Property Management as a Service

a) Expiration: Either party may cancel this Agreement prior to the start of the renewal period by providing thirty (30) days written notice to one another.

b) Early Termination by Owner:Owner may cancel this Agreement prior to the expiration of the agreed-upon Term by providing thirty (30) days written notice to Property Manager and the Owner shall be obligated to pay a cancellation fee equal to 50% of the total annual Management Fee (“Early Termination Fee”), unless the thirty-day notice serves the purpose of indicating non-renewal.Owner pays Property Manager the Early Termination Fee within ten (10) days of giving notice of early termination.

c) Early Termination by Property Manager: We may terminate this Agreement at any time with cause by providing 30 days written notice to you.We reserve the right to withhold funds for thirty (30) days after the end of the month in which the Agreement is terminated to pay any obligations related to the Property, and Owner shall pay the Property Manager any remaining proceeds within 30 days of the termination date.Additionally, the Property Manager may at its option continue to hold Owner liable for any commissions and/or fees due or monies owed to the Property Manager if the tenant remains on the property after such termination by the Property Manager.

d) Notice: Acceptable written notice shall only be sent by certified mail, return receipt requested.

a) Price Changes: In the interest of reducing time on market and keeping the property consistent with possible fluctuating market conditions, Property Manager is given the authority to negotiate the initial market offering of Rent as outlined in your MSA within a 7% variance without seeking the prior approval of Owner.

b) Security Deposit: At Property Managers discretion, a security deposit of no less than the equivalent of one (1) month's Rent, or a monthly non-refundable fee may be required as a condition of renting.Property Manager shall be given sole authority to determine the amount of Security Deposit or Monthly Fee required of a renter consistent with our company policies and procedures.

c) Assurance Fee: Property Manager may offer tenant the option to pay a non-refundable fee (“Assurance Fee”) in lieu of a Security Deposit in accordance with FL Chapter 83.491.This fee is not a Security Deposit and payment of the fee does not absolve the tenant of any obligations under the rental agreement, including the obligation to pay Rent as it becomes due and any costs and damages beyond normal wear and tear which the tenant or his or her guests may cause.

d) The tenant will retain the right to pay a Security Deposit instead of an Assurance Fee at any time by providing written notice to Property Manager, at which time Property Manager will provide to tenant the amount required as a Security Deposit.Upon written acceptance of the Security Deposit amount by the Parties, Tenant shall be obligated to make the Security Deposit payment in full, or at tenant's option, may pay the Security Deposit in monthly installments in addition to making Assurance Fee payments until such time the Security Deposit has been fully paid, then the Assurance Fee will terminate.

e) If Owner uses any portion of the Assurance Fee to purchase insurance, the tenant is not insured and is not a beneficiary of the Owner's insurance coverage, and that the insurance does not limit or change the tenant's obligations to pay rent and fees under the rental Agreement or change the Tenant's obligation to pay the costs of repairing damage to the premises beyond normal wear and tear.

a) For Management: Owner shall pay us a monthly management fee consistent with the rate(s) as published on our website at https://zealrealty.com/property-management/ (the “Management Fee”) beginning on the Effective Date and payable on the first day of each month thereafter, from the operating account or from other Owner funds.Owners with customized pricing plans will not be published and must refer to their MSA.You acknowledge and accept that Management Fee increases by ten percent (10%) or less during the Term are binding and cannot be used as a basis for cancellation. In the event of price increases greater than ten percent (10%), such increases will only take effect upon the renewal of the Term.If the Effective Date begins on a day other than the first of the month, the parties agree that the Management Fee will not be prorated in any way.Upon the expiration or earlier termination of this Agreement, the parties will not prorate the Management Fee in any way.Should a security deposit claim be made to cover any unpaid Rent, the Management Fee shall be applicable to such Rent also.If a tenant pays Rent in advance, such rent shall be held in our operating account and will be distributed to Owner minus the Management Fee and any money owed by Owner to Property Manager each month as Rent becomes due.Owner shall be responsible for any additional costs incurred in the event of a default by tenant and eviction proceedings are required.

