State of Missouri

Rev. 13462F4

PROPERTY MANAGEMENT AGREEMENT

This Property Management Agreement (this “Agreement”) is made this 15 day of May, 2019, by and
between CRONKHITE HOMES LLC (“OWNER”) and CRYSTAL HALL (“AGENT”). The parties agree as
follows:

1. Managing Agent. Owner appoints Agent to exclusively manage the property located at 2457 W
Brook Ridge St, Springfield, MO 65803 (the “Premises”). Agent accepts the appointment and agrees
to provide building management services. Owner agrees to pay all reasonable expenses in connection
with those services. Agent agrees to use due diligence and act under reasonable care during the
performance of this contract and in all matters involved with the management of this property.

2. Term. The term of this Agreement will be from May 15, 2019 to May 15, 2024.

3. Agent’s Responsibilities. Owner grants Agent full authority to do any and all lawful things
necessary for the fulfillment of this Agreement, including the following:

i. To use diligence in managing the premises and to rent, lease, and operate the premises.
ii. To collect all rents and other monies from Tenant as they become due. Agent does not
guarantee tenant obligations. Agent may employ collection agencies, attorneys, or any other
reasonable and lawful means to collect from a Tenant. Agent is responsible for suing and
recovering, including settlement, for rent and for loss or damage to any part of the property. Agent
is not responsible for mortgage payments, taxes, fire or other insurance premiums, or any recurring
expenses.
iii. To render to Owner a monthly accounting of rents received and expenses paid; and to remit to
Owner all income, less any sums paid out, on or before the 5th day of the current month, provided,
however, that the rent has been received from the tenant.
iv. Agent agrees to decorate, to maintain, improve and to repair the property and to hire and to
supervise all employees and other needed labor. Agent is not responsible for any damage to
premises by Tenants or others.
v. Agent agrees to advertise for, screen, and select tenants in compliance with all relevant laws
and regulations. Agent will set rents that reflect the market conditions, unless otherwise instructed
in writing by the Owner.

4. Agent Liability. Owner agrees to hold Agent harmless from any claims, charges, debts, demands
and lawsuits. Owner agrees to pay Agent’s attorney's fees related to the management of the property
and any liability for injury on the property. Agent is not liable for the nonpayment of or theft of any
service, including utilities, by Tenant. Owner agrees to maintain sufficient property insurance and will
name Agent as an insured. Owner shall provide a copy of the insurance policy to the Agent.

5. Compensation. Owner agrees to compensate Agent for managing the premises. Owner agrees to
pay Agent:

A. 5% of the first full month of rent for acquiring tenant;

B. 15% of all collected rents and fees;
C. $500.00 per month as a management fee;

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 6. Termination.The parties may terminate this agreement by mutual agreement at any time. If the
premises is not rented within a forty five (45) day period of this agreement, Owner may declare this
agreement void.

7. Successors. This agreement shall be binding upon Owner and Agent’s successors. Owner will not
assign its interest in the premises except in connection with a sale of all or substantially all of its
assets.

8. Waivers. No waiver of any condition or covenant in this Agreement by either party shall be
deemed to imply or constitute a further waiver of the same or any other condition or covenant of this
Agreement.

9. Governing Law. This Agreement has been executed under and shall be governed by the laws of
the State of Missouri without regard to the state’s conflict of law principles. The parties covenant and
agree that any and all claims, disputes, and actions arising from this Agreement or as a result of the
relationship of the parties shall be filed and heard in the venue of Greene County County, State of
Missouri and that jurisdiction shall lie in such county and state.

10. Equal Housing Opportunity. This Agreement will adhere to all State and Federal fair housing
laws. The Parties will maintain an environment free of discriminatory practice of any kind. No tenant
shall have any authority to engage in any action or course of conduct or to condone any action or
course of conduct by any other person which shall in any manner, directly or indirectly, discriminate or
result in discrimination in the course of one's employment, termination of employment, or any related
matter where such discrimination is, directly or indirectly, based upon race, religion, color, sex, age,
national or ethnic origin, or physical handicap.

