af1fa4e1575838a94810734907 4. Fees: In consideration for the services provided, the Landlord agrees to pay the Property Management Company the following fees: Management Fee: 10% of the monthly gross rent collected. 5. Repairs: Repairs and maintenance costs will be split amongst the Property Manager and the Landlord based on the ownership stake in the property. For example, if the Property Manager owns 50% of the equity, and a repair occurs for $1,000, the Property Manager will pay $500 and the Landlord will pay $500 towards the repair from the Operating Reserve. 6. Owner's Responsibilities: The Landlord agrees to: Provide the Property Management Company with all necessary documents and information related to the property. Maintain the property in compliance with all applicable laws and regulations. 7. Termination: The Property Manager may terminate this Agreement by providing written notice to the Landlord. Upon termination, the Property Management Company shall provide an account of all funds and property of the Landlord in its possession. The Landlord may terminate this agreement via a governance vote calculated based on membership interests held by each Member at the time of the vote subject to the an algorithmic scaling process described in the following document at <https://loftyai.notion.site/Governance-Mechanism-For-Partial-PropertySales-e74b184f52124e219c320bb61b2b89b8?pvs=4>. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. Pursuant to Subsection 17-31-111(a)(iii) of the Supplement, a quorum exists when a super majority of all membership interests entitled to vote is present. A super majority shall be defined from here forth as greater or equal to 60% of outstanding voting interests. Doc ID: 3c506a0f3b7c34af1fa4e1575838a94810734907 8. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Florida. 9. Entire Agreement: This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. Landlord: ––––––––––––––––––––––––––––––––––––– Property Management Company: ––––––––––––––––––––––––––––––––––––– Doc ID: 3c506a0f3b7c34af1fa4e1575838a94810734907