b) Tenant Identification and Placement: Owner shall pay us a listing fee consistent with the rate(s) as published on our website at https://zealrealty.com/property-management/ (the “Listing Fee”) for each new tenant placement.Owners with customized pricing plans will not be published and must refer to their MSA.You acknowledge and accept that if Listing Fee increases by ten percent (10%) or less during the Term are binding and cannot be used as a basis for cancellation. In the event of price increases greater than ten percent (10%), such increases will only take effect upon the renewal of the Term.If the tenant and a lease is already in place prior to execution of this Agreement, there will not be a Listing Fee charged for that lease. In addition to the Listing Fee, you acknowledge and agree that we have the authority to collaborate with other licensed real estate professionals outside of our firm to find suitable tenants. We may offer those outside firms' compensation for successful tenant placement not exceeding $250.00, in addition to any Listing Fee already established, (the “Cooperative Fee”).

c) Lease Renewal: If after the initial lease period, the lease is renewed with the original tenant, Owner shall pay us a listing fee consistent with the rate(s) published on our website at https://zealrealty.com/property-management/ (“Renewal Fee”).Owners with customized pricing plans will not be published and must refer to their MSA.You acknowledge and accept that Renewal Fee increases by ten percent (10%) or less during the Term are binding and cannot be used as a basis for cancellation. In the event of price increases greater than ten percent (10%), such increases will only take effect upon the renewal of the Term.

d) Inflation Adjustment Fee: If the total Consumer Price Index inflation rate exceeds 3.75% (the “Rate”) as measured by the U.S. Bureau of Labor Statistics, an additional fee of twenty-five cents ($0.25) per basis point above the Rate shall become due for each month in which the Rate is exceeded.

e) Bill Payment Fee: A processing fee of no less than the greater of $2.50 or 5% of the total amount for each bill paid on behalf of the Owner will apply. This fee is an administrative charge added on top of any consumable costs associated with paying the bill, such as postage, check fees, or payment processing expenses. The total fee will be deducted from the Owner's account at the time the payment is processed.

f) Reimbursement of expenses: You agree to reimburse us for all reasonable and necessary expenses incurred in the management, maintenance, and operation of the property. This includes, but is not limited to, costs related to repairs, maintenance, utilities, insurance claims, legal or compliance matters, vendor payments, administrative services, and any other expenses incidental to the management of the property. Such expenses will be billed to you and deducted from your account.

g) Miscellaneous Compensation: Property Manager shall be entitled to a commission from all Rent monies collected from the tenant or retained from the security deposit or last month's Rent if owed by the tenant upon vacating the Property, and shall have the right to retain any charges deemed “additional rent” or fees in the lease agreement, including but not limited to any renewal fees, application fees and late fees or charges.All late charges or fees owed by any tenants shall be collected at the discretion of the Property Manager and Property Manager shall retain all such charges, fees and late fees even if not defined as “additional rent” in the lease agreement which allows these sums to be placed on a three-day notice.Owner acknowledges and agrees that Property Manager has the sole and absolute discretion to waive any late fees or interest due from any tenants in accordance with Property Manager's policies.In the event tenant delivers the security deposit, but fails to take possession of the Property, the security deposit will be released 50% to Owner and 50% to Property Manager.

a) Full management and control of the Property with authority to collect Rent and other monies and securities from tenant in Property and issue receipts thereof.

b) To accept and qualify applications for rental and to perform credit checks and other screening services, to approve or decline such applicants according to our policies.Owner shall not be provided with the tenant's credit report or application.If any potential tenant does not meet our rental criteria, we may but are not required to provide such potential tenant to Owner, for Owner's consideration as a tenant.

c) For Property Manager to prepare and negotiate new leases, renewals and terminations of existing leases as deemed appropriate by Property Manager.Property Manager is authorized for and on behalf of Owner to execute leases and lease renewals.

d) To list or withhold listing the Property on the multiple listing service (“MLS”) for any period of time as deemed appropriate by us, and we are authorized for and on behalf of Owner to execute data entry and exclusion forms where necessary.

