Owner Property definition
Examples of Owner Property in a sentence
Unless otherwise directed by Owner, Property Manager shall obtain at least three (3) written estimates from qualified bidders for any capital improvement project if the cost of such project is reasonably expected to exceed $25,000.
Unless specifically approved by Owner, Property Manager shall have no right to obligate Owner for the payment of any fees or commissions to any outside real estate agent or broker for tenant leases.
In accordance with the guidelines and operating procedures established by Owner, Property Manager shall maintain, at the central office of Property Manager, a comprehensive system of office records, books, computer files and data and accounts pertaining to the Property (using such property management accounting software that Owner may choose), which system currently is MRI.
Notwithstanding any other provision in this Agreement, without the prior written consent of Owner, Property Manager shall not incur or permit to be incurred expenses under this Agreement (excluding only utility expenses, general real estate taxes, insurance premiums, financing costs and emergency expenses) that exceed 10% of the applicable line items in the Budget (e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no event that exceed $500.00.
In accordance with the terms of approved Budgets and upon written request and/or approval of Owner, Property Manager shall, from time to time during the term hereof, at Owner’s expense, make or cause to be made all required capital improvements, replacements, or repairs to the Property.