Pioneer Property Management

In consideration of the covenants herein contained (FirstName) (LastName) (hereinafter called "OWNER"), and Pioneer Property Management (hereinafter called "AGENT"), agree as follows:

The OWNER hereby employs the AGENT exclusively to rent, lease, operate and manage the property known as (PropertyAddress) upon terms hereinafter set forth for the period of (Duration) beginning on the (BeginningDay) day of (BeginningMonth), 19(BeginningYear). Either party may terminate this agreement upon thirty (30) days written notice after the expiration of the original term. Termination prior to the expiration date of this contract will be considered a breach of contract and OWNER will be liable for property management fees through the contracted term. This management agreement will automatically renew in its entirety unless a (30) day written notice is received by AGENT prior to the end of each term. Verbal notice is not sufficient.

The AGENT accepts the employment and agrees:

a) To use diligence in the management of the premises for the period and upon the terms herein provided, and agrees to furnish the services of the organization for the renting, leasing, operating and managing of the herein described premises.

b) To render monthly statements of receipts, expenses and charges and to remit to OWNER receipts less disbursements. In the event the disbursements shall be in excess of the rents collected by the AGENT, the OWNER hereby agrees to pay such excess promptly upon demand of the AGENT.

c) To deposit all receipts collected for the OWNER (less any sums properly deducted or otherwise provided herein) in a Trust Account in a national or state institution qualified to engage in the banking or trust business separate from AGENT'S personal account. However, AGENT will not be liable in event of bankruptcy or failure of a depository including any funds temporarily unavailable to OWNER.

III

The OWNER hereby gives to the AGENT the following authority and powers and agrees to assume the expenses in connection herewith:

a) To advertise the availability for rental herein described premises or any part thereof, and to display "for rent" signs thereon; to sign, renew and/or cancel leases for the premises or any part thereof; to collect rents due or to become due and give receipts therefor; to terminate tenancies and to sign and serve in the name of the OWNER such notices as are appropriate; to institute and prosecute actions, to evict tenants and to recover possession of said premises; to sue for in the name of the OWNER and recover rents and other sums due; and when expedient, to settle, compromise, and release such actions or suits or reinstate such tenancies. Any lease executed for the OWNER by the AGENT shall not exceed one year without OWNER'S consent.

b) To make or cause to be made and supervise repairs and alterations, and to do decorating on said premises; to purchase supplies pay all bills therefor. The AGENT agrees to secure the prior approval of the OWNER of all expenditures in excess of (ExpenditureAmt) for any one item, except monthly or recurring operating charges and/or emergency repairs as necessary to protect the property from damage or to maintain services to the tenants as called for in their lease.

c) To hire, discharge and supervise all labor and employees required for the operation and maintenance of the premises; it being agreed that all vendors shall be deemed vendors of the OWNER and not the AGENT, and that the AGENT may perform any of its duties through OWNER'S attorneys, AGENTs or vendors and shall not be responsible for their acts, defaults or negligence if reasonable care has been exercised in their appointment and retention.

d) To make contracts for electricity, gas, fuel, water, telephone, window cleaning, trash or rubbish hauling and other services or such of them as the AGENT shall deem advisable; the OWNER to assume the obligation of any contract so entered into at the termination of this agreement.

The OWNER further agrees:

a) To save the AGENT harmless from all damage suits in connection with the management of the herein described property and from liability from injury suffered by an employee or other whomsoever, and to carry, at his own expense, necessary public liability insurance adequate to protect the interests of the parties hereto, which policies shall be so written as to protect the AGENT in the same manner and to the same extent they protect the OWNER. The AGENT also shall not be liable for any error or judgment or for any mistake of fact of law, or for anything which it may do or refrain from doing hereinafter, except in cases of willful misconduct or gross negligence.

b) To provide AGENT any needed money if account balance is not sufficient to cover expenditures. AGENT will notify OWNER by the 17th of the month, when possible, to provide such money if needed. OWNER agrees to provide money no later than the end of any given month when needed. AGENT will not be liable for any penalties and/or late charges caused by lack of money to account. OWNER will be liable for a five percent (5%) charge on an account balance in deficit after the allotted grace period has passed. AGENT will be responsible for such charges in the event the AGENT fails to render payments out of gross negligence.

c) That all late charges and returned check charges in relation to rental payments will be paid to AGENT by residents in addition to management fee except where an eviction and/or suit against residents has been filed. Paragraph 4(c) is void when OWNER is providing on-site manager.

d) If the property is sold within the primary term of the contract or subsequent extensions or renewals. OWNER may give Pioneer Property Management a ninety (90) day notice to terminate the contract. If the property is sold to the residing tenant, a fee of (%) of the gross sales price will be charged and payable upon closing of the sales transaction.

e) OWNER agrees that AGENT will have authority to enter into a Texas Apartment Association lease contract with residents. OWNER has read the lease contract and agrees to comply with all provisions thereof. AGENT will, under no circumstances, deliberately default the lease contract, even if by OWNER'S request.

f) To pay the AGENT:

(MgmPercent)

(SetupFee)

(IfAny)

g) Leasing of the OWNER'S property is the exclusive right of the AGENT'S, who may contract with other licensed agencies to assist in the effective leasing of the property. The AGENT shall use its discretion to determine an appropriate percentage of the leasing fee paid to a cooperating agency. OWNER will pay (LeasingFee)% if applicable of first month's rent as a leasing fee. Renewal leases are not charged to the OWNER.

AGENT is authorized to pay:
a) Mortgage payment: (MortageCompanyInformation)
b) Other: (IfAny)

Pioneer Property Management's office hours are Monday through Friday, 9:00 to 5:00. We have staff on call for emergencies. We work on an appointment only schedule. If you wish to review your property with us and/or review your account, arrangements should be made in advance so we can schedule our time for you.

Any long distance calls in excess of $2.50/month will be charged to OWNER'S account. We are happy to speak with you at any time.

There may be circumstances outside of or in addition to the duties and responsibilities provided in the management agreement, requiring Pioneer Property Management to assess an OWNER a fee in excess of the prescribed monthly property management fee. In such instances, the cost of time and/or actual expenses of property management staff will appear on the following month's statement. The charges will not exceed an amount equal to one month's management fee, unless prior notice has been given to OWNER.

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