BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
EXHIBIT 10.7 - MATERIAL CONTRACT
PROPERTY MANAGEMENT AGREEMENT #7
--------------------------------------------------------------------------------
PROPERTY MANAGEMENT AGREEMENT
-----------------------------
This Agreement made this 1ST day of NOVEMBER , 2001.
----------- --------------- ----
BETWEEN:
BANGLA PROPERTY MANAGEMENT, INC.
A corporation incorporated under
the laws of the State of Colorado, or its assignee.
---------------------------------------------------
(hereinafter the "Agent")
OF THE FIRST PART,
- AND -
XXXXX XXXX
---------------------------------------------------
(hereinafter the "Owner")
OF THE SECOND PART.
WHEREAS the Agent is in the business of managing revenue properties for
-------
owners;
AND WHEREAS the Owner holds legal title to a certain revenue property or
-----------
revenue properties;
AND WHEREAS the Owner wishes to retain the Agent to manage said revenue
------------
property or revenue properties;
NOW THEREFORE, in consideration of the premises and mutual agreements and
-------------
covenants herein contained and other good and valuable consideration (the
receipt and adequacy of which is hereby mutually acknowledged), the parties
hereby covenant and agree as follows:
1.0 TERM
----
1.1 The Owner hereby engages the Agent and the Agent hereby agrees to
render property management services to the Owner from the date
indicated above for a period of one year;
1.2 Unless this agreement is cancelled pursuant to the terms of this
Agreement, the Term shall automatically renew for additional one-year
periods under the same terms and conditions, unless otherwise agreed
in writing by the parties.
1.3 The Owner hereby exclusively retains the Agent for the Term and shall
not retain any other professional for the purpose of performing the
services to be provided by the Agent without the express written
consent of the Agent.
2.0 PROPERTY
--------
2.1 The Owner hereby represents to the Agent that the Owner holds legal
title to the following described property hereinafter called the
"Premises." In the event the legal Owner is unable to sign this
Property Management Agreement the legal representative of the Owner
may sign on the Owner's behalf after producing proper documentation.
PROPERTY ADDRESS: 0000 XXXXXXX XXXXXX
---------------------------------------------
XXXXXX, SASKATCHEWAN
---------------------------------------------
CANADA
---------------------------------------------
1
BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
LEGAL DESCRIPTION: LOT 10
---------------------------------------------
BLOCK 337
---------------------------------------------
PLAN OLD 33
---------------------------------------------
(hereinafter the "Premises")
3.0 AGENT'S OBLIGATIONS
-------------------
3.1 During the Term or any automatic renewal thereof, the Agent shall
provide the following property management services to the Owner:
(i) Renting the Premises;
(ii) Leasing the Premises;
(iii) Renewing rental or Lease agreements;
(iv) Execute leases for terms not in excess of one year;
(v) Advertising the premises;
(vi) Investigate references of prospective tenants;
(vii) Terminating tenancies;
(viii) Sign and deliver all appropriate notices to the
tenant;
(ix) Minor exterior repairs;
(x) Tree and hedge trimming; and
(xi) Lawn care.
3.2 The services of the Agent are non-exclusive. The Agent may render
services of the same or similar nature, as herein described, to an
owner whose business is in competition with the Owner, directly or
indirectly.
4.0 OWNER'S OBLIGATIONS
-------------------
4.1 During the Term or any automatic renewal thereof, the Owner shall give
the Agent the authority to perform all property management services as
set out in sub paragraph 3.1 hereof, that may be exercised in the name
of the Owner and the expense thereof assumed by the Owner.
4.2 In addition to all expenses incurred by the Agent on behalf of the
Owner as aforesaid, during the Term or any automatic renewal thereof,
the Owner agrees to pay the Agent, in respect of the Premises, the sum
of USD $ 50.00 per month for management services provided to the Owner
------
as set out above. Any such payments related to services provided in
any particular month shall be payable not later than the 15th day of
the following month.
4.3 In the event that the Agent advances monies on behalf of the Owner, or
the Owner is indebted to the Agent for any reason arising out of this
Agreement, the Owner agrees to promptly pay, upon demand such
indebtedness to the Agent. Any such indebtedness not paid within
twenty days after notice shall be subject to interest at the maximum
rate permitted by law and shall constitute lien rights upon the
Premises for services, materials or management fees.
4.4 During the Term and any automatic renewal thereof, the Owner agrees to
carry insurance in respect of the Premises, at the Owner's expense,
according to the recommended guidelines of the insurance industry,
including but without limitation, liability insurance in sufficient
amounts to cover both the Owner and the Agent.
4.5 During the Term and any automatic renewal thereof, the Owner agrees to
fully comply with all Federal, Provincial, Municipal or other
legislation, provisions, standards and rules in respect of owning and
operating revenue properties. Notwithstanding paragraph 12.0 hereof,
where any such statute, provision or rule is breached, the Agent, upon
giving notice to the Owner, may terminate this Agreement within seven
days.
4.6 The Owner shall be solely responsible for maintaining the Premises in
a good state of repair and clean-up.
