This Management Agreement ("Agreement" herein) is made this day of2002 by and
between Lake Village Resort ("Manager" herein) and ("Owner" herein).
RECITALS
Owner is the Owner of a condo/home at:
Zephyr Cove, Nevada ("Unit" herein). Phone number in the Unit is:
Terms. The term of this agreement shall commence on the date set forth above and continue for the duration of the ownership of the property by the Owner or until dissolved per the conditions for termination under Section IV, Paragraph 1 and 2.
Exclusive Rental Agent. Owner hereby appoints Manager as exclusive rental agent and management agent for the Unit with the sole and exclusive right to execute rental agreements and rent the Unit on Owner’s behalf in accordance with the terms
hereinafter set forth.
Limitations on Occupancy. Limitations on occupancy shall apply to this agreement. In consideration of the mutual covenants and promises of the parties contained herein, Owner and Manager hereby agree as follows:
RENTAL PROCEDURES Employment. In consideration of the agreement by Manager to use its best efforts to obtain tenants for the Unit, Owner hereby employs Manager as Owner’s exclusive rental agent with the right to show the Unit to prospective tenants and to enter the Unit for all purposes set forth in the Agreement or as may be necessary or desirable to carry out the intent of the Agreement.
Exclusive Occupancy by Tenant. Owner understands that during the time the unit is rented to a tenant, the tenant is entitled to the exclusive right of occupancy of the Unit. Therefore, during any such rental period, Owner shall not enter the Unit nor disturb the tenant unless prior arrangements to do so have been made in writing to Manager.
Owner Occupancy. Owner shall have the right to reserve the Unit for such use as he desires, provided and on condition that:
a) The unit has not been previously reserved or rented by Manager;
b) Owner causes Manager to receive at least one week advance notice of such use.
c) Should Owner not honor a reservation, then Owner will be liable for any additional costs incurred to provide suitable replacement accommodations for the tenants.
Any request for use by Owner without compliance with said conditions will be subject to Manager’s sole discretion. Manager will, however, at all times use its best efforts to accommodate Owner’s desired use, consistent with accomplishing an overall professional and reliable rental management program.
Sale Promotion Use. Manager is conducting a management and rental program for owners of condo/home Units who contract
for such services. Manager shall use its best efforts to promote the rental of the Unit and all other Units on the Program. In this regard, Manager may employ the services of commissionable travel agencies and reservation agents, real estate brokers, advertise, distribute brochures, market online with the internet, post rental signs or use such other means as it, in its sole discretion, deems advisable. In order to promote additional business, Manager shall have the right to make the Unit available on a complimentary basis up to five (5) days per year to (1) advance meeting planners (2) tour planners (3) travel writers (4) golf, ski or tennis professionals or celebrities, or (5) other guests who are related to bonafide promotional activities. Such use shall be allocated equitably between all rental unit owners and, to the extent possible, shall be limited to days when the Unit would not otherwise be occupied. Manager shall provide all linens, cleaning and extraordinary maintenance during the time of complimentary use. Manager shall be responsible to Owner for any damage to the Unit resulting from its use pursuant to this section. Manager has authority to offer promotional discounts to encourage/increase business.
Sale of Property by Owner. Experience has shown that it is not feasible to rent an Owner’s Unit with long stays during the time the Unit is listed for sale. Therefore, Owner agrees that he will not offer the Unit for sale without thirty (30) days prior written notice to Manager as provided in Section IV, paragraph 1 and 2. Owner further agrees that the Unit may not be shown to prospective buyers at any time the Unit is being rented to a tenant.
RENTAL COMMISSIONS
Rental Terms and Rates. Manager has made no representation to Owner concerning the amount of income Owner is likely to receive from the rental of the Unit. Owner understands that the program does not involve the pooling of income from the rental of other Units, but that Owner’s income, if any, will be derived from the rental of the Owner’s Unit only. Subject to the limitations set forth in Owner’s personal use calendar, Manager is authorized to offer the Unit for rent for the terms of occupancy and the rates set forth for each new season.
Collection of Rent. Manager is authorized to and shall use its best efforts to collect all rental payments when such amounts become due, but shall have no liability to owner for uncollected rents. From rental payments collected, Manager is hereby authorized to disburse from the rent monies collected, its management fees. If a tenant is moved from one condo/home to another, the homeowner portion of the rent monies will be split between the two homeowners based on the number of nights the tenant resided in the condo/home at the full length-of-stay amount. Owner will receive payment after the tenant’s departure. If a dispute exists, Owner will receive payment based on the settled amount, allowing Manager to later deduct monies from Owner’s rent revenue.
