Exclusive Rental Management Agreement
Essentials Plan
SECTION 1 - PARTIES TO AGREEMENT
1.1 PARTIES & PROPERTY
This agreement between , the owner(s) or legally appointed representative(s) of the premises, hereafter called LANDLORD and NestTenders Realty LLC, dba NestTenders Property Management, hereafter called the BROKER, whereby the LANDLORD appoints the BROKER, its agents, successors, and assigns as EXCLUSIVE AGENT to rent, lease, operate, control and manage the following subject property. LANDLORD affirms that they are the exclusive owners of the premises and all co-owners shall sign this agreement. The LANDLORD hereby states that the premises are not currently for sale and agree to sign a Solvency Statement. LANDLORD warrants that the unit to be managed is a legal rental unit, no homestead exemption is being claimed and rental of the same will not be in violation of any rules, laws, or ordinances. This agreement shall pertain to , , , Florida, .
Property Built Year: Not Provided By Landlord
Parking Space Number: NA
Dock Number: NA
Mailbox Number: NA
1.2 TERM
The term shall begin on and will be in effect for the greater of one year or the lease duration and will automatically renew for a successive year or lease duration period at the anniversary date. It is mutually agreed by, and between the parties that this agreement shall be binding upon the party’s successors, entity changes, estate, and assigns and shall remain in full force and effect until terminated according to the terms of this paragraph, cancellation or sale of the property to another party.
1.2 RENT & SECURITY DEPOSIT
BROKER will use his best efforts to lease or rent the property with a base rent of no less than MARKET RATE unless instructed in writing or by electronic notice by LANDLORD.
Broker shall hold TENANTS security deposit according to Florida law in a Florida Banking Institution. Security deposit required shall be equal to one month TENANT rent or greater. Any deviation from these terms must be agreed upon by both parties in writing or by electronic notice. LANDLORD agrees to hold BROKER harmless for any failure to secure TENANTS for the LANDLORD, any cancellation by the TENANTS and/or failure to collect any rents or monies due from the TENANTS for any reason.
1.4 TERM OF LEASES
LANDLORD agrees that BROKER may enter into a lease or renewal of a lease at its discretion up to a maximum term of twenty-four (24) months without prior notification to LANDLORD.
1.5 LEASE SIGNING
BROKER or BROKERS AGENT is given the authority to sign all leases and a Specific Power of Attorney from LANDLORD to BROKER will be given prior to BROKER advertising the property.
1.6 BROKERS AUTHORITY
BROKER is granted by the LANDLORD the right to manage the property as the BROKER deems necessary, to conduct a background check on the TENANTS, to screen and approve or disapprove prospective TENANTS, to collect all rental and other funds that may be due to LANDLORD, to cooperate with other Brokers or assign or sell the management account as BROKER may see fit, to require releases from all parties in the event of a controversy before disbursing funds and to do all those things BROKER deems necessary for the efficient management of the property. If an applicant does not meet BROKERS rental criteria and BROKER feels that LANDLORD may wish to override BROKERS judgment, LANDLORD may be given the opportunity to approve the applicant based upon the information that BROKER supplies LANDLORD. BROKER is given the Exclusive Right to deliver, on LANDLORDS behalf, any default notices to TENANTS as may be necessary. In order to minimize legal disputes and liability to both the LANDLORD and the BROKER, BROKER retains the SOLE AND EXCLUSIVE RIGHT to refund any deposits in full or part to an applicant or TENANT who has or has not signed a lease agreement and LANDLORD agrees to hold BROKER harmless for same.
1.7 EXCLUSIONS
Any appliances such as a hot tub, extra refrigerator, garbage disposal, dishwasher, solar system, irrigation system, grill, pool pumps or any other amenities or items that the LANDLORD shall not be responsible for maintaining must be disclosed to BROKER by LANDLORD in writing or LANDLORD understands by Florida law that the LANDLORD will be responsible for repair, maintenance or replacement of these items. Any excluded areas must be disclosed as well or, by Florida law, TENANT may use them. This includes but is not limited to areas such as shed(s), storage closet(s), garage, attics, crawl spaces, dock, other storage areas, sheds, or rooms. Any personal property left on the premises by LANDLORD is left at the LANDLORDS sole risk.
