The Right Management Package

Owner agrees to pay EJF a leasing fee upon the execution and delivery of a lease by tenant. The leasing fee shall be equal to one full month’s rent for a lease with an initial term of up to one year; 150% of one full month’s rent for a lease with an initial term of up to two years; and 200% of one full month’s rent for a lease with an initial term of up to and exceeding three (3) years. EJF may retain the Leasing Fee (or portion thereof) from the rental payments made by tenant.

Owner agrees to pay EJF as compensation for property management services performed by EJF under this Agreement a Property Management Fee of eight percent (8%) of all gross rents charged to the Tenant with respect to the Property per month. Unless otherwise defined, the Minimum Monthly Management Fee will be defined by the rental rate secured during the initial leasing of the property and revised during each subsequent lease cycle. The Property Management Fee shall be retained by EJF from all rental payments collected during the term of any lease negotiated hereby and renewal or extension thereof. This Property Management Fee is separate and apart from the Leasing Fee.

Owner agrees to pay EJF a Lease Renewal fee of $325 each time a tenant renews or extends his, her or its lease agreement beyond its then expiring term.

Owner agrees to pay EJF an annual Administrative and Technology Fee of $100 for all single-family condominium or co-operative apartments, $150 for all single-family homes and townhouses, $300 for all multi-family properties up to 25 units and, $500 for any multi-family rental buildings of 26 or more units under management, paid to EJF in January of each year for: (i) the cost of ACH Owner payments; (ii) Owner’s access to the EJF provided web portal; (iii) tenant’s access to the EJF provided web portal; (iv) electronic document storage; (v) EJF’s efforts in preparing an annual statement of receipts and disbursements for tax purposes; and (vi) the IRS Form 1099. Owner authorizes delivery of Form 1099 via electronic methods. EJF may retain the Administrative Fee (or portion thereof) from the rental payments made by tenant.

All tenant charges and fees for late rent payment, bounced checks, credit reporting, subletting, roommate change, early termination, application/screening, lease preparation, as well as all other fees and charges collected by EJF from the tenant under the lease, agreed to by the tenant or allowed by jurisdictional law shall be retained by EJF as compensation for the additional work, time and administrative expense involved.

Owner agrees to pay a fee to EJF equal to ten percent (10%) of the total project construction costs for EJF to supervise or oversee extensive repairs, renovation, modernization, rehabilitation, improvements and remodels done at the Property, defined as any work at/on the Property costing in excess of Two Thousand Five Hundred Dollars ($2,500), including restoration of the Property or part of the Property caused by fire, flood or other occurrence, whether covered by insurance or not.

EJF shall maintain availability to perform services not included in normal property management or specified above. Charges for non-routine services will be billed at the rate of $100 per hour, which are to be paid to EJF out of the rents collected from the tenant. Normal property management does not include, without limitation, inspections, representation at court hearings, depositions, homeowner meetings, evictions, property sales, refinancing, preparing Property for sale or refinancing; obtaining income tax, accounting or legal advice; advising on proposed new construction; administering claims for home warranties, and debt collection.

Owner acknowledges the importance of maintaining an active insurance policy and business license for their property. Obtaining, maintaining and providing EJF with up-to-date documentation is the owner's responsibility. Should these requirements not be met, Owner agrees to pay to EJF a monthly non-compliance fee of $15.00 should proof of insurance not be shared timely and $50 per month, for failure to maintain and provide proof of an active rental license.

A service charge of $75.00 will be automatically made for each instance in which an owner contribution is returned unpaid for any reason by the Owner's bank.