Real Estate Management Agreement
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Introduction
The persons owning several buildings are not always interested in taking over the management of all their buildings, they occasionally prefer to delegate such management to a person residing on location, who is able to devote all the time required for such purpose. The real estate management agreement allows this kind of delegation.
To avoid any ambiguity about the extent of the powers and obligations of the person to whom such a mandate is entrusted, it is essential to record it in writing. This document establishes the legal and financial framework of such mandate.
Description
The Real-estate Management Agreement is the legal instrument by which a person, the owner, gives a second person, the manager, the authority to represent him for the supervision, administration and performance of all legal acts related to the management of one or more of its assets.
This contract is similar both to the mandate and the administration of the property of others.
Use
We recommend the use of this document to manage the legal relationship created between the parties, in a situation where the owner of a residential complex wishes to hire a manager to direct and oversee the lease, operation and management of said residential complex.
Table of Contents
0.00 INTERPRETATION
0.01 Definitions
0.01.01 Agreement
0.01.02 Auditors
0.01.03 Best Effort
0.01.04 Breach
0.01.05 Change in Control
0.01.06 Complex
0.01.07 Confidential Information
0.01.08 Encumber or Encumbrance
0.01.09 Event of Default
0.01.10 Financial Year
0.01.11 Force Majeure
0.01.12 Fundamental Provisions
0.01.13 Gross Revenue
0.01.14 Legal Representatives
0.01.15 PARTY
0.01.16 Person
0.01.17 Prime Rate
0.01.18 Related Person
0.01.19 Subsidiary
0.02 Precedence
0.03 Jurisdiction
0.03.01 Governing Law
0.03.02 Non-compliance
0.04 Miscellaneous
0.04.01 Cumulative Rights
0.04.02 Time and Dates
0.04.03 Financial References
0.04.04 References within Agreement
0.04.05 Gender and Number
0.04.06 Headings
0.04.07 Presumptions
0.04.08 Knowledge
0.04.09 Approval
0.04.10 GAAP
1.00 OBJECT
1.01 Mandate
1.02 Conditions
1.02.01 Required by MANAGER
1.02.02 Required by PROPRIETOR
1.02.03 Choice
2.00 CONSIDERATION
3.00 TERMS OF PAYMENT
3.01 Fees
3.02 Interest
3.03 Loss of Term
4.00 SECURITY
4.01 In favour of MANAGER
4.02 In favour of PROPRIETOR
5.00 MUTUAL REPRESENTATIONS AND WARRANTIES
5.01 Status
5.02 Authority
5.03 Binding Agreement
5.04 Canadian Resident
5.05 Commission
5.06 Insurance
5.07 Nominee
5.08 Fundamental Provisions
5.09 Disclosure
6.00 REPRESENTATIONS AND WARRANTIES OF MANAGER
6.01 Competence
6.02 Solvency
6.03 Other Businesses
7.00 REPRESENTATIONS AND WARRANTIES OF THE PROPRIETOR
8.00 MUTUAL DUTIES AND OBLIGATIONS
8.01 Confidential Information
8.01.01 Undertaking
8.01.02 End of Agreement
8.02 Insurance
8.02.01 Insured Risks
8.02.02 Amount of Coverage
8.02.03 Issuer
8.02.04 Co-insured
8.02.05 No Limitation
8.03 Indemnification
8.03.01 “Loss”
8.03.02 Scope
8.03.03 Procedure
8.03.04 Deductible
8.03.05 Limitation on Claims
8.04 Disclosure of Agreement
9.00 DUTIES AND OBLIGATIONS OF MANAGER
9.01 Best Efforts
9.02 Services
9.02.01 Leasing
9.02.02 Notice to Lessees
9.02.03 Punctual Payment
9.02.04 Collection of Rent
9.02.05 Collection of Arrears
9.02.06 Legal Proceedings
9.02.07 Relation with the Lessees
9.02.08 Lease Forms
9.02.09 Rules and Regulations
9.02.10 Promotion
9.02.11 Settlement of Accounts, etc.
9.02.12 Coordination
9.03 Limitation of Liability
9.04 Accounting and Management of Funds
9.04.01 Annual Budget
9.04.02 Monthly Reports
9.04.03 Quarterly Reports
9.04.04 Financial Statements and Annual Reports
9.04.05 Invoicing
9.04.06 Banking
9.04.07 Amounts Held in Trust
9.04.08 Information
9.04.09 Inspection by the Auditors
9.05 Security
9.06 Personnel
9.06.01 Employees
9.06.02 Remuneration
9.07 Services, Material and Supplies
9.08 Insurance
9.09 Counsellors and Consultants
9.10 Negotiations with the Lessees
9.11 Restrictions as to Expenses
9.11.01 Limits
9.11.02 Emergency
9.12 Advantages and Better Prices
9.12.01 Undertaking
9.12.02 Remittance
9.13 Respect of Legislation
10.00 DUTIES AND OBLIGATIONS OF THE PROPRIETOR
10.01 Payment of Debt
10.02 Working Capital
10.03 Immediate Payment of Funds
10.03.01 Exceeding Disbursements
10.03.02 No Responsibility
10.03.03 Indemnification
10.04 Reimbursement by PROPRIETOR
10.04.01 Advance
10.04.02 Interests
11.00 SPECIAL PROVISIONS
11.01 Assignment
11.01.01 Prohibition
11.01.02 Effect of Breach
11.01.03 Exception
11.02 Force Majeure
11.02.01 No Default
11.02.02 Duty
11.02.03 Rights of Other PARTY
11.03 Relationship
11.03.01 Independent Contractors
11.03.02 No Control over Performance
11.03.03 No Authority to Bind
11.04 Further Assurances
11.05 Other Remedies
11.05.01 Choices
11.05.02 No Limitations
11.06 Prescription
11.07 Indemnification by PROPRIETOR
11.08 Indemnification by MANAGER
11.09 Guarantee
11.09.01 Income Guarantee
11.09.02 Terms of Execution
11.09.03 Dispute
11.09.04 Excess in Guaranteed Income
11.10 Participation in the Case of Resale
12.00 GENERAL PROVISIONS
12.01 Notice
12.02 Dispute Resolution
12.02.01 Good Faith Negotiations
12.02.02 Mediation
12.02.03 Arbitration
12.03 Election
12.04 Counterparts
12.05 Amendment
12.06 Waiver of Rights
12.07 Electronic Transmission
12.08 Language
13.00 TERMINATION
13.01 Mutual Consent
13.02 Unilateral Termination
13.03 Cancellation
13.03.01 Without Notice
13.03.02 By MANAGER
13.03.03 Damages or Destruction
13.03.04 Expropriation
13.04 Change of Control
13.05 Remittance of Files
13.05.01 Documents
13.05.02 Final Account
13.06 Services Rendered after Cancellation
13.07 Duties Resulting from the Expiry or the Cancellation of the Agreement
14.00 EFFECTIVE DATE
14.01 Retroactivity
14.02 Execution
14.03 Deferral
15.00 DURATION
15.01 Probationary or Trial Period
15.02 Initial Term
15.03 Renewal
15.03.01 First Renewal
15.03.02 Subsequent Renewals
15.04 Conditions of Renewal
15.05 Survival
15.06 Non Renewal
16.00 SCOPE
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