e) To provide for all negotiating and contractual arrangements (in the name of the Owner) by independent contractors for any and all repair services, vermin extermination, and trash removal deemed necessary by the Owner or the Property Manager, and to pay the independent contractors for these services, repairs and improvements from the Owner's funds. 

f) Owner grants Property Manager permission, at Property Manager's sole discretion, to make and maintain ongoing repairs, general maintenance, and upkeep of the Property as needed without seeking prior approval if all incidents combined do not exceed $500.00 per month.Any improvement, repair or general maintenance item that exceeds $500.00 (except emergency repairs), Owner's written approval shall be obtained first.

g) Owner shall provide or bear cost of providing all keys and required access cards, key fobs, or remotes to the Property.In the event of an emergency that the Property Manager deems an emergency or necessary in Property Manager's sole and absolute discretion for the safety and welfare of the tenant(s) or the welfare of the Property, Property Manager has authority to institute such repairs over $500.00 and Owner agrees to be responsible for the sums expended. 

h) In the event repairs are made and funds are not sufficient, Property Manager may require payment or delivery of funds by Owner prior to making the repairs and Owner shall hold Property Manager harmless from any delay or failure to make a repair if the funds are not readily made available by Owner or Property Manager.Owner agrees that in the event a repair exceeds the amount of Rent, Owner shall pay Property Manager the full balance owed no later than 14 (fourteen) calendar days upon receipt of invoice for said repair.

i) To serve legal notices upon tenants and to prosecute in the name of the Owner, or in the name of the Property Manager, and at the Owner's expense legal actions to evict tenants, recover rents and terminate tenancies, employing for these purposes an attorney.Such attorney shall be deemed to be the attorney of the Property Manager and Owner hereby specifically agrees that the Property Manager may use said attorney as Property Manager's attorney in any dispute between Owner and Property Manager.Owner further authorizes Property Manager to compromise and settle claims on the Owner's behalf as may be necessary in the Property Manager's reasonable judgement.

j) Property Manager has the right, but not obligation to conduct routine preventative walk-through inspections and maintenance on the Property and to retain licensed professionals to do the same, at Owner's expense.

k) The right, but not the obligation to pay any homeowner association or condominium associations dues and deduct these dues from Owner's monthly income statement if Owner fails to pay the required dues.

l) Property Manager has the right, but not the obligation to advertise the Property when vacant or in anticipation of vacancy, including the right to place “For Rent” or “For Lease” signs on the Property unless prohibited by applicable community association rules or local ordinances and use a lockbox system to access and show the property.Any special advertising required by Owner outside the normal and customary scope of Property Manager's marketing shall be at Owner's sole cost and expense.Owner acknowledges and agrees that Property Manager will not advertise on Craigslist or similar sites.

m) To accept or decline checks for rental and other payments due from tenants according to Property Manager's policies, provided Property Manager shall not held liable for bad checks or money not collected.Owner agrees to hold Property Manager harmless for any failure to secure tenants for Owner, any cancellation by the tenants or failure to collect any Rents or monies due from tenants for any reason.Property Manager has such other general authority and power as may be necessary or expedient to carry out the spirit and intent of this Agreement.Property Manager assumes no responsibility for any other services unless agreed to in writing. 

n) Property Manager is not responsible for damage to the Property or items missing, switched out, lost or damaged under any circumstances, including but not limited to, theft, vandalism or negligence of the tenants or their guests.In the event tenants damage the Property or owes any monies to the Owner, Property Manager is given the exclusive authority to determine in its professional judgment the amount due, charge the tenants accordingly or settle with the tenants upon advice of Property Manager's legal counsel.Property Manager is given the power to make claims upon the security deposit on behalf of Owner, and Property Manager shall not be held liable for any failure to make claims on any damages which were not readily apparent to Property Manager.

a) To use diligence in renting, leasing, operating and management of the Property for the period and upon the terms herein provided.However, Property Manager does not guarantee the payment of Rents by tenant but will make every reasonable effort to collect same when and as they become due.

