PROPERTY MANAGEMENT

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Panhandle Property Management – Exclusive Property Management Agreement

This Exclusive Property Management Agreement ("Agreement") is between________________________________________________________("Owner") Panhandle Property Management, Inc. 104 Gulf Highlands Blvd. Panama City Beach, FL 32407, herein after referred to as PPM for the following uses and purposes.

A. Owner holds fee simple title to that certain real property located at,
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which shall include, the dwelling and all carpeting, drapes, furniture, appliances and other personal property located within the dwelling or on the real property, hereinafter collectively referred to as the "Property."

B. Owner desires to engage the services of PPM to operate and manage the Property as rental property, and PPM desires to provide such services on the following terms and conditions:
Now, therefore, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

1. Employment: Owner hereby employs PPM as the exclusive agent of Owner to manage, rent, lease and maintain the Property upon the terms and conditions herein after set forth during the term of this Agreement.

2. Term: The terms of this Agreement shall be from______________________________,to
____________________,___________and from year to year thereafter upon the same terms and conditions hereof, unless Owner gives written notice at least thirty (30) days prior to the end of the then existing term. PPM may terminate this Agreement at any time
upon thirty (30) days prior written notice to Owner. This agreement is negotiable on the anniversary date only. Note: Long term leases (three months or longer). Under no conditions shall Owner terminate this Agreement during the term of any lease of the Property, or any renewals or extensions thereof, the term of which lease commenced prior the
, termination of this Agreement unless the unit was on the market for "selling" purposes and was written into the "said lease" upon execution of said lease. At this point, if the unit retains a signed contract the tenant will be given notice within 24 hours of the signed contract on the property and 10 days from the date of closing or per termination clause of said lease whichever is greater to vacate the property.

3. Fees: For services rendered in obtaining tenants, managing the Owner's property, collecting rents, servicing accounts, advertising and providing financial reports, PPM, shall be paid a management fee of 20% of the base rental. income (defined as total gross rental income minus sales taxes.)

4. Rate: Rental rates are established annually and agreed upon by acceptance of the attached Rate Addendum by Owner and PPM. Rental rates are set by seasonal schedules determined by market conditions. All advance reservations will be made to reflect the prevailing rates. PPM shall choose to vary the prevailing rate, by no more than 25%, when deemed necessary to increase rental occupancy and to be in the Owner's best interest. Other variations from the seasonal schedule may be made if agreed upon, in writing, by Owner and PPM.

5. Securing of Tenants: PPM shall maintain a reservation system through which all of it’s' reservations are processed. Deposits shall be accepted in the form of cash, check, traveler's check and/or credit card. Any charges levied by credit card companies for the use of their credit card, shall be incurred by PPM and not charged to the Owner. PPM shall accept reservations up to two (2) years in advance, subject to possible rate changes, except for dates excluded by Owner.

It is expressly understood and agreed that al1 rental reservations procured by PPM are the property of and are controlled by PPM. PPM reserves the right to relocate any dissatisfied tenant who, for good reason, demands to be moved to another property being managed by PPM. In such an event, PPM will make every effort to re-rent Owner's property to avoid and/or limit a loss in revenue.

6. Accounting: PPM will maintain an accounting system to handle the disbursement of rental income to the property Owner. The Owner will be mailed a monthly statement within (10) days after the end of the month reflecting the transactions during the previous month together with a net proceeds check if applicable.

7. Leasing of Premises:
a. Leasing to Guests: PPM shall make reasonable efforts to lease the Premises and shall be responsible for all negotiations with prospective guests. PPM is authorized, subject to the limitations set forth in paragraph 4 above, to execute and enter into, on behalf of Owner, lease for such terms, for such rentals, and on such terms and conditions as may be determined by PPM, in its sole discretion. Provided, however, all leases shall be substantially in the form of the "Property Rental Agreement" available to owner upon completion of the property management agreement. Further provided, however, PPM shall not, without the prior written consent of Owner, enter into any lease for a term of tess than days, nor for more than days. PPM is authorized to enter into renewals with an existing guest, unless otherwise notified by Owner to the contrary in writing prior to entering into the renewal lease.
b. Owner's Use: Owner shall not occupy the Premises without reserving such periods of occupancy through PPM and receiving written confirmation from PPM that such period is available. Owner shall identify the periods of occupancy that they would like to reserve the Premises and notify PPM prior to January 15 of the year that the Owner wishes to occupy the Premises. Owner's use shall not exceed 21 days during the peak rental season which runs from March t through September 15 of each year. In the event Owner wishes to use the Premises Owner shall be permitted to use the Premises without payment of any rental fee to PPM provided, however, Owner agrees to pay the amount necessary to make the Premises ready for future guests, including but not limited to the use of PPM's housekeeping service. PPM shall make available to Owner all services that are available to guests. Owner shall pay for those services requested at the rate paid by guests. A current list of said services offered to guests and Owners and the fees associated with said services shall be furnished to the Owner. Any exceptions to the provisions set forth in paragraph 7 of this agreement shall be at PPM's discretion and subject to a separate agreement.

