ALLTRADE PROPERTY MANAGEMENT

Transcription

1 ALLTRADE PROPERTY MANAGEMENT JOSH LINDLEY JOSH LINDLEY 710 Barret Ave #201 Louisville, Kentucky Phone (502) Phone (502) Alltrade Biography Alltrade Property Management was formed on April 1 st, 2005 by Josh Lindley and Kevin Jaggers. Josh Lindley graduated from the University of Evansville with a degree in Construction Management in the spring of Before starting his own management company, Josh worked in the Louisville construction market both on the supply side and as an end user. During that time period Josh gained a wealth of on the job experience and made a lifetime of good contacts with experienced contractors. Kevin Jaggers graduated from Brandies Law School at the University of Louisville in the spring of Kevin has a private law practice but his primary focus is financial management at Alltrade. Alltrade currently manages more than 4300 units, including apartments, single family homes and commercial spaces in the Louisville Metro Area, Lexington, Frankfort, Southern Indiana, and Durham, North Carolina. Below are three key characteristics that separate Alltrade from other management companies. *Transparency- Alltrade s interactive property management web based software provides a peace of mind that you are receiving great service at a reasonable price. Our goal is complete and total transparency. Access real-time information about your investment 24/7 by entering a secured web page on our website. You will be able to view utility bill payments, rents, outstanding invoices, maintenance issues and much more. *Preventative Maintenance Program- Inspections are conducted approximately every 6 months by one of our experienced technicians. You receive a full report, including photos of specific maintenance issues. This program helps us identify problems before they become one. With your input, Alltrade will develop a budget, and strategic plan for your properties. We define our main objective to our clients as expectation management. *Alltrade Employs All Trades - As our name implies, we employ all trades and a number of experienced, and dedicated craftsmen. We provide efficient and cost-effective solutions and try to minimize subbing out the work. This allows us to have intimate knowledge of your property.

2 PROPERTY MANAGEMENT AND SERVICE AGREEMENT This PROPERTY MANAGEMENT AND SERVICE AGREEMENT (hereinafter Agreement ) is executed on this 9/12/2018 by and between 7500 Dunwoody LLC deed holder on the Property who is entering into this contract with the consent of the Owner of the Property, and Alltrade Service Solutions, LLC /Josh Lindley, broker (hereinafter referred to as Alltrade ), a property management and service company located at 710 Barret Ave #201, Louisville, Kentucky, Owner owns certain real properties located at the address(es) below, along with the total number of units: 7510 Dunwoody Ct, Okolona KY, 40219, Apartment, 80 (hereinafter the Property ) and desires to engage Alltrade to manage and service the same commencing on 9/14/2018 and ending 9/13/2019. This contract renews for successive one year periods and will apply to any properties purchased or acquired by the deed holder, unless the Owner or Alltrade terminates this agreement as set forth herein. Alltrade has represented that it is skilled in all aspects of property management and service and assumes responsibility for managing and servicing of the Property and the handling of the day to day financial operations of the Property. NOW, THEREFORE, the parties agree as follows: 1. ARTICLE Retention. Owner hereby retains Alltrade to act as exclusive agent to lease, operate, manage and service the Property in accordance with the terms and conditions hereof utilizing personnel and employing current state of the art real estate management practices and techniques Rent Manager - Alltrade s staff will utilize Rent Manager, an online property management software, to manage the collection of rents, expenses and repairs and to comply with the applicable statutory and regulatory requirements regarding the reporting of property management data to Owner. The Owner shall have access to Alltrade s payment, expense and repair records at all times the site is online. Hard copies of the information will be provided upon request. 2. ALLTRADE S RESPONSIBILTIES 2.1. Management. Alltrade shall manage, operate, service and maintain the Property in an efficient and satisfactory manner subject to the Owner s budgetary considerations. Subject to these considerations, Alltrade will endeavor to keep the Property its improvements, appurtenances and grounds safe, clean and in good order, condition and repair Employees; Independent Contractor. Alltrade shall have in its employ or under independent contract at all times a sufficient number of persons to enable it to properly, adequately, safely, and economically manage, operate, maintain and account for the Property. All matters pertaining to employment, contracting, supervision, compensation, promotion and discharge of such employees of contractors shall be the responsibility of Alltrade No General Agency. This Agreement is not one of general agency by Alltrade and Owner, but one with Alltrade engaged independently in the business of managing and servicing properties on its own behalf, as an independent 1