SECTION 2 - GENERAL PROCESSES & POLICIES
2.1 ADVERTISING
BROKER uses many methods to advertise the property for rent and LANDLORD gives BROKER the authority to use all legal means of advertising at the choosing of BROKER. LANDLORD agrees to not undertake or cause any advertising activity, including sharing via social media, without first notifying BROKER.
2.2 ANIMALS
LANDLORD is responsible for verifying pets are covered by LANDLORDS liability insurance. LANDLORD agrees and understands that Service Animals including Emotional Support Animals for persons with disabilities or medical needs are not considered pets and must be allowed. No pet fee or pet deposit can be collected for a Service Animal or Emotional Support Animal per Federal and Florida Law.
2.3 COLLECTIONS & COURT CASES
BROKER is not an attorney or licensed debt collector and shall not engage in any collection activity including but not limited to Small Claims Court cases or placing the account with a collection agency for LANDLORD, for monies that may be owed by TENANT after TENANT vacates or for prosecuting checks or money orders from TENANT that may be returned NSF, Closed Account or Stop Payment. LANDLORD may hire a collection agency or attorney of their choosing after written notification to BROKER. Any institution of eviction or damage proceedings against TENANTS, through the courts or otherwise, must be taken by the LANDLORD individually or, with the permission of LANDLORD, BROKER shall hire an eviction attorney to perform the eviction or collection agency to perform the collection and LANDLORD agrees to hold BROKER harmless for same. In the event TENANTS vacate voluntarily or involuntarily owing rent monies due under the terms of the lease or any renewals, and, if these monies are collected in whole or part in the future, LANDLORD agrees that BROKER is entitled to a commission on any monies received and agrees to remit same to BROKER.
2.4 HAZARDS
TENANTS are increasingly suing property landlords and brokers for hazards including but not limited to mold, pests, defective drywall, mildew, smoke odors, allergens, injuries, and other hazards. LANDLORD affirms no such hazards are known by the LANDLORD to be present on the premises at this time. LANDLORD agrees to indemnify BROKER in the event BROKER is sued by any party for any damages or injuries suffered on the premises unless such injuries were due to BROKER's sole gross negligence. In the event a TENANT complains of a pest issue, water quality issues, mold, bedbugs or any other issue, LANDLORD agrees to pay for an inspection by a certified inspector to help defend LANDLORD and BROKER from claims or potential claims made by the TENANT or any other party.
2.5 NOTICES
Whenever any notice is required in this agreement or desire to communicate formally or legally by LANDLORD to BROKER, notice must be in writing and mailed certified return receipt requested to BROKERS address, and deemed delivered upon actual physical receipt thereof, not the date of mailing. In certain instances, BROKER may request communication by email, mail or fax and if so, such communication shall be binding and legally sufficient if receipt by BROKER is acknowledged in writing or by email. If communication is by email, it will not be valid unless BROKER has responded by email affirming that the communication was received.
2.6 LANDSCAPING
LANDLORD understands and agrees that drought, pests and TENANT neglect is common, and it is extremely difficult to expect the TENANT to maintain the landscaping as would the LANDLORD. LANDLORD is urged to have professional lawn service and holds BROKER harmless for the TENANT’S failure to properly maintain the landscaping.
2.7 LANDLORD CONTACT WITH TENANTS
LANDLORD agrees that contact with the TENANTS may be grounds for BROKER terminating this agreement and continuing to hold LANDLORD liable for all commissions due. LANDLORD shall notify BROKER immediately upon receiving any communication from a TENANT, occupant or prospective resident and shall provide the notification to BROKER before responding.
2.8 LOCKBOXES
BROKER may utilize a lockbox to access to the premises for showings, inspections, vendor repairs, and TENANT convenience. BROKER may provide the lockbox code, or may use an automated electronic lockbox system, to allow access to the property for prospective tenants who have provided pre-screening documentation without BROKER being present. LANDLORD shall hold BROKER harmless for any claims, vandalism or theft arising out of lockbox misuse by any party.
2.9 POOLS
LANDLORD shall maintain a professional licensed and bonded pool service on the pool (if one exists) at LANDLORDS expense. Fair Housing laws prohibit us from requiring a TENANT to sign any type of liability waiver or deny families with children to rent due to the pool. If you have a pool, BROKER recommends that you raise your insurance coverage.
