24/7Real Estate Leasing & Management

24/7Real Estate Leasing & Management

LEASE LISTING AGREEMENT

This Lease Leasing Agreement For Residential Property (hereinafter, “This Agreement”) is made and

WHEREAS Agent desires to provide, and Owner desires to obtain certain Property Leasing Services for and at The Premises.

NOW THEREFORE in consideration of the foregoing recitals and the mutual premises, promises, covenants and agreements hereinafter described, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

1. Appointment of Leasing Agent.

1. 1 Appointment and Acceptance. Owner hereby appoints Agent as the sole and exclusive agent of Owner to lease The Premises upon the terms and conditions set forth in This Agreement. Agent accepts the appointment and agrees to furnish the services of its organization for the leasing of the Premises.

1.2 Description of Property to be Leased. This Agreement shall govern the land, all buildings and all other improvements located in, on and about The Premises

2. Leasing and Renting.

2.1 Agent’s Authority to Lease Premises. Agent shall use reasonable efforts to keep the Premises rented by procuring tenants for the Premises. Agent shall contact an appropriate credit reporting agency to confirm each tenant’s creditworthiness. Agent shall execute all leases as agent for Owner only upon Owner approval.

2.2Advertising.

Agent is authorized to advertise, at Agent’s expense, the Premises or portions thereof for rent, using periodicals, signs, plans, brochures, displays, or such other means as Agent may deem proper and advisable.

3. Tax Withholding

3.1If Owner is not a California Resident or a corporation or LLC qualified to conduct business in California, Owner authorizes Broker to withhold and transmit to California Franchise Tax Board (“FTB”) 7% of the GROSS payments to Owner that exceed $1,500 received by Broker, unless Owner completes and transmits to Broker FTB form 589, nonresident reduced withholding request, FTB form 588, nonresident withholding waiver, or FTB form 590, withholding exemption certificate.

3.2 If Owner is a nonresident alien individual, a foreign entity, or other non-U.S. person, (Foreign Investor) Owner authorizes Broker to withhold and transmit to the Internal Revenue Service (IRS) 30% of the GROSS rental receipts unless Owner elects to treat rental income as “effectively connected income” by submitting to Broker a fully completed IRS form W-8ECI, Certificate of Foreign Person’s Claim for Exemption from Withholding on Income Connected With the Conduct of a Trade of Business in the United States. A Foreign Investor Owner will need to obtain a U.S. tax payer identification number and file declaration with the IRS regarding effectively connected income in order to complete the form given to Broker. Further, the Foreign Investor Owner will be responsible for making any necessary estimated tax payments

1. Collection of Rents and Other Receipts.

4.2 Security Deposits. Agent shall collect tenant’s security deposits in accordance with the terms of each tenant’s lease and deposit such amounts into an account or accounts designated by Owner. Owner shall comply with all applicable State and/or Local Laws concerning security deposits.

5. Agent’s Compensation and Expenses. As compensation for the services provided by Agent under this Agreement and exclusive of reimbursement of expenses to which Agent is entitled hereunder, Owner shall pay Agent as follows:

5.1 Leasing Services.Owner shall pay Agent a onetime rental commission for each premises of: (a)

Half of the new tenant’s first month’s gross rental rate for a Twelve (12) month lease (Example:

$1,000.00 monthly rent the rental commission would yield a $500.00 compensation to Agent or

Owner shall pay Agent a onetime rental commission for each premises of: (b) A full month's rent ofthe new tenant’s first month’s gross rental rate for a twenty four (24) month lease (Example: $1,000.00monthly rent the rental commission would yield a $1,000.00 compensation to Agent.

5.2 Interest. Any sums due Agent under any provision of this Agreement, and not paid within ten (10) days after such sums have become due, shall bear interest at the rate of ten percent (10%) per annum.

