Sample Condo Property Management Agreement

CONDOMINIUM MANAGEMENT AGREEMENT
 
This Agreement is made this day by and between Property Management Co., a
Massachusetts corporation (hereinafter referred to as the "Management") and the Trustees of the SAMPLE Condominium Association., under Declaration of Trust filed with the Suffolk County Registry Deeds in Book 12345 Page 123, Declaration Book 456., (hereinafter referred to as the  "Trustees" and "Trust", respectively) which Trust is the organization of Unit Owners of The SAMPLE Condo Association, a Massachusetts Condominium established pursuant to M.G.L. c.183A, by a Master Deed filed with the Suffolk County Registry Deeds Dated January 1, 2007,
Book 12345 Page 123, Declaration Book 456., (hereinafter referred to as the "Condominium").
 
WHEREAS, the Trustees deem it to be in the best interests of the Unit Owners of the Condominium, and otherwise propitious, that the Condominium be managed by an organization in the business of property management.
 
WHEREAS, the Trustees are empowered pursuant to certain provisions of the Trust to employ such an organization.
 
NOW THEREFORE, in consideration of the promises and undertakings herein contained, it is hereby covenanted and agreed as follows:

Article I Contract Documents

The Contract Documents consist of this Agreement; the General Conditions of even date attached hereto; the Master Deed of the Condominium; Organizational Documents of the Organization of Unit Owners (i.e., Declaration of Trust, Articles of Association, or Articles of Organization), including the By-Laws thereof; the Rules and Regulations, if any, promulgated pursuant to the By-Laws, as the same may be now, or hereinafter amended; provided, however, that amendments made subsequent to the date hereof shall not materially affect Management
without its written consent to be so affected; and the provisions of Massachusetts General Laws Chapter 183A (hereinafter referred to as the "Act").
 

Article II Management Duties

Management shall utilize its experience and knowledge to assist the Trustees in the property management, supervision, control and administration of the Condominium.  Management agrees to furnish efficient business administration and supervision and to perform its responsibilities, both administrative and advisory, consistent with the best interests of the Trust, the Condominium and its Unit Owners.

Article III Liason

Management shall principally communicate to the Trustees and to the Unit Owners to the extent practicable, through the Chairperson of the Board of Trustees or the Trustees' designated liaison. Notwithstanding the appointment of one or more liaisons, Management shall communicate with the Trustees, Officers and Committee Chairperson, if any, in the exercise of their mutual responsibilities.
 

Article IV Compensation

The total compensation to which Management shall be entitled during the term of this Agreement shall consist of fees for Recurring Routine services, paid monthly; fees for Periodic Routine Services, paid on a per-item basis; and fees for Non-Routine Services, on a per-item basis as here specified or to be negotiated prior to performance.
 
4.01  Recurring Routine Services:
 
Management shall be compensated according to the following schedule.  Such compensation represents the overhead expenses of Management, excluding salaries of on-site management and maintenance employees, but including general and administrative expenses, and travel expenses of officers and employees incurred under this Agreement, and covers fees for basic services,
including financial management, general administration and property management.  “TBD amount” due and payable in equal monthly installments of “TBD”, payable monthly, in advance.
 
4.02  Periodic Routine Services.
 
Management shall perform certain periodic routine services requested and/or necessary fees therefore are as follows:
 
A.  Preparation 6(d) Certificate  Fees:pursuant to M.G.L. c.183A: $65.00 each Certificate
 
B.  Preparation of Current Condominium Documents for New Owners, or Upon Request:$50.00
 
C.  Mailing of Certified Mail to Owners Deemed in Breach of the Governing Documents: Time & Materials   
 
D.  Returned Checks:Time & Materials
   
       
E.  Community Mailings:  Time & Materials  
 
F.  Materials Reproduction (except  Time & Materials  routine reports and correspondence necessary to administration and management of the Trust)
(Items A and B may be charged to the Owner involved pursuant to proper authority established through Board resolution.)
 
