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Commercial Property Management Agreement
"I need a Commercial Property Management Agreement for a newly constructed 15-story office building in Lahore, with special emphasis on green building maintenance standards and smart building technology management, planned to commence from March 2025."
1. Parties: Identification and details of the Property Owner and Property Manager, including registration details and addresses
2. Background: Context of the agreement, brief description of the property, and purpose of the management arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including maintenance, tenant management, financial management, and reporting
6. Owner's Obligations: Property owner's responsibilities, including funding, insurance, and cooperation requirements
7. Financial Management: Handling of rent collection, operating expenses, accounting procedures, and bank accounts
8. Fees and Compensation: Management fees, additional service charges, and payment terms
9. Reporting and Records: Required reports, frequency of reporting, record-keeping obligations
10. Insurance Requirements: Insurance obligations for both parties and the property
11. Liability and Indemnification: Allocation of risks, limitation of liability, and indemnification provisions
12. Termination: Grounds for termination, notice requirements, and post-termination obligations
13. General Provisions: Standard clauses including governing law, notices, assignment, and dispute resolution
1. Emergency Procedures: Detailed procedures for handling emergencies - recommended for larger commercial properties
2. Environmental Compliance: Specific environmental obligations and compliance requirements - necessary for properties with environmental concerns
3. Marketing and Leasing Services: Detailed provisions for tenant acquisition and marketing - include if property manager handles leasing
4. Security Services: Security arrangements and protocols - relevant for high-security properties
5. Major Repairs and Renovations: Procedures for major property improvements - important for older properties or those planning renovations
6. Property Manager's Staff: Requirements regarding on-site staff - relevant for larger properties requiring dedicated staff
7. Conflict Resolution: Detailed dispute resolution procedures - recommended for high-value agreements
8. Force Majeure: Extended force majeure provisions - particularly relevant post-COVID and for properties in challenging locations
1. Schedule 1 - Property Details: Detailed description of the property, including address, size, facilities, and current condition
2. Schedule 2 - Management Services: Detailed scope of services and performance standards
3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
4. Schedule 4 - Reporting Templates: Templates for required periodic reports
5. Schedule 5 - Operating Budget: Initial operating budget and budget preparation procedures
6. Schedule 6 - Maintenance Schedule: Planned maintenance schedule and procedures
7. Schedule 7 - Key Performance Indicators: Performance metrics and evaluation criteria
8. Appendix A - Required Insurance: Detailed insurance requirements and minimum coverage levels
9. Appendix B - Emergency Contact List: List of emergency contacts and escalation procedures
Authors
Real Estate
Commercial Property
Retail
Office Space Management
Industrial Property
Shopping Centers
Hospitality
Healthcare Facilities
Mixed-use Developments
Warehousing and Logistics
Legal
Real Estate
Operations
Finance
Facilities Management
Asset Management
Property Administration
Maintenance
Leasing
Compliance
Risk Management
Property Manager
Facility Manager
Real Estate Director
Operations Manager
Asset Manager
Building Superintendent
Legal Counsel
Finance Manager
Maintenance Supervisor
Leasing Manager
Property Administrator
Real Estate Portfolio Manager
Commercial Property Director
Compliance Officer
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