In accordance with stipulations contained in the present contract between:
______________________________________
______________________________________
______________________________________
______________________________________
______________________________________
Hereinafter named "Owner" and
Gestion Immobilière Logis-Tech Inc
187 Antoine-Forestier
Carignan, QC
J3L 0A4
Duly represented herein by Mrs. Mireille Fortin, Administrator
hereinafter named "Administrator",
The following agreements have been reached:
1. EXCLUSIVE CONTRACT
The Owner of the building(s) located at:
____________________________________________________________________________
grants the Administrator an exclusive mandate to administer, rent, operate and manage the said property according to conditions stated hereafter.
2. DURATION OF THE CONTRACT
2.1 Terms and Renewal
This contract is in force for a period of one year starting on and ______________________ending on _________________________, after which it is renewed automatically from year to year for a twelve month period unless advised differently by either party by written notice to the other party at least thirty (30) days before the end of the term, original or renewed (hereinafter the A term@).
2.2 Cancellation
This contract may be cancelled during the Term by either party by sending to the other party, by writing, a compulsary sixty-day’s notice to that effect the whole notwithstanding art.2125 C.c.Q.. Should the contract be cancelled at the owners request, the latter shall pay to the Administrator, as indemnification for damages suffered by the latter, an indemnity corresponding to the remuneration provided for in section 6a) of this contract multiplied by the number of months between the receipt of the cancellation notice by the Administrator and the end of the Term. Such indemnity shall be paid in full to the Administrator at the date on which the Administrator remits all the documentation provided for in section 3g) hereinafter.
3. POWERS OF THE ADMINISTRATOR
The Owner delegates to the Administrator the following authority and powers and accepts to meet ensuing costs and expenses:
a) Rent
Rent the said building(s), extend and renew all leases and rents at the rates, costs and conditions that the Administrator sees fit, as well as cancel these with or without compensation, grant and accept any leave, and draw up an assessment on the state of the premises.
b) Advertising
Put up posters, notices or signs on the said building(s) for rental advertising purposes, give or have notices published for the purpose of renting the premises as he may see fit, and pay costs incurred as the result of items in this paragraph, at the Owner's expense.
c) Collection
Collect from tenants and former tenants all rent payments that are overdue or that will fall due, as well as other return from the said building(s) and provide receipts, endorse and deposit all cheques, bank notes, money orders and other negotiable items payable to the Owner, collect all advanced rents, collect all sums from rebate, reimbursement or discharge of tax, income taxes or other form of taxation, or reimbursements from insurance claims, and provide sound and valid receipts.
d) Legal Action
Take whatever action is necessary in the best interest of the Owner to collect overdue rents or other accounts receivable, evict tenants, if necessary, and, to this end, instigate the appropriate legal proceedings in the name of the Owner.
e) Trust Account
Deposit the total revenue into a trust account at a bank or other legal banking institution. This account shall be separate from the Administrator's personal account. However, the Administrator will not be held accountable in the event of default or bankruptcy by the banking institution. Excess revenue less expenses will be handed over to the Owner along with a statement of revenue and expenditure, with the exception of budgetary forecasts covering major expenses.
f) Shortage
The bank account should always carry sufficient funds to cover current accounts payable; if funds are insufficient, the Owner must correct the shortage as soon as possible; should the Owner fail to comply with this requirement, the Administrator will then take every means at his disposal to cover current accounts and terminate this contract.
g) Final Statement and Receipt
The final statement and statement supporting the closing of accounts will be handed over to the Owner after a minimum of sixty (60) days, but after a maximum of ninety (90) days, following the termination of this contract, along with all related bills, leases, contracts and correspondence, in exchange for a final receipt from the Owner.
h) Maintenance and Repairs
Carry out or hire someone to carry out all preventive or everyday repairs, alterations, decorating or maintenance work as he sees fit, make purchases and pay ensuing expenses using revenue from that property.
The Administrator shall obtain approval from the Owner for expenses in excess of $1000.00 per order, except for monthly or periodical and regular charges (such as heating fuel, taxes, insurance premiums, mortgages, etc.) or for repairs which are deemed urgent by the Administrator for maintaining contractual services to the tenants or protecting the property.
Set the wages of the caretaker(s) and of any other regular employee required for the operation of the building(s); hire, pay, dismiss and replace the above employee(s) as the Administrator sees fit, and pay wages, salaries, remunerations and related social benefits, at the Owner's expense.
The above-mentioned person(s) shall be considered the Owner's employee(s) even though hired, remunerated or dismissed by the Administrator. Any government or fiscal obligation toward the employee(s) will be honoured by the Administrator but reimbursed or debited immediately by the Owner.
Any person employed by the Administrator to collect sums payable to the Owner shall be bonded.
j) Service Contracts
Negotiate and sign all maintenance, service or supply contracts as the Administrator sees fit; after expiry of the present mandate, the Owner shall assume all obligations incurred.
k) Mortgage, Tax and Insurance
Honour regular mortgage and tax payments and instalments, and take out or renew insurance coverage against fire, civil responsibility or any other insurance required for the protection of the contracting parties.
If the Owner refuses to be insured by the insurance company that the Administrator propose or that the said insurance company refuses to insure the building, the insurance company that will be chosen by the owner must add Gestion Immobilière Logis-Tech Inc as an additional insured party for civil responsibility. If he refuses, the Owner will pay the additional amount asked by the Administrator’s insurance company to adequately protect Gestion Immobilière Logis-Tech Inc.
The insurance company must also renounce to the “subrogation” right in our favour.
Finally, the Owner must give a thirty (30) days notice of cancellation or non-renewal of the policy to the Administrator.
4. LAW OBSERVANCE
Should the Owner fail or refuse to comply with municipal, provincial or federal by-laws, regulations, orders, laws or decrees, the Administrator will forward, by mail, a thirty (30)-day notice to the Owner at the above-mentioned address, after which he may choose to terminate his mandate. The Owner shall accept full responsibility resulting from such action and free the Administrator of related obligations.
5. FISCAL PROVISIONS
The Administrator may hold in trust, after expiry or cancellation of the present contract, any sum deemed necessary to pay taxes or obligations required by law, until such time as the Owner provides proof of payment of such taxes and obligations; likewise, the same provisions will ensure the payment of all bills, services and obligations contracted by the Administrator on behalf of the Owner during the term of his mandate, even if such bills or others, are presented after the expiry of the mandate.
6. REMUNERATION
The Owner promises to pay to the Administrator:
a) For management services rendered: _____ of monthly collected rent + taxes including the month following the termination of the contract.
Subject however to section 2.2 hereinabove.
b) For all major improvements or repairs or following a fire or any other insurable damages: a percentage of the work costs if it is agreed that the repairs be carried out. A separate contract will then be signed.
c) For each hearing or representation before the Rental Board: $200.00 + taxes per file, subject to the enclosed proxy.
7. CHOICE OF RESIDENCE
All correspondence to the attention of the Owner or the Administrator shall be mailed to the addresses stated on the first page of this contract, or to the following address, should there be one.
_________________________________________________________________________________
This contract binds the heirs, administrators or executors, successors and representatives of the Owner, as well as the successors and representatives of the Administrator.
This contract includes six pages and seven items
The parties signed this contract in duplicate:
In:__________________________________ on _______________________________ 2010 .
The Owner:
_________________________________________ _______
by: Initials
Landlord
_________________________________________ _______
by: Initials
Landlord
The Administrator:
_________________________________________ _______
by: Mrs Mireille Fortin Initials
for: Gestion Immobilière Logis-Tech Inc