Property Management Agreement
This Property Management Agreement (hereinafter " the Agreement" ) is entered into and executed on at .
BETWEEN
, residing at (Hereinafter referred to as “Property owner” ) which expression shall, unless it be repugnant to the context or meaning thereof, means and includes its heirs, executors, administrators, legal representatives/ the partners or partner for the time being of the firm the survivors or survivor of them and the heirs, executors, administrators of the last surviving partner and his or her assigns/ its successors and assigns of the ONE PART.
AND
, residing at (Hereinafter referred to as “Property Manager” ) which expression shall unless it be repugnant to the context or meaning thereof, means and includes its heirs, executors, administrators, legal representatives/ the partners or partner for the time being of the firm the survivors or survivor of them and the heirs, executors, administrators of the last surviving partner and his or her assigns/ its successors and assigns of the OTHER PART. , a company incorporated under the Companies Act, 2013 having registered office at (Hereinafter referred to as "Property Manager") which expression shall unless it be repugnant to the context or meaning thereof, means and includes its heirs, executors, administrators, legal representatives/ the partners or partner for the time being of the firm the survivors or survivor of them and the heirs, executors, administrators of the last surviving partner and his or her assigns/ its successors and assigns of the OTHER PART.
WHEREAS, the property manager is an independent legal entity dealing with managing the property.
WHEREAS, the Property owner has the absolute ownership of the property situated at through the possession of a sale deed executed on .
WHEREAS, the Property Owner desires to engage the Property Manager, subject to the terms and conditions hereof, the Property Manager agrees to such and accepts such engagement
WHEREAS, each party is duly authorized and capable of entering into this Agreement.
NOW, THEREFORE, in consideration of the above recitals, the Parties hereby agree as follows:
1. Permissions:
The Property owner through the executions of this agreement shall provide the express right to manage the property mentioned within the Schedule to the Property Manager.
2. Responsibility of the Property Manager:
The Property Manager shall conduct duties by following the below-mentioned conditions. They are as follows:
2.1
The Property Manager agrees to perform the Services required under this Agreement, including those set forth in
2.2
The Property Manager shall use all reasonable efforts to optimize the useful life of the Project and to minimize Reimbursable Costs and Project outages or other unavailability.
2.3
The Property Manager agrees to adhere to reasonably necessary labour and professional, supervisory and managerial personnel as are required to perform the Services. Such personnel shall be qualified to perform the duties to which they are assigned and shall meet any requirements for Project personnel under the Project Agreements. All individuals employed by the Property Manager to perform the Services shall be employees of the Property Manager, and their working hours, rates of compensation and all other matters relating to their employment shall be determined solely by the same.
2.4
The Property Manager shall with respect to labour matters, hiring personnel, and employment policies shall comply with all applicable Laws. The Property Manager also shall act in a reasonable manner that is consistent with the intent and purpose of this Agreement.
2.5
The Property Manager agrees to maintain the Project operating logs, records, and reports that document the operation and maintenance of the Project, all in form and substance sufficient to meet the Property Owner's reporting requirements under the Project Agreements. The Property Manager shall maintain current revisions of drawings, specifications, lists, clarifications and other materials related to the operation and maintenance of the Project provided to the Property Manager by the Owner.
3. Compensation:
3.1
The Parties agree that for the rendering of services as described in this Agreement, the Owner shall pay to the Property Manager compensation of INR . A detailed invoice is to be provided to the Property Owner by the Property Manager.
3.2
The Owner shall have days to pay on the invoice received from the Property Manager. In the event payment is not done within the stipulated time, the Property owner shall be considered in breach of this Agreement.
3.3
Both parties agree that for any payment that is not paid when due, the Owner shall pay a late fee of INR
4. Representations, Warranties and Indemnification.
The property Manager represents and warrants to the Property owner that:
4.1
Property Manager is under no contractual or other restrictions or obligations which are inconsistent with the execution of this Agreement, or which will interfere with Property Manager’s performance of Property Manager’s Services, and
4.2
Property Manager’s Services shall be performed in a competent fashion in accordance with applicable standards of the profession and all of Property Manager’s Services are subject to approval by Company.
4.3
The Property Manager shall conduct Property Manager’s services with the highest amount of professionalism and integrity.
4.4
Property Manager hereby indemnifies and holds harmless the Property owner, its subsidiaries, and affiliates, and their officers and employees, from any damages, claims, liabilities, and costs (including reasonable attorney’s fees), or losses of any kind or nature whatsoever which may in any way arise from the Services performed by Property Manager hereunder, or any breach or alleged breach by Property Manager of this Agreement, including the representations, warranties and agreements set forth herein.
5. Lock-in Period:
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6. Exclusivity clause:
6.1
The property undergoing management shall not during the period of this agreement enter into any agreement directly or indirectly to engage with other aggregators including but not limited to in any manner for or in relation to selling/marketing/promoting rooms at the Premises.
6.2
Notwithstanding anything stated herein, if the property defaults/breaches its obligation under this Exclusivity clause then the property shall be deemed to have breached material obligations and shall be liable to pay liquidated damages.
7. Communication:
The Service provider agrees that all communication with the Company will be done through the use of electronic mail. Any changes to product details, specifications, data structure, etc. will be agreed upon by both parties through mail and will be communicated through the email
8. Force Majeure:
Neither Party shall be held liable for any failure to perform their obligations under this Agreement where such breach is due to any of the war, hostility, strikes, lock outs, fire, floods, explosion, epidemic quarantine restrictions, an act of God and acts of Govt. including but not restricted to the prohibition of imports, the date of fulfilment engagement shall be postponed during the time when such circumstances are operative, the affected party shall give the notice within days of the occurrence of such a clause will be given.
9. Amendments:
Any amendment to this Agreement shall be made in writing and signed by the Parties hereto. Each and every amendment to this document must be made with the mutual consent of both parties.
10. Enforceability:
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11. Construction:
This Agreement shall be construed and interpreted in accordance with the internal laws of India.
12. Term and Termination:
12.1
The term of this Agreement shall begin on the Effective Date and shall continue until terminated by either party as outlined in this Section.
12.2
Termination.
Either party may terminate this Agreement immediately upon a material breach by the other party that has not been cured within thirty (30) days after receipt of notice of such breach.
13. Relationship Between The Parties:
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14. Arbitration and Conciliation:
If any dispute arises between the Parties hereto during the subsistence of this Agreement or thereafter, in connection with the validity, interpretation, implementation or alleged material breach of any provision of this Agreement or regarding a question, including the questions as to whether the termination of this Agreement by one Party hereto has been legitimate, both Parties hereto shall endeavour to settle such dispute amicably. If the Parties fail to bring about an amicable settlement within a period of thirty (30) days, either Party to the dispute may give ten (10) days notice of invocation of dispute settlement to the other party. The Parties hereto shall submit to such, a mediation award which will be enforceable in the court of law.
Schedule
ALL THAT piece and parcel of , i.e;
East by:
West by:
North by:
South by:
IN WITNESSETH WHEREOF THE PARTIES HERETO HAVE HEREUNTO SET AND SUBSCRIBE THEIR RESPECTIVE HANDS AND SEAL ON THE DAY AND YEAR FIRST HEREIN ABOVE WRITTEN
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Signed, Sealed and Delivered by Property Owner |
Signature |
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Signed, Sealed and Delivered by Property Manager |
Signature |
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In the presence of witnesses…….
Witness 1:
Witness 2: