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Exclusive Property Management Agreement
"I need an Exclusive Property Management Agreement for a 50-story commercial tower in Dubai Business Bay, with comprehensive facilities management services and strict KPIs, starting from March 1, 2025, with quarterly performance reviews and an initial term of 3 years."
1. Parties: Identification of the Property Owner and the Property Management Company, including full legal names, license numbers, and contact details
2. Background: Context of the agreement, including brief description of the property and the owner's intention to appoint the manager
3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Services', 'Management Fee', etc.
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Scope of Services: Comprehensive list of property management services to be provided, including core responsibilities
6. Manager's Obligations: Detailed responsibilities and duties of the property manager, including maintenance, tenant management, and financial reporting
7. Owner's Obligations: Responsibilities of the property owner, including providing necessary documentation and maintaining required insurances
8. Financial Terms: Management fees, payment terms, expense arrangements, and financial reporting requirements
9. Operating Budget and Expenses: Process for budget approval, expense management, and emergency expenditure procedures
10. Compliance and Reporting: Requirements for regulatory compliance, regular reporting, and record-keeping
11. Termination: Grounds for termination, notice periods, and post-termination obligations
12. Liability and Indemnification: Extent of manager's liability, insurance requirements, and mutual indemnification provisions
13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution
1. Multiple Property Management: Additional terms for managing multiple properties under the same agreement
2. Strategic Advisory Services: Additional provisions for providing strategic property investment advice
3. Property Development Services: Terms covering management of property development or major renovation projects
4. Marketing Services: Specific terms for marketing the property for sale or lease
5. Facility Management: Detailed terms for comprehensive facility management services
6. Staff Accommodation Management: Specific provisions for managing staff accommodation facilities
7. Force Majeure: Provisions dealing with unforeseen circumstances affecting property management
8. Environmental Compliance: Specific provisions for environmental management and compliance
9. Short-Term Letting: Additional terms for managing short-term rental properties
1. Schedule 1 - Property Details: Detailed description of the property, including location, specifications, and included facilities
2. Schedule 2 - Services Specification: Detailed breakdown of all services to be provided under the agreement
3. Schedule 3 - Fee Schedule: Comprehensive breakdown of all fees, charges, and commission structures
4. Schedule 4 - Key Performance Indicators: Performance metrics and standards for evaluating the manager's services
5. Schedule 5 - Reporting Templates: Standard formats for various reports required under the agreement
6. Schedule 6 - Emergency Procedures: Procedures for handling emergency situations and authorized spending limits
7. Schedule 7 - Operating Budget: Initial operating budget and budget review procedures
8. Appendix A - Required Licenses and Permits: List of all required licenses and permits for property management
9. Appendix B - Insurance Requirements: Detailed insurance requirements for both parties
10. Appendix C - Contact Details: Key contact information for both parties and authorized representatives
Authors
Real Estate
Property Management
Facilities Management
Hospitality
Commercial Property
Residential Property
Retail Property
Industrial Property
Mixed-Use Development
Student Housing
Legal
Real Estate
Property Management
Operations
Facilities Management
Compliance
Finance
Asset Management
Client Relations
Maintenance
Leasing
Property Manager
Real Estate Director
Facilities Manager
Asset Manager
Operations Manager
Legal Counsel
Compliance Officer
Real Estate Portfolio Manager
Property Management Supervisor
Building Manager
Leasing Manager
Maintenance Manager
Financial Controller
Real Estate Investment Manager
Client Relations Manager
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