In consideration of the covenants herein contained, the parties hereto agree as follows:

1. Appointment

The Owner hereby appoints the Agent, and the Agent hereby accepts appointment, on the terms and conditions hereinafter provided, as the Owner’s exclusive agent to manage, rent, lease and operate the property/properties as listed in correspondence and/or under management (hereinafter referred to as the “Premises”).

2. Term and Renewal

The term of this Agreement shall be for 1 month, beginning on the date above, and shall thereafter automatically renew for additional one (1) month periods on the same terms and conditions unless either party provides written notice of termination at least thirty (30) days prior to the expiration of any period.

3. Responsibilities of Agent

The Owner grants the Agent the following authority and powers:

1. Prepare a management plan including ongoing maintenance and operating activities for Owner approval.
2. Hire, supervise, pay, and discharge personnel necessary to operate the Premises, all of whom shall be Owner’s employees.
3. Maintain the Premises and perform routine repairs. Expenditures exceeding $500 per service or $1,000 per month per unit require Owner approval, except in emergencies.
4. Recommend and ensure compliance with governmental orders or notices of violation, including emergency compliance when necessary.
5. Enter service contracts related to operation and repair of the Premises, subject to Owner approval for contracts exceeding one year or $5,000 annually.
6. Purchase necessary supplies and receive applicable commissions.
7. Review and pay bills related to the Premises from Owner-provided funds.
8. Advise on insurance coverage and obtain approved policies at Owner’s expense.
9. Lease and renew leases, cooperate with other brokers, and ensure commissions align with market standards.
10. Prepare lease documents.
11. Supervise tenant move-ins and move-outs.
12. Bill tenants for rent and other charges.
13. Use best efforts to collect rent and serve notices as directed by Owner.
14. Initiate legal actions for rent recovery and possession when necessary.
15. Handle tenant security deposits in compliance with applicable laws.
16. Maintain accurate accounting records and provide monthly financial reports.
17. Keep Owner informed of financial and physical condition of the Premises.
18. Address tenant complaints reasonably.
19. Prepare and file required governmental forms.
20. Maintain orderly records related to the Premises.
21. Cooperate with Owner’s accountants and auditors.
22. Assist with tax filings and required governmental submissions.
23. Monitor property tax assessments and assist with appeals upon request.
24. Perform all necessary actions for proper management of the Premises.
25. File evictions and represent Owner in legal proceedings when applicable.
26. Perform all lawful acts necessary to carry out this Agreement, with all expenses borne by the Owner, excluding Agent’s internal overhead and office staff costs.

4. Banking

All Owner funds held by the Agent shall be kept in trust and deposited in a designated account at JP Morgan Chase Bank and disbursed according to this Agreement.

5. Compensation

5.1 Management Fees

The Owner shall pay $120/unit/month or $99/unit/month (or negotiated amount), applicable to both vacant and occupied units. Fees are due on the 1st of each month via ACH or EFT. Late or declined payments incur additional fees as specified.

5.2 Other Billable Services

Additional billable services include maintenance requests, turnovers, cleaning, inspections, landscaping, background checks, CHA-related services, legal visits, renovations, re-keying, pest control, and other services not covered under standard management.

5.3 Services Outside Regular Hours

Regular hours are Mon–Fri (9AM–6PM) and Sat (10AM–3PM). Emergency or approved additional hours are billed at $50/hour.

6. Indemnity

The Owner shall indemnify and hold the Agent harmless from claims arising from the management and operation of the Premises, except where caused by Agent negligence or willful misconduct.

7. Termination

Either party may terminate this Agreement with thirty (30) days written notice. Upon termination, all records shall be returned and outstanding fees settled.

8. Assignment

This Agreement may not be assigned by the Agent without Owner’s written consent.

9. Severability

If any provision is held invalid, the remaining provisions shall remain enforceable.

10. Applicable Law

This Agreement shall be governed by the laws of the State of Illinois.

11. Notices

All notices shall be in writing and delivered personally or by certified mail to the addresses on record.

12. Entire Agreement

This Agreement constitutes the entire understanding between the parties.

13. Modifications

Any modification must be in writing and signed by both parties.

14. Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original.