Definition of Total Rent Collected. For purposes of the Agreement, " Total Rent collected" shall mean the total of rent actually collected by Manager; telephone call charges collected by Manager on Owner’s behalf or cleaning fees. (cleaning fees are added to published rental rates and are deducted prior to rental money disbursements between Management and Owner).
Commission Payable to Manager. Management Fee: Manager as its fee under the Agreement, shall receive an amount equal to 40% of the "Total Rent Collected" from the Unit for leases or rentals of less than 30 nights in duration, and 30% of "The Total Rent collected" for leases or rentals of 30 nights or more in duration. Management fees are subject to change provided Manager gives Owner 30 days written notice. Owner’s share of rent collected: Manager hereby agrees to pay Owner 60% of "The Total Rent Collected" for leases or rentals of less than 30 nights in duration and 70% of "The Total Rent Collected" for leases or rentals of 30 nights or more in duration.
Refund Security Deposit/Rent Monies. Manager reserves the right to refund tenant’s security deposit and rent monies in the event of cancellation due to sudden death, serious illness, injury, or cancellation due to war, acts of God, government regulations, disaster, civil disorder, curtailment of transportation facilities or other emergencies.
Manager reserves the right to adjust the rental rate to a lesser amount, if a tenant is disgruntled due to the conditions of a Unit including décor and location. If litigation or dispute is a real threat, tenants security deposit and rent can be refunded in its entirety at Manager’s sole discretion. This includes, but is not limited to, canceled stays, or shortened stays that are moved. Owner agrees to abide by the decision of Manager relative to return of any monies.
Damage Deposit. A damage deposit shall be collected prior to the beginning of each tenancy. Such deposit shall be used to cover any damage discovered immediately after the tenant vacates the Unit and for any cleaning charges as a result of excessive use during each tenancy. The deposit and damage charges shall be returned after the termination of the tenancy, if upon inspection, damages are not found.
Unit and Occupancy charges. Special services such as additional maid and linen service over and above that which is provided by this Agreement, which are rendered by Manager at the request of a tenant or Owner for the special benefit of the tenant or Owner, shall be charged to the party requesting the special service.
Ordinary and Extraordinary Expenses. In the event that any tenant refuses to pay the appropriate rent when due or holds over and refuses to vacate at the expiration of his tenancy, Manager shall be responsible for all ordinary expenses of collection and/or eviction and Owner shall be responsible for all extraordinary expenses. For purposes of the Agreement, "Ordinary Expenses" shall mean Manager’s administrative expenses associated with correspondence, billing, notice and telephone calls. "Extraordinary Expenses" shall mean any expenses in addition to "Ordinary Expenses", including but not limited to, any attorney’s fees and costs associated with collection and/or eviction. Manager will not incur extraordinary expenses without Owner’s prior approval, except in the case of emergency. Owner understands when Manager uses a collection agency to collect monies due that the collection agency will take a percentage of monies collected and Manager will deduct management fee and expenses where applicable giving Owner balance of collections.
Liaison. Manager shall provide liaison between Owner and any tenants of the Unit and aid in, but shall not be responsible for the solution of any problems arising between Owner and tenant.
Accounting. Manager shall keep a full record with correct entries of all receipts and expenditures with respect to the rental and Management of the Unit. Such records shall be open to inspection by Owner during normal business hours. It is the Owners responsibility to keep statements for tax purposes.
MAINTENANCE OF UNIT
Services Provided. Manager shall provide at its expense such personnel as is necessary to accomplish check in and check out, key service, bookkeeping service and collection of deposits, as well as on site inspection of the Unit for cleanliness preceding and for securing purposes following each period of tenancy. Manager shall also provide and deduct from tenant’s rent monies, daily and weekly maid and linen service at the termination of each tenancy of any duration.