3 contractor, and in that respect having only limited agency as set forth in this Agreement. All employment arrangements are therefore solely Alltrade s concern and the Owner shall have no liability with respect thereto. No party employed or under contract with Alltrade shall in any respect be deemed an employee of or under contract with Owner Set-Up in Rent Manager Alltrade personnel will enter all of the Owner s current rental information into the online property management system, Rent Manager. Alltrade will charge a one-time set-up fee of $0. This amount will be treated as an expense in accordance with this Agreement Rental of Units Alltrade shall use its best efforts in obtaining suitable lessees for the Property in light of the character and nature of the Property and the potential tenant base in relation to said Property. Leasing commissions for new leases and lease renewals, consistent with Alltrade's reasonable assessment of industry standards, will be invoiced by Alltrade and will be paid to Alltrade from the Operating Account with a full accounting to the Owner Collection of Rents, Fees and Other Income. Alltrade shall use its best efforts to collect all rents, fees and other charges which may come due at any time from any resident or from others for services provided in connection with or for the use of the Property or any portion thereof. Alltrade shall immediately deposit all receipts collected for owner in a separate bank account designated only for rental income. The account is in the Owner s name at Wesbanco. The account number is to be determined and the account is labeled 7500 Dunwoody LLC (hereinafter the Operating Account ) Payment of Expenses Alltrade will pay all expenses incurred in the normal operation, management and servicing of the Property from the Operating Account. This includes, but is not limited to utilities, water, court costs, filing fees, postage costs and any other payments directed by the Owner. If sufficient funds do not exist in the Operating Account to pay any expense or other payment that is due, Owner shall remit funds to Alltrade within seven (7) business days after Alltrade makes a request for same. Owner/Alltrade shall pay debt expense(s) related to the Property. Owner/Alltrade shall pay insurance expense(s) related to the Property Security Deposits and Bank Accounts Alltrade shall immediately deposit security deposits paid by lessees in a separate account for that purpose and to refund lessee s security deposits or apply said deposits to payment of past due rent or damages as permitted by Kentucky law. The account number for said account is to be determined and the bank account is held at Wesbanco. Unless otherwise approved by Owner, each tenant shall supply to Alltrade a security deposit in the amount of 1 month of rent. Security deposits shall be handled in accordance with KRS Maintaining Property. Subject to the direction of the Owner and at the Owner s expense, Alltrade shall maintain the Property in accordance with appropriate standards of maintenance consistent with the character of the property. Alltrade shall utilize its employees when practicable and/or supervise contracted labor such as electricians, plumbers, maintenance, pest control and similar on-going activities. These services, based on market rates, will be invoiced by Alltrade and will be paid to Alltrade from the Operating Account with a full accounting to the Owner. 2