b) To render monthly statements of receipt, expenses and charges and to remit to Owner receipts, less disbursements.In the event the disbursement shall be in excess of the Rents that are collected by the Property Manager, the Owner hereby agrees to pay such excess promptly upon demand of the Property Manager.If in the Property Manager's sole and absolute discretion, it may be necessary to reserve or withhold Owner's funds to meet obligations which are or may become due (including without limitation, the Property Manager's compensation) thereafter and for which current income will not or may not be adequate, Property Manager may do so.In the event of a breach of this Agreement on the part of the Owner, the Property Manager may accelerate all fees due through the balance of the Agreement.Owner hereby assigns to Property Manager all Rents on the subject Property as security for the obligations described herein.

c) To deposit all receipts collected for the Owner (less any sums deducted or otherwise provided herein) in an FDIC insured operating account separate from Property Manager's operating account.However, Property Manager will not be held liable in the event of bankruptcy or failure of a depository and shall not be liable for bad checks or money not collected.

d) Property Manager shall hold security deposits for the Property in a non-interest-bearing account.To minimize legal disputes and liability to both the Owner and the Property Manager, Property Manager retains the sole and exclusive right to refund any security deposits in full or part to an applicant or tenant who has or has not signed a lease upon the advice of Property Manager's legal counsel and Owner agrees to hold Property Manager harmless for same.In the event of a dispute between Owner and tenant, Property Manager may deliver any security deposit into escrow with a third-party pending resolution of such dispute between the Owner and the tenant.

e) Provide for authorized individuals to perform walk-throughs of the Property as deemed necessary by Property Manager and to provide security deposit evaluations at the time of a tenancy.

f) Property Manager may provide Owner with a username and password to access income and expense statements for the Property through an internet-based website provided by Property Manager.Owner acknowledges that if such internet-based website is provided, statements for the Property will not be delivered by mail.

g) Property Manager may send Owner funds via direct deposit or ACH at no charge, provided Owner provides all necessary information to Property Manager.

a) The property is not subject to any outstanding default, foreclosure, contract of sale, option to purchase, contract for deed, nor any other contractual obligation which would conflict with, preclude, or prohibit us from performing our duties described herein.

b) Owner has no knowledge of any environmental hazards related to the Property and agrees that if any environmental hazards arise that the Owner shall take full responsibility of any cost associated with such environmental hazards.

c) To maintain the Property in a safe and habitable condition.Owner warrants that all fixtures and operating systems, including without limitation, plumbing, air conditioning, heating and electrical systems, appliances, garage doors and opener(s), ceiling fans, smoke detectors, mailbox and attached lighting fixtures are in satisfactory operating condition.Owner agrees there are no defects to the property.

d) In the event improvements or repairs are necessary, to reasonably approve all needed capital expenditures indicating exactly what Owner intends or does not intend to have performed and to handle all insurance claims and insurance matters directly with owner's insurance carrier.Owner shall be responsible for the contractor's acts, defaults and negligence and will advance funds to Property Manager for all capital expenditures exceed the Property's gross monthly income.

e) To be reasonable for payment of the following recurring expenses: mortgage payments, taxes, fire or other insurance premiums, homeowner or condominium association obligations, and any other expenses.Property Manager shall not be required to advance money to pay any Owner obligations, including recurring expenses, unless Owner has provided sufficient funds to cover the amount.

f) To keep Property Manager informed of any changes of ownership interest in the Property.

g) To provide Property Manager exclusive rights of representation to act as a real estate listing broker under terms agreed upon in a separate listing agreement in the event the Property is marketed and to be sold by Owner during the Term of this Agreement.Unless otherwise agreed to in writing, if we do not exclusively represent the sale of the Property then you will compensate us three times the total annual Management Fee to waive this exclusive right.

h) To keep Property Manager with current and up-to-date copies of any applicable condominium or homeowner association rules and regulations.In the event tenant fails to comply with the rules and regulations and the applicable association levies fees, fines, or assessments against Owner, Property Manager shall not be liable for such obligations, however, Property Manager shall charge the tenant a fee to reimburse the Owner for same.

i) To arrange and pay for any leasing permits which are a requirement of any applicable condominium or homeowners association.