Owner’s Responsibilities. Owner agrees to provide furniture and furnishings (including eating utensils and electrical appliances) and interior design appointments of a first class character, which are acceptable to Manager and which comply in kind and number with the minimum requirements set forth. Manager in its sole discretion reserves the right to reject any Unit from participation in rental program or to suspend the Unit in accordance with Section IV , paragraph 1 and 2 hereof that is not completed and maintained by Owner in first class rental condition. For the duration of this Agreement, Owner agrees to pay, before the same become delinquent, all charges for gas, electricity, heat, light, power, trash collection, telephone, television cable and all other similar public services (including installation, connection and disconnection charges). Owner further agrees to pay, before same becomes delinquent all taxes and assessments of whatever kind or nature which may be imposed upon the Unit or any improvement, facilities or personal property located thereon and which is appurtenant to the ownership of the Unit, and every other charges, lien or expense accruing or payable during the term of this Agreement in connection with the Unit. Owner further agrees to maintain a valid and current tennis, pool and spa, where applicable, membership for the Unit at Lake Village where it is located for the entire duration of this Agreement. In the event of a failure to pay by Owner, Manager may withhold from "Owner’s Share of Rent Collected" such sums as shall be necessary to pay for and maintain a valid and current membership for the Unit and pay any of the charges provided for in this paragraph. Owner agrees to provide Manager with one (1) master set of keys to the unit, and one garage door opener where applicable, and list of warranties on equipment and appliances in the Unit at the time this Agreement is executed.
Maintenance of Unit. Owner understands there will be wear and tear in the Unit. Owner further understands this is not limited to floor coverings, fixtures or furnishings, cleaned, replaced or repaired at Owner’s expense. Services provided by Manager or an outside vendor shall be charged to the Owner. Owner agrees to keep and maintain the Unit, including patios, atrium, and courtyard, if any and all furniture and furnishings in "first class condition."
Owner will receive a discount on the normal cleaning rate when Lake Village Resort cleans. Owner can elect to clean the Unit following personal use during all time periods. Owner must notify Manager 72 hours in advance for changes as to whom is to clean. If in the sole judgment of Manager, housekeeping and/or linen service is necessary before tenant is to occupy the Unit, Manager is authorized to provide such service at Owner’s expense and deduct fee from Owner’s share of "Total Rent Collected".
Damages to the Unit. Owner shall report to Manager any damages to the Unit or missing items immediately. Manager shall inspect the Unit after each tenancy to attempt to locate damage, if any. If it can be established that such damage was the act of a specific tenant, then Manager shall use its best efforts to obtain restitution from the tenant, either out of the tenant’s damage deposit or from a separate billing. If the amount of the damage is more than the collected deposit, it is the Owner’s responsibility to pay the balance. However, Manager shall use its best efforts to collect these monies on Owner’s behalf.
Owner shall not hold Manager responsible for damages or missing items that may be undetected or damages or missing items that cannot be attributed to specific tenant.
Owner understands that Manager does not maintain inventory of items in the unit.
Owner shall not hold Manager responsible for items in the garage, including skis or boats or for exterior items on or belonging to the Unit, including furniture.
Owner understands the damage deposit will not cover normal wear and tear of carpets in traffic areas or major appliances. Manager is hereby authorized to incur up to $200.00 of expenses on Owner’s behalf for repairs without Owner’s prior consent, except in the case of emergency repairs or repairs necessary to protect the Unit from damage.
Owner Fees. Owner understands that all homeowner incurred cleaning fees, repair fees and other fees that occur in connection with the Unit are automatically deducted from homeowner’s rent revenue. Owner understands that if court action is necessary to collect past due accounts, Owner will be held liable for any legal expenses incurred by Manager.
Linen. Manager will provide linen service for each tenant, which shall include sheets, pillow cases, bath towels, wash cloths and kitchen towels. Fresh linens will be provided at the beginning of each tenancy.
Maid Service. The departure clean covers the cost of the cleaning service provided. Such cleaning shall be limited to ordinary housekeeping operations and shall not include the cleaning of carpeting, drapes, windows, walls, murals or mirrors, the repair of any damage, or replacement of any property destroyed or removed by any tenant except to the extent covered by the tenant’s damage deposit.
Telephone Charges. Owner agrees to authorize equal access to their Unit. When a renter desires to make collect, person to person or third party billing, they will dial the designated number for Operator Assisted Service. The Operator will bill the call to the tenant’s credit card or telephone card.
To accommodate easy network access, a code will be issued to Homeowner to by-pass this service for your short-term visits or the feature can be disconnected for longer term visits by calling Lake Village Resort. Because some prefixes can be dialed without dialing "1", long distance charges may still appear on Owner’s telephone bill. Manager shall use its best efforts to collect any charges made to Owner’s Unit. Owners must submit telephone bill to Manager within 2 weeks of receiving it.
