Property Management Agreement Sample Page 3
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29d) show housing units for rent in the Development to all prospective tenants whose
income and rent levels are consistent with Section 3.2, below;
e) take and process applications for rentals, including prospective tenant interviews and
credit checks. If an application is rejected, the applicant shall be advised of the reason
for rejection. The rejected application, together with the written notice of the
rejection and any other related correspondence, shall be kept on file for three years
following the rejection;
f) Comply with the leasing and other Requirements contained in Section 42 of the Code
of Federal Regulations with respect to housing units eligible for the low-income
housing tax credit if applicable to this Development.
g) Nondiscrimination: In the performance of its obligations under this agreement,
Manager shall comply with the provisions of any Federal, State or Local Law
prohibiting discrimination in housing on the grounds of race, color, sex, creed,
national origin, disability and familial status, including Title VI of the Civil Rights
Act of 1964 (Public Law 88-352, 78 Stat.241), all requirements imposed by or
pursuant to that Title; regulations issued pursuant to Executive Order 11063, and
Title VIII of the Civil Rights Act of 1968;
h) negotiate and execute any commercial leases and concession agreements in Owner’s
name subject to prior written approval by Owner of all terms and conditions;
i) collect, deposit and disburse security deposits, in accordance with the terms of each
Tenant Lease and Sections 7.1 and 7.2 hereof. The amount of each security deposit
shall be held by Manager in an account, separate from all other accounts and funds.
Such account shall be in the name of Property Name Here. and designated of record
as “Security Deposit Account.” Interest on security deposits shall be paid according
to the leases and applicable law;
j) maintain a current list of acceptable prospective tenants and undertake all
arrangements necessary and incidental to the acceptance of rental applications and the
execution of Tenant Leases. Manager shall exercise its best efforts (including, but not
limited to, placement of advertising, interviewing prospective tenants, assisting and
counseling in completion of rental applications and execution of Tenant Leases,
processing documents and credit and employment verifications, and explanation of
the program and operations of Owner) to affect the leasing of dwelling units and
renewal of Tenant Leases so that the Development is occupied as fully as possible;
k) perform such other acts and deeds requested by Owner as are reasonable, necessary
and proper in the discharge of Manager's rental duties under this Agreement;
l) prorate the first month's rent collected from tenant should the Tenant Lease term
commence on any other day than the first day of the month. If the Tenant Lease term
occurs after the twentieth (20th) day of the month, the prorated amount, plus the next
Sample Property Management Agreement RAD Conversion Sites
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Page 3
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