PROPERTY MANAGEMENT AGREEMENT

(Arkansas)

[// GUIDANCE: This template is drafted for use in Arkansas. All bracketed items require client-specific input or deletion before execution.]

TABLE OF CONTENTS

1. Document Header
2. Definitions
3. Appointment; Scope of Services
4. Owner's Responsibilities
5. Compensation
6. Insurance
7. Indemnification
8. Term; Termination
9. Dispute Resolution
10. General Provisions
11. Execution Block

1. DOCUMENT HEADER

Property Management Agreement ("Agreement") made and entered into as of [EFFECTIVE DATE] ("Effective Date") by and between:

• [OWNER LEGAL NAME], a [STATE] [ENTITY TYPE] with its principal place of business at [ADDRESS] ("Owner"); and
• [MANAGER LEGAL NAME], a [STATE] [ENTITY TYPE] with its principal place of business at [ADDRESS] ("Manager").

1.01 Recitals

A. Owner is the owner of the real property commonly known as [PROPERTY ADDRESS] (the "Property").
B. Owner desires to engage Manager to manage the Property, and Manager desires to accept such engagement, on the terms and conditions set forth herein.

2. DEFINITIONS

"Gross Receipts" means all rents, fees, and other income collected from the Property.
"Management Fee" means the compensation payable to Manager as set forth in Section 5.
"Operating Account" means the bank account established for Property operations.
"Lease" means any lease, rental agreement, or license for space at the Property.

3. APPOINTMENT; SCOPE OF SERVICES

3.01 Appointment. Owner hereby appoints Manager as the exclusive managing agent for the Property, and Manager accepts such appointment.

3.02 Scope of Services. Manager shall:
(a) Collect rents and other charges from tenants;
(b) Pay operating expenses from the Operating Account;
(c) Maintain the Property in good condition;
(d) Procure and supervise contractors for repairs and maintenance;
(e) Negotiate and execute Leases (subject to Owner approval for new leases);
(f) Handle tenant relations and enforce lease terms;
(g) Maintain books and records and provide monthly reports;
(h) Comply with all applicable laws, including Arkansas landlord-tenant law.

4. OWNER'S RESPONSIBILITIES

Owner shall:
(a) Maintain adequate funds in the Operating Account;
(b) Provide Manager with authority to act on Owner's behalf;
(c) Maintain required insurance coverages;
(d) Approve annual budgets and capital expenditures exceeding $[AMOUNT].

5. COMPENSATION

5.01 Management Fee. Owner shall pay Manager a monthly Management Fee equal to [PERCENTAGE]% of Gross Receipts, payable on the [DAY] of each month.

5.02 Leasing Commissions. Manager shall receive a leasing commission of [PERCENTAGE]% of gross rent for new leases and [PERCENTAGE]% for renewals.

5.03 Additional Services. Fees for services beyond the scope of Section 3 shall be agreed in writing.

6. INSURANCE

Manager shall maintain:
(a) Commercial General Liability Insurance with limits of not less than $[AMOUNT];
(b) Professional Liability/E&O Insurance with limits of not less than $[AMOUNT];
(c) Workers' Compensation Insurance as required by law.

7. INDEMNIFICATION

7.01 Manager's Indemnity. Manager shall indemnify Owner from claims arising from Manager's negligence or willful misconduct.

7.02 Owner's Indemnity. Owner shall indemnify Manager from claims arising from the condition of the Property or Owner's acts, except to the extent caused by Manager's negligence.

7.03 Limitation of Liability. Neither party shall be liable for consequential damages. Manager's aggregate liability shall not exceed the Management Fees paid in the preceding twelve months.

8. TERM; TERMINATION

8.01 Term. This Agreement shall commence on the Effective Date and continue for [NUMBER] year(s), automatically renewing for successive one-year terms unless terminated.

8.02 Termination. Either party may terminate upon [NUMBER] days' written notice. Owner may terminate immediately for Manager's material breach or misconduct.

8.03 Transition. Upon termination, Manager shall cooperate in transitioning management and deliver all records and funds.

9. DISPUTE RESOLUTION

9.01 Governing Law. This Agreement shall be governed by the laws of the State of Arkansas.

9.02 Forum. Any action shall be brought in the state courts of [COUNTY] County, Arkansas.

9.03 Arbitration (Optional). [Disputes may be resolved by binding arbitration under JAMS rules.]

10. GENERAL PROVISIONS

10.01 Notices. All notices shall be in writing and delivered to the addresses above.

10.02 Assignment. Manager shall not assign this Agreement without Owner's consent.

10.03 Entire Agreement. This Agreement constitutes the entire agreement between the parties.

10.04 Amendments. Amendments must be in writing and signed by both parties.

10.05 Counterparts. This Agreement may be executed in counterparts.

11. EXECUTION BLOCK

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

OWNER:
[OWNER LEGAL NAME]
By: ___________________________
Name: _________________________
Title: __________________________
Date: __________________________

MANAGER:
[MANAGER LEGAL NAME]
By: ___________________________
Name: _________________________
Title: __________________________
Date: __________________________

[// GUIDANCE: Ensure Manager holds any required Arkansas real estate license. Confirm compliance with Arkansas Real Estate Commission requirements.]