2.10 TENANT SECURITY DEPOSIT CLAIMS & IDENTITY THEFT
BROKER is not responsible for damages to the premises under any circumstance or for items missing, switched out, lost or damaged under any circumstances, including but not limited to, theft, vandalism or the negligence of TENANTS or their guests. In the event TENANTS damage the premises or owe any monies to the LANDLORD, BROKER is given the exclusive authority to determine in BROKERS professional judgment the amounts due, charge the TENANTS accordingly as per Florida Statutes 83.49 and/or settle with the TENANTS. BROKER is given the power to make claims upon the security deposit on behalf of LANDLORD and BROKER shall not be held liable for any failure to make claim(s) on any damages. LANDLORD understands and agrees that the Security Deposit belongs in full to the TENANTS unless a claim is made upon the Security Deposit. BROKER is hereby granted the sole authority to make claims as BROKER deems appropriate. LANDLORD shall accept BROKERS claim, if any, on the Security Deposit.
BROKER is not responsible for any identity theft, fraud, or loss, whether physical or electronic, by any party.
2.11 UTILITIES
If allowed by law and unless otherwise agreed to by the parties, TENANTS are required to have telephone service, cable, electric service, water service and all other utilities in their own name. In any lease where the TENANTS shall have use of the LANDLORD's utilities and be responsible for all or part of the bill(s), LANDLORD shall pay the entire bill in a timely manner and forward copies to this office for reimbursement by TENANT. Under no circumstances shall LANDLORD cause the termination of these services and LANDLORD agrees to indemnify BROKER for any damages or litigation fees/cost incurred by BROKER if LANDLORD improperly terminates a utility service. Florida law specifically prohibits the direct or indirect termination of utilities and utilities are defined broadly. BROKER will deduct bills to the extent of funds available and LANDLORD agrees that BROKER shall be in no way responsible for nonpayment of or theft of any utility service by TENANTS. LANDLORD may be required to have water and electric service turned on if the premises are not occupied and grants BROKER the authority to have such services turned on at LANDLORDS expense. This is to allow for proper showings, maintain the property and protect the pool if applicable. LANDLORD has agreed that it has disclosed in writing any issues regarding utilities, including water quality problems.
2.12 WARRANTIES, KETS & WINDOW TREATMENTS
LANDLORD shall deliver copies to BROKER of any Service Contracts or Warranties that exist. If no Warranties or Service Contracts are received at the time this agreement is executed, BROKER shall assume none exists. LANDLORD will provide four (4) full sets of keys, two (2) mail keys and at least one gate opener or garage door opener if applicable to the BROKER. In unfurnished units, LANDLORD will provide basic window treatments and their hardware or authorize BROKER to purchase and install the same. Screens on all windows are required by Florida law and all windows must be operational. If TENANT demands screens or window repairs, LANDLORD agrees that BROKER is authorized to purchase screens and/or make window repairs or replacements at LANDLORDS expense and without further notice. LANDLORD understands that it is not advisable to leave any personal property on the premises and LANDLORD shall hold BROKER harmless for any loss of personal property for any reason.
2.13 WEATHER EVENTS & ACTS OF GOD
BROKER shall not be responsible to take any precautionary measures to avoid any damages from any acts of God including but not limited to floods, fires, freezes, tropical storms, hurricanes, tornados, or sinkholes regardless of the presence of hurricane shutters or similar devices on the premises.
SECTION 3 - INSURANCE COVERAGE
3.1 INSURANCE, FEES, TAXES, CHARGES
LANDLORD agrees to maintain public liability insurance coverage on the property, at all times, in an amount not less than $100,000.00 per person and $300,000.00 per occurrence and shall furnish BROKER with proof of insurance and a copy of the declaration page. LANDLORD MUST NOTIFY ITS INSURANCE COMPANY THAT THE PREMISES ARE BEING USED AS A RENTAL. LANDLORD agrees to and does hereby indemnify and hold harmless BROKER, it's employees, agents and assigns, from any and all claims, suits, damages costs, losses and expenses arising from the management of the property and from any injury to persons and/or property occurring on or about the premises unless due to BROKERS sole gross negligence. LANDLORD agrees to indemnify BROKER for any damages suffered as a result of any lapse in or failure by the LANDLORD to maintain insurance coverage. If TENANT is required to purchase “Renters Insurance” LANDLORD agrees and understands that TENANT may discontinue coverage without notice to BROKER and “Renters Insurance” is primarily for the TENANTS personal property, not the premises or injury to persons on the property or damage to LANDLORDS property. If the LANDLORD requires the TENANT to purchase "Renters Insurance", LANDLORD must direct BROKER in writing PRIOR to the lease signing and must specify what type of "Renters Insurance" is required. LANDLORD agrees to hold BROKER harmless for any damages suffered as a result of any lapse in or failure by TENANT to obtain or maintain insurance coverage.