4.03  Non-Routine Services.
 
Management shall maintain availability for services related to certain non-routine activities for which the need may or may not arise.  Non-routine services may include, without limitation, the following:
 
  1.  Participation in legal actions initiated by the Trust exclusive of those related to collection of annual assessments; legal actions relating to documents enforcement; and other legal actions arising in connection with the services being provided hereunder; provided, however, that communication with attorneys representing the Condominium providing data and information for such attorneys activities shall be covered under Recurring Routine Services.  Such non-routine services would include actions resulting in the Agent's expending man hours in the preparation of legal cases, court appearances and depositions.  
 
  2.    Negotiations and claims of a protracted nature arising from claims for work
performed by any contractor prior to effective date of this agreement.
 
  3.  Provision of contractor services, it being acknowledged that in addition to
management services if Management maintains a staff of certain employees skilled in such trades as carpentry, electrical, painting, plumbing, janitorial, landscaping, general labor, etc., which Management may use in rendering necessary and appropriate services to the Condominium.
 
Charges for services performed under this Section shall be (a) at rates mutually agreed upon by Management and the Trust at the time work is authorized or previously agreed to or (b) at an agreed to rate of $60 per professional hour expended.
 
Non-routine services, additionally, include without limitation, attendance (by an officer or supervisory person of Management, who is in authority and is fully informed concerning matters involving the Condominium) at more than four (4) meetings of the Trustees and one (1) Unit Owner meetings within any fiscal year.

4.04  Payment Schedule.
 
Payments for services rendered shall be on or before the first day of the month in advance for which management services are being performed and by the tenth day of the month following rendering of services for all other items unless otherwise provided in this Agreement.

Article V Contract Period and Termination

This Agreement shall be for the period hereinafter stated and may be terminated only as hereinafter provided.
 
5.01  Term.
This Agreement shall commence on January 1, 2007 and shall continue until it is terminated by the Trust or the Agent.   
 
5.02  Termination.
Notwithstanding the foregoing, this Agreement may be terminated by the Trust or the Agent with or without cause upon sixty (60) days written notice.  This Agreement may be terminated for cause pursuant to the provisions of Massachusetts General Laws Chapter 183A.

Article VI Miscellaneous

6.01  Definitions.
Terms used in this Agreement shall be defined in the same manner as in the Act, or if not defined therein, as defined herein
 
6.02  Conflicts.
If any conflicts shall rise within the Contract Documents the Agreement shall control General Conditions.  The provisions of the Act and Condominium Documents in that order shall control all of the above-mentioned items.
 
6.03  Severability.
The invalidity of any part hereof shall not affect the balance hereof so long as such part is not to the essence thereof.
 
6.04  Waiver and Modification.
 
No forbearance hereunder shall be deemed a waiver upon any subsequent breach hereof.  This Agreement may be modified only by a written instrument executed by all parties hereto.

6.05  Construction.
This Agreement, executed in several original counterparts, is to be construed as a Massachusetts contract.  Headings are provided for convenience only and are not intended to be utilized in interpreting the intents hereof.  Terms of gender shall refer to the opposite gender where appropriate and terms of singular shall refer to plural and visa versa.
 
6.06  Notices.
All notices as herein provided for, or as may be deemed desirable, shall be in writing and sent postage prepare by certified mail, return receipt requested to Management at the address indicated above, or such other address as notice may be given of and to the Trustees care of the then serving Chairperson at his/her residential address with a copy to the Trust's attorneys.

6.07  Whole Agreement.
 The Contract Documents represent the parties entire understanding and supersede any agreements prior thereto.  The parties acknowledge that there are no other understandings between them in these regards, except as may be hereinafter evidenced by written memorandum.
 
IN WITNESS WHEREOF the parties have hereunto set their hands and seals this
 ____day of ___________________, 2007.
 
 
 
       
      Property Management Company
 
        By:  _____________________________
Its President and Director  
 
 
         
         
MAJORITY OF THE   _____________________________       
CONDOMINIUM TRUST           
AND NOT INDIVIDUALLY
   
        _____________________________
         
         
        _____________________________
         
 
        _____________________________