MANAGEMENT AGREEMENT AND AUTHORIZATION

THE UNDERSIGNED OWNER hereby employs the undersigned Broker exclusively to rent, lease, operate and manage the real property situated in the CITY OF DAVIS, COUNTY OF YOLO, and STATE OF CALIFORNIA, herein described as ______________________________________

commencing this date and terminating upon 30 days notice by either party to this agreement. The following terms and conditions shall apply.

BROKER’S OBLIGATIONS

OWNER hereby confers upon BROKER the following duties, authority and power:

 1.         LEASING. To advertise the availability for rent of the property or any part thereof and to display “For Rent” or “For Lease” signs thereon; to execute: leases, renewals, and cancellations, relating to the property, for terms no to exceed one year.  To terminate tenancies, and to sign and serve for the OWNER, to evict tenants and recover possession of the premises, to recover rents and other sums due; to settle, compromise and release such actions. 

2.          RENTS.  To collect rents, and to collect and disburse security and the
deposits; to deposit all receipts collected for OWNER in a trust account with
a qualified banking institution, however, BROKER shall not incur any liability
for bankruptcy or for failure of the said depository.

 3.         MAINTENANCE.  To employ, supervise and discharge all labor required for the operation and maintenance of the property.

 4.         SERVICE CONTRACTS.  To execute contracts for utilities and services for the operation, maintenance, and safety of the property, in a manner which the BROKER shall deem advisable and or necessary.

 5.         REPAIRS. To take charge of repairs, decorating, and alterations; and to purchase supplies therefor.  BROKER agrees to obtain OWNER’S prior authorization for any and each expense item in excess of $150.00, except monthly or reoccurring operating charges, emergency repairs, or if the OWNER is not reasonably available for consultation; should the BROKER deem necessary such expenditures, in excess of the above stated amount; for the protection of the property from damage, or to perform services to the tenants as provided for in their lease.

 6.         DISBURSEMENTS.  To accrue and make disbursements for
OWNER’S funds, rents and deposits for; contractual mortgage payments,
property taxes and special assessments, premiums for hazard and liability
insurance, repairs newspaper advertising, legal representation, and such other
normal and usual expenses related to the property, and other payments as may
be requested by OWNER.

 7.         PERIODIC STATEMENTS.  To render periodic itemized statements for receipts, expenses, charges and accruals; and to remit to OWNER, receipts less disbursements and accruals for future expenses.

OWNER’S OBLIGATIONS

8.         FEES TO BROKER. OWNER agrees to pay BROKER a fee for services
rendered at the rate of _______% of the monthly rents.  OWNER hereby recognizes BROKER as AGENT in any negotiations relative to the property or any part thereof; which may have been initiated during the term hereof, and if consummated; shall compensate BROKER in accordance with the rate set forth.  All such compensation shall be due and payable on demand; and may be deducted by the BROKER from any rental fees and security deposits received by BROKER.

9.         HOLD HARMLESS. OWNER agrees to hold BROKER harmless from all
damage suits in connection with the management of the herein described
property and from liability for injury suffered by an employee or other person;
and to carry, at OWNER’S expense, adequate public liability insurance
(minimum $300,000 each property); and to name BROKER as Co-insured,
and to provide Broker with notification thereof. The BROKER shall not be
liable for any errors of judgment, or for any mistake of fact or law, or for
anything BROKER may refrain from doing hereunder; except in cases of
willful misconduct or gross negligence.  If either party brings a cause for action
to this agreement, said parties herein agree to pay reasonable costs, in defense
of such action, to the prevailing party, including, but not limited to, attorney’s
fees.

10.       DATA AND RECORDS. OWNER agrees to make available to
BROKER all data, records and documents pertaining to the property with the BROKER may require to properly exercise BROKER duties.

11.       CONTRACT TERMINATION.  In the event OWNER terminates this agreement within 90 days of BROKER obtaining a tenant, BROKER shall be entitled to receive a minimum leasing fee equal to one-half of one month’s rent.  BROKER accepts this exclusive employment and agrees to use diligence in exercising the duties, authority and power conferred upon BROKER under the terms hereof.

12.      COMPLETENESS OF CONTRACT.  This agreement, pages 1 through 3
            inclusive, represent the complete and total agreement between the parties; no other agreements, expressed or implied, either written or verbal, exist between
the parties; except, those agreements which may be incorporated herein, as
memorandums of notice, addenda to this agreement, or other such documents,
properly and duly signed and dated.

________________________________________________________
Owner’s Signature

_________________________________________________________
 Broker’s Signature

           C. L. Davies
Property Management
P.O. Box 451
Davis, CA  95617

________________________________________           

Owner’s Signature                                                              

Date:     _________________________________

Address: ________________________________

              ________________________________

Telephone: ______________________________

SSN# __________________________________

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