4 2.10. Monthly Reports In the normal course of its business, Alltrade maintains all rent, expense and repair data so that owners can view at all times. However, Alltrade agrees to have a monthly report available on the 30th of each month outlining all receipts, expenses and charges and to remit to owner all receipts less reimbursements, expenses and invoices. The Owner shall have access to monthly reports at all times the site is online. Hard copies or digital copies of the monthly reports will be provided upon request. It will be the Owner s responsibility to log into the site as needed to review monthly reports. 3. ALLTRADE S AUTHORITY 3.1. The Owner authorizes Alltrade to perform the following activities in connection with the management and servicing of the Property, including but not limited to the following: Alltrade shall promote and advertise the availability of rental units at the subject property online through Rent Manager Alltrade may promote and advertise the availability of rental units at the subject property online through Craigslist or other free services Alltrade shall promote and advertise the availability of rental units through third parties charging for said services and Alltrade will keep Owner apprised of said charges To sign, renew and/or cancel leases for the Property, which shall be in a form agreed to by Owner and Alltrade and attached to this Agreement To terminate tenancies and to sign and serve in the name of the Owner such notices as are appropriate and to institute and prosecute actions to evict lessees and recover possession of the property and to recover rents and other sums due by appropriate actions. To make all necessary repairs or to make contracts for repair and/or maintenance of the property, provided, however, any sum in an amount in excess of $400 shall be considered Construction and Alltrade will provide a quote for said construction to be approved by the Owner. The owner agrees not to withhold approval of Construction projects unreasonably. Alltrade may make all expenditures, without prior approval, of any necessary repairs to prevent immediate damage to the Property, injury to persons, or damage to the property of third parties, including HVAC repairs and replacements during extreme temperatures or when any resident's health condition(s) as communicated by the resident may be adversely effected. To communicate and/or negotiate with vendors and/or utility companies on behalf of the Owner regarding the delivery of goods and services to the Property. To transfer any and all funds from the Operating Account to Alltrade for any payments owed to Alltrade by the Owner in accordance with this contract. To change the billing address for vendors or utilities, or the mailing address with the Jefferson County Property Valuation Administration (PVA) office or other similar entity for the purpose of receiving notices or other communication. 3

5 4. RESPONSIBILITIES OF OWNER 4.1. Pay Expenses. To pay Alltrade for all expenses, management fees and construction that must be paid in accordance with this agreement; 4.2. Compensation. Alltrade s base remuneration for management of the property shall be payable at the rate of 4.0% of the gross income for the Property calculated from the 30th to the 30th of each month. Maintenance and service issues will be invoiced and paid separately. Leasing commissions for new leases and lease renewals will be invoiced and paid separately. For vacancies, there will be no additional charge per unit per month for purposes of this agreement. Activities outside of the normal duties of property management will be billed to the Owner at a rate of $65 per hour. These activities can include, but are not limited to, preparing documents or attending appointments related to the sale or disposition of a property Cooperation. Owner will supply Alltrade with all information and documentation requested by Alltrade so that Alltrade can perform under this Agreement and will communicate, when necessary, with necessary third-parties (e.g., Calling utility company to give Alltrade authority to manage account) Costs of Collection/Delinquent Accounts. Owner agrees to pay all costs of collection, including but not limited to attorney fees and court costs. All accounts that are due over thirty (30) days shall bear interest at the rate of 1.5% per month. Fair Housing. Alltrade attempts to comply with all Fair Housing laws and regulations. Owner agrees to not give any instructions that are not in compliance with Fair Housing laws. 5. INSURANCE 5.1. Owner s Insurance. Owner, as a Property operating expense, will obtain and keep in force adequate insurance against physical damage (e.g., fire with extended coverage endorsement, machinery, etc) and against liability for loss, damage or injury to property or persons which might arise out of the ownership or occupancy of the Property. Owner shall defend and indemnify Alltrade harmless from any liability on account of loss, damage, or injury arising out of the operation and/or management of the property or the Owner s misconduct or negligence provided: Alltrade promptly notifies the Owner and the insurance carrier after Alltrade receives notice or becomes aware of any such loss, damage or injury; Alltrade shall cooperate completely with Owner and its insurers in the defense of such injury or claims; Alltrade is not judicially determined to have engaged in intentional misconduct or gross negligence in executing its responsibilities under this Agreement Owner s Insurance. At all times, Owner will have and maintain in force general liability insurance, $1,000, minimum. Owner shall provide Alltrade with a copy of the insurance policy for each property Alltrade manages. Owner shall add Alltrade Service Solutions as additional insured on each insurance policy related to the Property. 4

