7) OWNER further agrees:
- Agent shall
receive a fee of 10% of the collected monthly rent. This fee is considered earned upon the
signing of any rental agreement or lease and AGENT shall deduct this fee from
the first lease payment prior to remitting to OWNER.
- Should this
agreement be terminated by OWNER prior to its expiration, all leasing fees for
the balance of any existing lease shall be due and payable to AGENT. Security Deposits held by AGENT on behalf of
OWNER shall be given to OWNER in the form of a check made payable to both the
OWNER and the applicable tenant.
- AGENT shall be
considered a Transaction Broker of the OWNER and the applicable tenant in the
event a sale to the tenant shall take place.
The AGENT shall be entitled to a commission of 3% of the gross sales
price, payable at the closing of the transaction.
- AGENT shall
receive an initial start up fee of $75.00 per property. AGENT shall be entitled
to keep all application fees, lease cancellation fees, returned check fees and
late fees.
- From time to
time, AGENT may charge the OWNER’S account for extra service requested by the
OWNER for the agreed upon fees.
This agreement shall be binding on the
successors, heirs, administrators or executors of the OWNER.