LANDLORD shall pay directly any condominium or homeowners association maintenance fees, taxes, insurance, mortgages, assessments, and other charges. BROKER is not responsible for paying these sums on behalf of the LANDLORD.
SECTION 4 - MAINTENANCE
4.1 MAINTENANCE RESERVE
To maintain a reserve for maintenance, the LANDLORD will provide BROKER with $400.00 and if this account falls below this amount, BROKER may replenish it from the rents held or received. In the event repairs are made and funds are not sufficient, BROKER shall withhold the amount disbursed from the next ensuing rent payment or from any rents received but not yet forwarded to LANDLORD. BROKER will arrange for all repairs and maintenance unless LANDLORD has notified BROKER in writing prior to the commencement of repairs to use someone else that LANDLORD has selected, and LANDLORD makes arrangements with the third party directly. LANDLORD agrees that they shall pay the third party directly and shall indemnify and hold BROKER harmless for payment of same or for said vendor’s failure to abide by state, local or federal law or in the event of pre-1978 properties, the failure of such vendor to not be certified under the Federal RRP Rules. If there are not sufficient funds to make a repair, BROKER requires payment by LANDLORD prior to making the repairs and shall hold BROKER harmless for any delay or failure to make any repair if the funds are not available.
4.2 REKEYING
BROKER is given the authority to rekey or replace the outside access doors at the completion of each tenancy or discretion of BROKER at LANDLORD expense.
4.3 REPAIRS AND EMERGENCIES
BROKER is given the right to spend at BROKERS discretion and without the necessity of permission of or notification to the LANDLORD, an amount not to exceed $500.00 in any 30 day period during this agreement to purchase items, cleaning, making repairs, and pay for same out of LANDLORD's funds, and, if inadequate, LANDLORD shall be billed for the difference or the funds may be retained from the rent payment held or received and not yet disbursed to LANDLORD. After the TENANT vacates and funds become available for use from the TENANTS security deposit, BROKER is given the right to spend up to the full amount of the monies claimed from the TENANTS security deposit plus reserves to purchase items, cleaning services, to make repairs, pay for repairs, and, if inadequate, LANDLORD shall be billed for the difference. In case of emergency, i.e. air conditioning, heat, refrigerator, range, leaks, plumbing or any other repair the BROKER deems an emergency and or necessary in BROKER's sole judgment for the safety of the TENANTS or the welfare of the property, BROKER has authority to institute repairs, even if over the aforementioned limit or presence of a home warranty policy and LANDLORD agrees to be responsible for the sums expended. BROKER may hire properly licensed and insurance vendors of BROKERS choosing and BROKER may provide services through BROKERS own home maintenance company or department. BROKER is not required to hire vendors to institute emergency repairs if LANDLORD has not approved the emergency repair or provided the necessary funds but may do so at BROKERS discretion with LANDLORD holding BROKER harmless the action or inaction.
SECTION 5 - COMMISSIONS, MONIES, & SERVICE CHARGES
5.1 CERTIFIED MAIL & POSTAGE
If it is necessary to send certified mail to the TENANT or LANDLORD, LANDLORD shall be charged $21.50 per piece. For regular mail or bill payments sent to TENANT, LANDLORD or vendors, LANDLORD shall be charged $1.50 per piece. For packages to LANDLORD or TENANT, LANDLORD shall be charged the actual postage plus $20.00 for processing and time spent to deliver the package to a parcel service. Regularly scheduled statements, tax documents and annual documents/notifications from BROKER to LANDLORD are provided complimentary.
5.2 DOCUMENTATION SERVICE (FOREIGN ENTITIES ONLY)
LANDLORD agrees to an Additional Documentation Service Charge of $145.00 on an annual basis for the preparation and filing of IRS Form 1042S – Foreign Person’s US Source Income Subject to Withholding.