6 5.3. The foregoing is not intended to affect the general requirement of this Agreement that the Property shall be managed, operated and maintained in a safe condition and in a proper and careful manner. Alltrade shall furnish whatever information is requested by the Owner for the establishing placement of insurance coverage and shall aid and cooperate in every reasonable way with respect to such insurance and any loss there under Worker s Compensation. Alltrade will maintain worker s compensation coverage to cover Alltrade employees. Premiums paid to cover employees that are solely employed at Owner s property as set forth in paragraph 2.2 will be paid to Alltrade by Owner as one of reimbursed employee costs. Alltrade Insurance. At all times, Alltrade will have and maintain in force general liability insurance, $1,000, minimum. 6. FINANCIAL REPORTING AND RECORDS KEEPING 6.1. Books and Accounts. Alltrade shall maintain adequate and separate books and records for the Property, the entries to which shall be supported by sufficient documents to ascertain that such entries are accurate Rent Manager. Alltrade shall utilize Rent Manager and/or other software to maintain, as is practicable, all rent, expense and repair data related to the Property. Owner shall have access to the information related to said rents, expenses and repairs at all times said website or software is operational. 7. TERM OF AGREEMENT 7.1. Alltrade Termination. Alltrade may terminate this contract with or without cause by giving the Owner at least thirty (30) days prior notice in writing. Such notice is not effective until the first day of the calendar month subsequent to the receipt of the termination notice. It is expressly understood that Alltrade may immediately terminate this Agreement should Owner fail to perform any duty under this Agreement, on the filing of a petition in bankruptcy of the Owner or in relation to the subject property or if the property is condemned or destroyed Owner Termination. The Owner may terminate this contract with or without cause by giving Alltrade at least thirty (30) days prior notice in writing. Such notice is not effective until the first day of the calendar month subsequent to the receipt of the termination notice. It is expressly understood that the Owner may immediately terminate this Agreement should Alltrade fail to perform any duty under this Agreement, on the filing of a petition in bankruptcy by Alltrade or if the property is condemned or destroyed Final Accounting. Upon termination of this Agreement, Alltrade shall deliver to the Owner the following with respect to the Property: A final accounting, reflecting the balance of income and expense of the Property as of the date of termination, to be delivered within thirty (30) days after such termination A balance of monies of the Owner, held by Alltrade with respect to the Property to be delivered within ten (10) days of termination; All keys, electronic access devices, parking permits and passes, contracts, leases, receipts for deposit, unpaid bills and other papers or documents which pertain to the Owner, to be delivered immediately upon 5

7 8. NOTICES such termination. Upon such termination, Owner will assume payment of all approved or authorized unpaid bills Notices. All notices, demands, consents and reports provided for in this agreement shall be in writing and shall be given to the Owner at the address set forth below or at such other address as individually may specify thereafter in writing Dunwoody LLC 7510 Dunwoody Court Louisville, KY Alltrade Service Solutions, LLC ATTN: Kevin D. Jaggers 710 Barret Ave #201 Louisville, KY Such notices or other communication may be mailed by United States Registered mail, return receipt requested; postage prepaid or by certified mail, and may be deposited in a United States Post Office or depository for the receipt of mail regularly maintained by the post office. Such notices, demands, consents and reports may also be delivered by hand. For purposes of this Agreement, notices will be deemed given upon personal delivery thereof or forty-eight (48) hours after having been deposited in the United States mail as provided above. 9. MISCELLANEOUS 9.1. Governing Law This Agreement shall be governed by and construed in accordance with the law of the Commonwealth of Kentucky Waiver, Entire Agreement No modification, amendment, discharge or change of this Agreement, except as otherwise provided herein, shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, amendment, discharge or change is sought Receipt of Lease - Owner acknowledges that a copy of Alltrade s standard lease agreement for a tenant has been provided for review No Solicitation of Employees The Owner agrees that, both during the time that the Owner is contracted with Alltrade and for a period of two (2) years following the termination of this contract, the Owner will not, directly or indirectly, on the Owner s own behalf or on behalf of any other person or entity, hire or solicit to hire for employment or consulting or any other provision of services, any person who is actively employed or engaged (or in the preceding six months was actively employed or engaged) by Alltrade. This includes, but is not limited to, inducing or attempting to induce, or influencing or attempting to influence, any person employed or engaged by Alltrade to terminate his or her relationship with Alltrade. HAVE SEEN AND AGREE: Alltrade Service Solutions, LLC/Josh Lindley, Broker 6

8 By: Date: OWNER By: Date: The undersigned acknowledges that he/she is individually responsible for the obligations created under this agreement. By: Date: Per this agreement, please also submit the following for each property Alltrade will manage: Insurance certificate Deed 7