8. Utilities: The Owner shall be responsible for payment of all utilities. These utilities must include, but are not limited to, water, telephone, electricity, trash pick-up and cable television unless other arrangements have been made and agreed upon between PPM and the Owner. The Owner further agrees that PPM shall have the authorization to pay any and all utilities when it is brought to their attention that these utilities are subject to being disconnected. In the event that PPM makes utility payments on behalf of the Owner, a fee of $1 0.00 will be charged to the Owner as a handling fee for coordination and bookkeeping services. The Owner must maintain a credit balance of $150.00 in their owner reserve account sufficient to pay all reasonable bills; PPM is prohibited by law from making any disbursement that would result in a negative balance.

9. Property: The Property shall meet the requirements set forth by Florida Statutes Department of Business Regulation, division of Hotels and Restaurants, and other applicable law.

10. Furnishings: The Owner shall maintain property's furnishings in a safe, attractive and useable condition. Carpet and upholstery cleaning (based on normal wear and tear) shall be done when determined necessary by agents of PPM. Each owner is required 10 have the "basics" of kitchen ware, utensils, and living ware furnished for use by renters. A list will be attached to help you complete your inventory of "required" basic necessities.

11. Maintenance and Repair: We will furnish routine maintenance of Owner's property, its furnishings, fixtures, appliances, and other equipment as needed to ensure the goodwill of the tenant and the occupancy of the Owner's property(Repairs shall not exceed S100.00 without prior approval of Owner except where damages that requires immediate repairs to avoid greater damage, or as otherwise provided herein) The Owner agrees that PPM may offer a tenant a reasonable discount on rental rates in the event of a failure of a major appliance (stove, heating/cooling systems, refrigerator, dishwasher, washer/dryer, and water heater/water systems) that cannot be repaired and made acceptable to the tenant in a timely manner or the tenant shall be transferred to a comparable property and the Owner shall be credited for rents earned during the period in which the tenant occupied the Owner's property. By operation hereof, however, PPM shall not be presumed to assume responsibility to undertake repairs, nor shall PPM be held liable for any harm to Owner's property arising from PPM's failure to undertake repairs.
PPM shall collect a damage deposit fee as security against any damages to said rental property during the tenants stay. This security/damage deposit shall be fully refunded to guest, approximately two weeks following their departure, should the property be left in good condition. It is the responsibility of PPM to inspect said property and withhold sufficient monies from the guest's security/damage deposit to make necessary repairs and/or replacement to damaged/missing items that is beyond what is considered normal wear and tear.

12. Cleaning And Linen Service: The cost of cleaning will be added to the Tenants fee. PPM will contract for Owner for necessary housekeeping services and will do so at any time
make the billing statements from the independent housekeeping services available for
owner review. The Owner must at all times own two complete sets of linens for every bed and sleeper sofa in their unit. Bathrooms (depending on the number) must be completely stocked with 2 sets of towels, bath clothes, bath mats, and hand towels. The kitchen should have two sets of dish cloths and hand towels also. They can either be purchased by the owner or PPM. However, all linens will become part of the PPM rental linen pool. It is not guaranteed that the exact same set of linens will be used in your unit every time. The Owner will be charged an annual pro-rata linen charge based on the size of the unit to keep the inventory and quality of linens at an acceptable level The costs for such services are subject to annual review and based on size of unit. At all times, the owner will own a complete double set of linens in good condition.
PPM reserves the right to change any prices (cleaning services, etc.) and maintenance fees without prior notification based on industry standards.
Note: Owners will NOT be allowed to waive a cleaning fee during their own stay or any other for any reason. This helps PPM control any discrepancies for our housekeeping services and keep all units consistent with our stringent cleaning standards. We will provide annual deep cleaning of unit including carpet cleaning.