j) To at all times carry at Owner's expense, such insurance against liability, for personal injury and property damage as shall be adequate and necessary to protect the Property Manager and the Owner and to keep Property adequately insured, and immediately notify Property Manager should insurance lapse, including Property Manager as an additional insured on such insurance policy and providing Property Manager a valid copy of such policy at all times.

k) To keep Property Manager informed of any changes of Owner's mailing address and phone numbers.

l) That Property Manager shall not be liable for any willful neglect, abuse or damage to the Property by tenants or others nor for loss of or damage to any personal property of Owner by tenant including loss due to exchange or theft by tenants or others.Property Manager shall not be responsible for nonpayment of or theft of any utility service by tenant or be held liable for any error of judgement or mistake of law except in cases of willful misconduct or gross negligence.

m) Regarding utilities: if allowed by law and unless otherwise agreed to by the parties, tenants are required to have telephone service, cable, electric service, water service and all other utilities in their own name. If any lease where the tenants shall have use of the Owner's utilities and be responsible for all or part of the bills, Owner shall pay the entire bill in a timely manner.Under no circumstances shall Owner cause the termination of these services and Owner agrees to indemnify Property Manager for any damages or litigation fees, costs or expenses incurred by Property Manager if Owner improperly terminates any utility services.Property Manager will deduct bills to the extent of funds available and Owner agrees that Property Manager shall be in no way responsible for nonpayment of or theft of any utility service by tenants.

n) To provide Property Manager with all information Owner knows about lead-based paint and lead-based paint hazards as required by federal law for properties built prior to 1978.Owner acknowledges that Property Manager will rely upon all of Owner's representation regarding the Property when dealing with prospective tenant(s).Owner will immediately inform Property Manager of any material facts affecting the Property that arise after signing this Agreement. 

o) To cooperate with Property Manager in carrying out the purposes of this Agreement.

p) PROPERTY MANAGER HEREBY ADVISES OWNER THAT ALL WALK-THROUGHS OF THE PROPERTY PERFORMED BY PROPERTY MANAGER ARE PRIMARILY FOR THE PURPOSE OF DISCOVERING OR NOTING CERTAIN COSMETIC CONDITIONS WHICH MAY OR MAY NOT AFFECT THE PROPERTY'S WORKING CONDITION AND IS PRIMARILY INTENDED TO AFFIRM THE “AS-IS” CONDITION OF THE PROPERTY.

q) In the event the Property is furnished, the Owner shall provide a copy to the Property Manager an inventory of the furnishings.It is the Owner's responsibility to keep the inventory current.Owner understands that it is not advisable to leave any personal property in the Property and shall hold Property Manager harmless for any loss of personal property.

r) Owner acknowledges that if any maintenance or repairs are required, Property Manager is authorized to make such maintenance or repairs at Owner's expense.

s) Owner shall provide Property Manager with copies of all service contracts and warranties related to the Property and its furnishings.If no service contracts or warranties are provided upon execution of this Agreement, the Property Manager shall assume that none exist.

t) If applicable, Owner acknowledges that drought, pests and tenant neglect is common, and it is extremely difficult to expect the tenant to properly maintain the landscaping.Owner is urged to retain professional lawn care or landscaping service and hold Property Manager harmless for tenant's failure to properly maintain the landscaping to the Property.

u) If applicable, Owner shall maintain a professional licensed and bonded pool service to maintain the swimming pool on the Property.If the Property is vacant, Property Manager may but is not required to hire a pool service at Owner's expense.Owner shall hold Property Manager harmless for any damages for failure to properly maintain the swimming pool on the Property.

v) Owner acknowledges and agrees that vacant properties may be subject to vandalism, squatters, theft and damage.Property Manager shall use commercially reasonable efforts to perform regular checks on the Property, but in no event shall Property Manager be held liable or responsible for any loss or damage to a vacant property.Additionally, Owner acknowledges and agrees that homeowner's insurance may not cover vacant properties and should consult Owner's insurance agent to determine if adequate coverage is available for a vacant property.

a) Income

b) AI Scoring

c) Collections

d) Criminal Background

e) Eviction

f) Court Proceedings