TERMS
Termination by Manager. If Owner fails to perform any of the Owner’s obligations within thirty (30) days after Manager’s written request, Manager shall have the right to terminate this Agreement. In addition, this Agreement may be terminated by Manager at any time, upon thirty (30) days written notice to Owner, subject to existing reservations.
Termination by Owner. Owner shall have the right to terminate this Agreement at any time upon thirty (30) days written notice to Manager in the event that Manager does not have outstanding reservations for the unit beyond such 30 day period, the termination shall become effective 30 days from the date of delivery of such notice to Manager. In the event that Manager has made reservations for the Unit beyond the 30 day period, Manager shall attempt to transfer such reservations to another like Unit. In the event that Manager is not able to transfer such reservation, the termination of this Agreement shall become effective 30 days after the delivery of such notice, except as to the period covered by such reservation. A handling fee of $250.00 is to be paid by homeowner to Lake Village Resort Vacation Rentals, if homeowner terminates this contract without notifying Manager in writing thirty (30) days prior to termination.
MISCELLANEOUS
Notice. Notice or demands hereunder from Owner to Manager shall be mailed postage prepaid, addressed to Manager at Lake Village Resort, 301 Highway 50, P.O. Box 4827, Stateline, NV 89449.
If any notice or other document is sent, aforesaid, the same shall be deemed served or delivered twenty-four (24) hours after deposit in U.S. Mail.
Nevada Law. This Agreement and its application shall be governed by the laws of the State of Nevada.
Binding Effect. This Agreement and all provisions hereof shall be binding upon, and shall insure to the benefit of the parties hereto and their respective successors and assigns.
Entire Agreement. This Agreement constitutes the entire understanding of the parties with respect to the subject matter of this Agreement and there are no further or other representations, statements, warranties, agreements or understandings, with respect to the subject matter hereof, unless expressly referred herein. This Agreement may be amended or modified only by an instrument in writing, signed by parties or their duly authorized agents.
Hold harmless; Insurance. Owner hereby agrees to hold Manager harmless from and against any and all liability, loss, damage, cost and expense, including reasonable attorneys fees and judgments arising from injury to person or property, or both, sustained by anyone in and about the Unit or in connection with the rental of the Unit. Owner shall at all times maintain liability insurance covering personal injury or property damage occurring in the Unit, with limits acceptable to Manager. Owner shall provide Manager with evidence of such insurance upon request.
Record Owner(s) of Unit. If there is more than one owner of record for the Unit, or if the Unit is owned by a partnership, corporation or other entity, the person or persons signing this Agreement as Owner on behalf of Owner represent and warrant to Manager that they are authorized to enter into this Agreement and that this Agreement is and will be binding on all record Owners of the Unit. Please designate the person to receive Owner’s share of rent by completing this information below.
Please execute this document by signing and returning the contract in its entirety. We suggest you make a copy for your records. (Please Print)
Name:
Address:
City:
State:
Zip:
Home Phone :
Work Phone :
Fax Number:
Social Security Number or Tax I.D. Number:
Name on the SS# or Tax I.D. Number:
Unit Phone Number:
Date Owner linen removed:
Square Feet : Year Built:
Alarm: Alarm Company:
Pets Allowed or No Pets Allowed:
Smoking or No Smoking:
Future Owner bookings (Will you be cleaning or using our cleaning service?)
Where did you hear about Lake Village Resort Vacation Rentals?
Comments:
IN WITNESS WHEREOF,
the parties hereto have executed this agreement on this , day of , 2002.
Witness Signature
Owner Name:
Owner Signature
Owner Signature
OR
I AM THE DESIGNATED REPRESENTATIVE FOR ALL OF THE OWNERS OF THE CONDO/HOME NAMED ON THIS AGREEMENT.
Owner Signature
Accepted by:
Lake Village Resort
Homeowners Representative
Date contract Received
This Agreement is signed with my full understanding and knowledge of the terms, conditions and information contained. I agree to comply with the policies and procedures set forth within this Agreement. If this contract is altered in any way including additions, deletions or changes made by Owner following the endorsement of a Lake Village Resort representative, this document will become invalid.
QUESTIONS? ASK TO SPEAK WITH OUR PROPERTY MANAGER AT (775) 589-6065