13. Pets: Tenants will NOT be permitted to keep pets in or about the subject property unless expressly approved by owner in advance. Violation of this rule will result in the renter being required to leave the premises with no refund of their rental fees.

14. Smoking: Tenants will NOT be permitted to smoke in the subject property. Tenant will be advised that smoking is allowed outside the confines of the property ONLY. Violation of this rule will result in the renter being required to leave the premises with no refund of their rental fees.

15. Telephones: All rental properties are required to have a touchtone telephone for the
convenience and safety of tenants. The Owner may elect to have a long distance toll
restriction installed. Local long distance calls and information call requests will be at the
expense of the Owner.

16. Pest Control: Rental units will receive pest control service on a regularly scheduled basis at the Owner's expense. Pest control may be through PPM's bulk account or owner may contact for independent pest control services.

17. Sale of the Unit: In the event the Owner decides to sell the subject Property during the period of this agreement, the owner shall notify PPM of the intent to sell and will coordinate all showings through PPM.

18. Insurance: It is understood that the Owner shall carry personal liability insurance for the property in the minimum amount of$100,000/$300,000, a copy of which shall be furnished by the Owner to PPM. The owner is encouraged to also carry an umbrella policy extending this liability coverage and to carry insurance to cover the contents of the unit. Owner agrees to hold and save Agent free and harmless from damage or injuries to person or property by reason of any cause whatsoever either in or about the premises elsewhere when Agent is carrying out the provisions of this contract or acting under the express or implied directions of the owner. The Owner further agrees to indemnify, defend and hold PPM harmless from all legal actions brought by any third party in connection with PPM's duties and responsibilities occurring under the terms of this Agreement, excluding only those arising from the gross negligence, or willful or wanton misconduct of PPM. A dated/inspected (by state agency) fire extinguisher (minimum 5 Ib) is required in every unit on PPM's program. This is for your safety as well as that of the renter. Such fire extinguishers shall meet or exceed the size (and any other requirement) to meet local, state and federal standards and the requirements set by your insurance policy.

19. Termination of Agreement: Under normal circumstances, either party without cause upon thirty (30) days written notice by either party to the other may terminate this agreement (except as discussed in paragraph 2). Reservations that have already been made by PPM will be reassigned to another comparably priced property. Owner must pay all sums due to PPM under the terms of this Agreement.

20. Attorney's Fees: in any action, suit or proceeding to enforce or interpret the terms of this Agreement or collect any amount due hereunder, the prevailing party shall be entitled to reimbursement for all costs and expenses reasonably incurred in enforcing, defending, or interpreting its rights hereunder, including, but not limited to, all collection and court costs, and all attorney's fees, whether incurred out of court, in the trial court, on appeal, or in bankruptcy or administrative proceedings.

21. All Properties are leased/managed without regard to the prospective tenant's race, color, sex, physical ability, religion, familial/marital status or national origin as stated in the Fair Housing Act of 1968.

22. Agreement: Parties herein have agreed to the terms of this agreement and this instrument shall become effective as a legal and binding contract when properly signed as of the date below.
Date: ____________________
Owner signature

PANHANDLE PROPERTY MANAGEMENT, INC.
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Rental Manager
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Print Owner's Name
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Social Security # (s)
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Street Address (s)
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City (ies) State (s) Zip (s)
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Home Phone (s)
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Work Phone (s)
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Mobile Phone (s)
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Fax # (s)
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Email Address (es)
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Property Phone
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NEW OWNER FORM

Please complete this form entirely and submit it along with the PPM Owner Agreement Packet to finalize initial set up of your vacation home.
Date:______________
Property Name & Address:_______________________________
Owner Name(s) (as on deed):_____________________________
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Unit/House Occupancy & Bedding Description:
Maximum Occupancy:________# Bedrooms:_________ # Bathrooms:_______
Master bed size:_____________ Guest room(s) bed size:_________________
Bunk Room/Area: (Circle which applies and list bed sizes)________________
Sleeper Sofa: yin (If yes, please list bed size of sleeper)___________________

Pets are allowed

Anticipated Rates from Owner:
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Dates Owner Needs Reserved:
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Signature of Owner certifies all of the above is correct and complete:

Signature:_______________________________Date Signed______________