2
BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
5.0 RENTAL AUTHORIZATION
--------------------
5.1 The Owner hereby authorizes the Agent to rent the premises to a tenant
or tenants, the suitability of which shall be in the sole discretion
of the Agent, on the following terms:
(i) Monthly rental: $ 925.00 ;
---------------
(ii) Security deposit: $ 400 ;
---------------
(iii) Utilities Included, if any: WATER ;
---------------
(iv) Maximum # of persons: ;
---------------
(v) Parking included: YES X ; NO ;
------ ------
(vi) Pets permitted: YES X ; NO ;
------ ------
(vii) Lease required: YES ; NO X ;
------ ------
6.0 TRADE SECRETS
-------------
6.1 The Agent will not disclose to any other person, firm or corporation,
nor use for its own benefit, during or after the Term, or any
automatic renewal of this Agreement, any trade secrets or other
information designated as confidential by the Owner which is acquired
by the Agent in the course of performing services under this
Agreement.
7.0 INDEMNITY
---------
7.1 The Owner agrees to indemnify and hold the Agent, its affiliates,
control persons, officers, employees, attorneys and agents
(collectively, the "Indemnified Persons") harmless from and against
losses, claims, damages, liabilities, costs, or expenses including
reasonable attorney's and accountant's fees, joint and several arising
out of the performance of this Agreement, whether or not the Agent is
a party to such dispute. The Owner agrees that it shall also reimburse
the Indemnified Persons for any attorney's fees and cost incurred in
enforcing this Indemnification against the Owner.
This Indemnity shall not apply, however, where a court of competent
jurisdiction has made a final determination that the Agent engaged in
gross recklessness and willful misconduct in the performance of its
services hereunder which gave rise to a loss, claim, damage,
liability, cost or exposure sought to be resolved hereunder. However,
pending any such final determination, the Indemnification and
reimbursement provisions of this Agreement shall apply and the Owner
shall perform its obligations hereunder to reimburse the Agent for its
attorney's fees and expenses.
7.2 The provisions of paragraph 5.1 shall survive the termination and
expiration of this Agreement.
8.0 ENTIRE AGREEMENT
----------------
8.1 This Agreement sets forth the entire understanding of the parties
hereto relating to the subject matter hereof, and supercedes and
cancels any prior communications, understandings and Agreements
between the parties. This Agreement cannot be modified or changed, nor
can any of its provisions be waived, except by written Agreement
signed by all parties.
9.0 TIME
----
9.1 Time shall be of the essence in all respects of this Agreement.
10.0 NOTICE
------
10.1 Any notice or other communication which is required or permitted to be
given or made by one party to the other party hereunder shall be in
writing and shall be either:
(a) personally delivered to the other party;
(b) sent by facsimile transmission; or
3
BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
(c) sent by regular mail, postage prepaid.
Any notice shall be sent to the intended recipient at its address as
follows:
To the Agent: To the Client:
------------- --------------
0000 Xxxxxxxxxx Xxxxxx, XXXXX XXXX
Xxx Xxxxx, Xxxxxxxxxx 0000 XXX XXXXX XXXXXX
XXX, 00000 REGINA, SK
Fax: (000) 000-0000 Fax: (000) 000-0000
Or at such other address as any party may from time to time advise the
other by notice in writing. Any notice given by personal delivery shall be
deemed to be received on the date of such delivery. Any notice sent by
facsimile transmission shall be deemed to be received the next business day
following the date of its transmission. Any delivery by regular mail shall
be deemed to be delivered 7 business days following the date on which it
was mailed.
11.0 DILIGENCE BY PARTIES
--------------------
11.1 The parties shall, with reasonable diligence, do all things and
provide all reasonable assurances as may be required to complete the
services contemplated in this Agreement, and each party shall provide
such further documents, information or instruments required by the
other party as may be reasonably necessary or desirable to give effect
to this Agreement and carry out its provisions.
12.0 CANCELLATION
------------
12.1 Either party hereto has the right to cancel this Agreement by giving
the other party 30 days written notice in their intention to do so. In
the event the Owner terminates this Agreement as aforesaid, the Agent
shall be entitled, unless otherwise agreed to in writing by the
parties, to receive two month's management fees, which fees shall be
paid prior to the termination of this Agreement.
13.0 SEVERANCE
---------
13.1 Any provision of this Agreement which is prohibited or unenforceable
in any jurisdiction shall not invalidate the remaining provisions
hereof and any such invalid or unenforceable provision shall be deemed
to be severed. Any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.
14.0 COUNTERSIGNING
--------------
14.1 This Agreement may be executed by the parties in one or more
counterparts, each of which when so executed and delivered shall be an
original and such counterparts shall together constitute one and the
same instrument.
IN WITNESS WHEREOF the parties have duly executed this Agreement as of the date
-------------------
first written above.
BANGLA PROPERTY MANAGEMENT, INC.
By: /s/ XXXXX XXXXXXXX
---------------------------------
Authorized Director/Officer
THE OWNER(S)
/s/ XXXXX XXXX
---------------------------------------
Name:
4