6. Agent Assumes No Liability Agent assumes no liability whatsoever for any acts or omissions of Owner, or any previous owners of the Premises, or any previous management or other agent of the Premises. Agent assumes no liability for any failure of or default by any tenant in the payment of any rent or other charges due to Owner or in the performance of any obligations owed by any tenant to Owner pursuant to any lease of otherwise. Agent assumes no liability for previously known violations of environmental or other regulations which may become known during the period this Agreement is in effect. Any such regulatory violations or hazards discovered by or made known to Agent shall be brought to the attention of Owner in writing.

7. Hold Harmless. Owner shall indemnify and hold Agent harmless from and against all loss, damage, costs, expenses (including without limitation attorneys’ fees), liability, claims, actions, causes of action and lawsuits for personal injury or property damage incurred or occurring in, on or about the Premises, other than losses resulting from Agent’s gross negligence or willful misconduct.

8. Expenses of Litigation. Owner shall pay all expenses and liabilities incurred by Agent (as a result of acts or omissions occurring as a result of owner instructions or permission) or Owner, including without limitation liability in connection with any claim, proceeding or suit involving an alleged violation by Agent or Owner of any law pertaining to fair employer, fair credit reporting, environmental protection, rent control, taxes, fair housing, illegal discrimination on the basis or race, creed, color, religion, national origin or mental or physical handicap. Nothing contained in this Agreement shall obligate Agent to employ legal counsel to represent Owner in any such proceeding or suit. Subject to Owner’s prior approval, Owner shall pay all reasonable expenses incurred by Agent in obtaining legal advice regarding compliance with any law effecting the Premises or activities related to the Premises.

9. Representations of Owner. Owner represents and warrants to Agent that (i) Owner has full power and authority to enter into this Agreement; and (ii) there are no written or oral agreements affecting the Premises other than tenant leases and service contracts, copies of which have been provided to Agent.

10. Property and Structure Compliance. Owner represents that to the best of Owner’s knowledge the Premises and all equipment and improvements thereon comply with all requirements of building codes and with any statute, ordinance, law or regulation of any governmental body or of any public authority or official thereof having jurisdiction over the Premises.

11. Miscellaneous Provisions.

11.1 Notices. Any notice required or permitted to be given under This Agreement shall be given in writing as follows:

or at such other addressed as may be designated from time to time by giving notice as aforesaid. Any notice shall be deemed to have been given or received upon personal delivery or twenty-four (24) hours after mailing, by registered or certified mail, postage prepaid, addressed in accordance with the appropriate address hereinabove set forth or such other address of which notice is so given.

11.2 Successors and Assigns. Except as provided in this Agreement, this Agreement shall be binding upon and shall insure to the benefit of the parties hereto and their respective heirs, successors and assigns.

11.3 Headings. Headings contained in this Agreement are solely for the convenience of the parties hereto and shall not be deemed to or be used to define, construe or limit any of the provisions hereof.

11.4 Severability. If any term or provision of this Agreement is held to be unenforceable or invalid, the remaining terms and provisions of this Agreement shall be given full force and effect.

11.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California.

11.6 Amendment. This Agreement may not be amended, changed or modified except by written instrument signed by both parties hereto.

11.7 Counterparts. This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed an original, but all if which together constitute one and the same instrument.

11.8 Further Assurances. Each of the parties hereto shall do any and all things and execute any and all documents necessary to implement fully the intent and purpose of this Agreement.

11.9 Attorney’s Fees. In the event that any legal action shall be brought by any of the parties hereto to enforce the provisions of this Agreement, or the payments of amounts due hereunder, the prevailing party shall be entitled to receive reasonable attorney’s fees and costs from the losing party or parties in such action.

11.10 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all previous arrangements, understandings or agreements, written or oral, which may have been entered into among the parties hereto with respect to the subject matter specifically set forth in this Agreement and any Exhibits hereto. The parties hereto acknowledge that they have not relied in entering into this agreement upon any representation, warranty, promise or condition not specifically set forth in this Agreement

In witness whereof, the parties hereto have executed and entered into This Agreement as of the date first above written.