Common use of Agent’s Duties Clause in Contracts

Agent’s Duties. a. Agent agrees to perform the following duties on behalf of Owner: (i) To accept and does hereby accept the management of the Property for the period and upon the terms herein provided, and agrees to furnish the services of its organization for the renting, operating and managing of the Property, and to do and perform any and all things in and about the management, maintenance and operation of the Property customarily performed by agents of similar properties, in a professional, reasonable, effective and efficient manner, subject however to the provisions of Section 3(d) below; (ii) [Intentionally deleted]; (iii) To aid, assist and cooperate in the matter of real property taxes and insurance claim adjustments; (iv) Subject to the provisions of Paragraph 8 below, to care for, place and supervise all insurance coverage; (v) Subject to the provisions of Paragraph 8 below, to render on or before the tenth (10th) day of each calendar month during the term hereof, statements of receipts, expenses and charges for the previous calendar month; (vi) [Intentionally deleted]; (vii) To hire, discharge and supervise all labor and employees ("Project Personnel") required for the operation and maintenance of the Property (exclusive of employees retained to undertake the activities described in Section 3(d) below), it being agreed that all employees shall be deemed to be employees of Agent and not of Owner, and that Agent may perform its duties through its attorneys, agents and employees holding such licenses as may be necessary or appropriate for the performance of such duties, but shall not be responsible for their acts, defaults and negligence if reasonable care has been exercised in their appointment, supervision and retention; (viii) To pay all expenses, including without limitation mortgage payments, real estate and personal property taxes, insurance premiums, licenses, fees and payroll taxes and other obligations of Owner, incurred in connection with the Property during the term of this Agreement, prior to their due dates; (ix) To account for all deposits received from tenants, and the excess of operating revenues over the sum of operating expenses plus reserves established by Owner (or as otherwise approved from time to time by Owner, provided that in any event such amount shall not be less than the amount reasonably sufficient to pay all accounts payable of the Property), to Owner; and (x) To enter into any laundry, laundry machine and/or vending machine leases and other personal property leases. b. Agent shall establish operating procedures and policies necessary to perform Agent's Management Obligations under this Agreement. c. Agent shall be authorized to make contracts for electricity, gas, fuel, water, telephone, sweeping, cleaning and other similar services or such of them as Agent, in its discretion, shall deem advisable. d. Notwithstanding anything contained in this Section 3 or elsewhere in this Agreement to the contrary, Agent shall not be responsible for, nor shall Agent perform, any of the activities described in Arizona Revised Statute ss. 32-2101.32, or any successor statute, which activities require an Arizona real estate broker's or salesperson's license. These activities presently include without limitation renting, offering to rent, or negotiating the rental of real estate and collecting rents for the use of real estate. Owner acknowledges that Agent does not have a real estate license in Arizona. Owner and Agent further acknowledge that any natural person hired to undertake such activities for the Property pursuant to A.R.S. ss. 32-2121.A.7 shall be employed directly by Owner and shall be compensated directly by Owner.