11. Property owner responsibilities.

i. Insurance. The Property Manager, at the Owner’s expense, will, to the extent available at
commercially reasonable rates, obtain and keep in force (or require the tenants under the Leases
to obtain and keep in force) adequate insurance against physical damage (such as fire with
extended coverage endorsement, boiler and machinery) and against liability for loss, damage or
injury to property or persons that might arise out of the occupancy, management, operation or
maintenance of the Project, as contemplated by the Budget and any Loan Documents affecting the
Project. Such insurance shall be obtained for the Property Owner and shall include the Property
Owner as a named insured. The Property Manager shall not be required to obtain terrorism,
earthquake or flood insurance unless required by the Loan Documents or otherwise expressly
directed to do so by a specific written notice from the Property Owner, but may do so in the
Property Manager’s reasonable discretion. The Property Manager shall be a named insured on all
property damage insurance and an additional insured on all liability insurance maintained with
respect to the Project. In the event the Property Manager receives insurance proceeds for the
Project, the Property Manager will take any required actions as set forth in any Loan Documents
affecting the Project. In the event that the Property Manager receives insurance proceeds that are
not governed by the terms of any Loan Documents affecting the Project, the Property Manager will
either (i) use such proceeds to replace, repair or refurbish the Project or (ii) distribute such
proceeds to the Property Owner, as directed by the Property Owner. Any insurance proceeds
distributed to the Property Owner will be distributed subject to any fees owed to the Property
Manager pursuant to this Agreement. The foregoing notwithstanding, in all events the Property
Manager will obtain on behalf of the Property Owner, at the Property Owner’s expense, all
applicable insurance coverage as may be required by the terms of any Loan Documents.

12. Force Majeure. In the event that either party shall be delayed or hindered in or prevented from
doing or performing any act or thing required in this Agreement by reason of strikes, lock-outs,
casualties, acts of God, labor troubles, inability to procure materials, failure of power, governmental

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 laws or regulations, riot, insurrection, war or other causes beyond the reasonable control of such
party, then such party shall not be liable or responsible for any such delays and the doing or
performing of such act shall be excused for the period of the delay and the period for the performance
of any such act shall be extended for a period equivalent to the period of such delay.

13. Representations and Warranties. Both Parties represent that they are fully authorized to enter
into this Agreement. The performance and obligations of either Party will not violate or infringe upon
the rights of any third-party or violate any other agreement between the Parties, individually, and any
other person, organization, or business or any law or governmental regulation.

14. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable in
whole or in part, the remaining provisions shall not be affected and shall continue to be valid, legal and
enforceable as though the invalid, illegal or unenforceable parts had not been included in this
Agreement.

15. Complete Agreement. This Agreement contains a complete expression of the agreement
between the parties and there are no promises, representations or inducements except such as are
herein provided.

The parties agree to execute this Agreement as of the first date written above.

Cronkhite Homes LLC

Owner Signature Owner Name

Crystal Hall
Agent Signature Agent Name

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GENERAL INSTRUCTIONS
WHAT IS A PROPERTY
MANAGEMENT AGREEMENT?
A property management agreement is a
contract between a property owner and the
company or person hired to manage the
property. This contract covers all of the
responsibilities that a management company
is taking on for the owner.
This agreement does more than just explain
the responsibilities each party will maintain. It
should also cover the legal liabilities.
A well drafted agreement includes a clause
about the type of insurance coverage a
building owner must carry for the building.
Property management companies should
purchase their own insurance to protect
their business - this may also be stipulated
in the contract.
It's important that both parties are clear on
what is covered within the contract. Often,
property managers and owners have a
verbal conversation about duties and
responsibilities. The contract supersedes
anything that was agreed to verbally.
WHEN IS IT NEEDED?
If you own a property and would like to retain
a company to manage the building, this
agreement will protect your interests. If you
own a property management company, this
contract will protect your interests and provide
written proof of negotiated terms with the
property owner.
BENEFITS OF HAVING A
PROPERTY MANAGEMENT
AGREEMENT
- Lays out reasons why either party might
want to terminate the business partnership.
- Provides a definite time frame once either
party serves the other with notice of
termination. It's standard to include clause
that indicates that
Property Management Agreement (Rev. 13462F4)
30 to 90 days notice must be given, in writing,
prior to terminating the agreement.
- Provides clauses that itemize the fees
associated with terminating the agreement prior
to the end of the contract.
- Answers questions that might arise from
liability issues, such as personal injury on the
premises.
WHAT SHOULD BE INCLUDED?
Each property management agreement
should be designed to best fit the two parties
and the property itself. For instance, an
agreement for a commercial property housing
multiple businesses will need specific
considerations for the businesses located in
the building. A residential property might have
different considerations.
Commercial property management
agreements state that the owner of the
building must purchase Commercial
General Liability Insurance. It's also
standard that the property manager is
named as additionally insured under the
owner's CGL policy for a commercial
property.
If you run a property management
company, it's advisable to create a
standard contract for your business
dealings. That contract can then be
personalized for specific properties or kept
largely intact.
Here are some basic aspects that should be
covered in any property management
agreement:
- Services
- Services not covered
- Fees
- Property owner responsibilities
- Property owner limitations
- Length of contract
- Termination clause
- Liability
- Funding / advances
- Compliance issues
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