Common use of RESPONSIBILITIES OF THE OWNER Clause in Contracts

RESPONSIBILITIES OF THE OWNER. The Owner agrees to: a.) Provide all documentation, records, and disclosures as required by law or required by the Agent to manage and operate the Property, and immediately notify the Agent if the Owner becomes aware of any change in such documentation, records or disclosures, or any matter affecting the habitability of the Property; b.) Indemnify, defend, and hold harmless the Agent, and all persons in the Agent's firm, regardless of responsibility, from all costs, expenses suits, liabilities, damages, attorneys fees, and claims of every type, including, but not limited to, those arising out of injury or death of any person, or damage to any real or personal property of any person, including the Owner, for: 1. Any repairs performed by the Owner or by others hired directly by the Owner; or 2. Those relating to the management, leasing, rental, security deposit, or operation of the Property by the Agent, or any person in the Agent's company, or the performance or exercise of any of the duties, powers, or authorities granted to the Agent; This sub-section, and all rights to the Agent’s indemnification, shall be considered void if the Agent exemplifies any willful acts of gross negligence; c.) Maintain the Property in a condition fit for human habitation as required by applicable State and local laws; d.) Pay all interest on Tenants’ security deposits if required by applicable laws; e.) Carry and pay for: 1. Public and premises liability insurance in an amount of no less than one- million dollars ($1,000,000.00); and 2. Property damage and worker’s compensation insurance adequate to protect the interests of the Owner and the Agent. The Agent shall be, and the Owner authorizes Agent to be, named as an additional insured party on the Owner’s policies; and

RESPONSIBILITIES OF THE OWNER. The Owner agrees to: a.) Provide all documentation, records, and disclosures as required by law or required by the Agent to manage and operate the Property, and immediately notify the Agent if the Owner becomes aware of any change in such documentation, records or disclosures, or any matter affecting the habitability of the Property; b.) Indemnify, defend, and hold harmless the Agent, and all persons in the Agent's firm, regardless of responsibility, from all costs, expenses suits, liabilities, damages, attorneys fees, and claims of every type, including, but not limited to, those arising out of injury or death of any person, or damage to any real or personal property of any person, including the Owner, for: 1. Any repairs performed by the Owner or by others hired directly by the Owner; or 2. Those relating to the management, leasing, rental, security deposit, or operation of the Property by the Agent, or any person in the Agent's company, or the performance or exercise of any of the duties, powers, or authorities granted to the Agent; This sub-section, and all rights to the Agent’s indemnification, shall be considered void if the Agent exemplifies any willful acts of gross negligence; c.) Maintain the Property in a condition fit for human habitation as required by applicable State and local laws; d.) Pay all interest on Tenants’ security deposits if required by applicable laws; e.) Carry and pay for: 1. Public and premises liability insurance in an amount of no less than one- million dollars ($1,000,000.00); and 2. Property damage and worker’s compensation insurance adequate to protect the interests of the Owner and the Agent. The Agent shall be, and the Owner authorizes Agent to be, named as an additional insured party on the Owner’s policies; and f.) Pay any late charges, penalties and/or interest imposed by lenders or other parties for failure to make payment only if the failure is due to insufficient funds in the Agent’s trust account available for such payment. In addition, the Owner agrees to replace any funds required if there are insufficient funds in the Agent’s trust account to cover such responsibilities of the Owner.