5.3 EPA COMPLIANCE SERVICE (PRE-1978 BUILT PROPERTIES ONLY)
LANDLORD agrees to a service charge of $20.00 for the reproduction of required documents, pamphlets and compliance with Federal regulation at the start of each new, renewed, or extended tenancy.
5.4 FORECLOSURE PROCEEDINGS & ASSIGNMENT OF RENTS
In the event the property becomes subject to liens and/or foreclosure proceedings and/or a condominium or homeowner’s association or mortgagee exercises any right to an assignment of rent they may have or a receiver is appointed, LANDLORD agrees that BROKER shall comply with any court order and/or at BROKERS discretion disburse rent monies to the requesting party based on advice of BROKERS legal counsel. If BROKER continues to manage the property LANDLORD agrees to pay an additional fee to BROKER each month of $125.00. If any of the aforementioned occurs, LANDLORD gives BROKER the full right and authority to disburse the security deposit or advance rent held by BROKER to any party including the TENANT even if the TENANT is still residing on the premises or owes rent.
5.5 MONTHLY MANAGEMENT COMMISSION
BROKER shall be entitled to a commission of the greater of $99.00 or 10% of rents or money paid by the TENANT or any party each month or in the event of a full or partial buy out of the lease by the TENANT. If TENANT prepays rent in advance, such rent must be held in escrow and will be distributed to LANDLORD minus the commission and any money owed by LANDLORD each month when it becomes due.
5.6 TENANT MONTH TO MONTH & LEASE EXTENSION SERVICE
In the event TENANT is permitted to remain on a month to month tenancy or the lease is extended for a period after the expiration of a lease, LANDLORD agrees BROKER may charge the TENANT a month to month or lease extension fee each month and retain the said fee.
5.7 LEASE RENEWAL SERVICE
LANDLORD agrees to a Lease Renewal Service Charge of $198.00 each time the lease agreement is renewed with the current TENANTS.
5.8 TENANCY PROCUREMENT SERVICE
LANDLORD agrees to a onetime Tenant Procurement Service Charge of $398.00 upon each new tenancy.
5.9 MANAGEMENT SERVICE, OTHER SERVICES & COMMISSIONS
BROKER shall be entitled to a commission from all rent monies collected from the TENANT, or retained from the security deposit or last month’s rent, if owed by the TENANT upon vacating, and shall retain any charges deemed "additional rent" or fees in the lease agreement including but not limited to renewal fees, month to month fees, application fees, nonrefundable pet fees minus any pet damages and late fees/charges. All Late charges or fees owed by any TENANTS shall be collected at the sole discretion of the BROKER and BROKER shall retain any such charges, fees, and late fees even though they may be defined as “additional rent” in the lease agreement which allows these sums to be placed on a Three-Day Notice or equivalent notice. All fees or commissions are due to the BROKER whether BROKER procures TENANT or LANDLORD procures tenant. If there are accumulated late charges at the end of the tenancy, BROKER may at its discretion retain these funds from the security deposit, first applying security deposit funds to damages or amounts due to the LANDLORD and then applying accumulated late charges to the deposit and retaining same. Should TENANT remain owing BROKER any monies or additional rents after disposition of the security deposit, even if LANDLORD has been fully repaid by TENANT, LANDLORD agrees BROKER may use all legally available remedies to collect from the TENANT and this right shall survive termination of this agreement.
5.10 NEGATIVE ACCOUNT BALANCE SERVICE CHARGE
LANDLORD agrees to pay BROKER a service charge of $38.00 per occurrence if LANDLORDS account balance falls below zero dollars and remains so for two or more calendar days (including the day of notification) after BROKER has notified LANDLORD of the current balance by any of the following means; phone call, email or electronic statement.
5.11 PAYMENTS & SPOUSAL SURVIVAL
BROKER shall send LANDLORD the proceeds collected from the rental of the property minus the rental commission, fees and any costs and expenses provided for in this agreement when monies have cleared. If BROKER does disburse money to LANDLORD before funds have cleared and if the funds paid to BROKER are returned NSF, stop payment, there is a credit card chargeback or are not available, LANDLORD agrees to immediately refund that amount paid to them by BROKER. BROKER may send LANDLORD proceeds by ACH and may send all statements by email to LANDLORD. LANDLORD shall provide BROKER with all necessary information for ACH deposits. In the event a prospective party or TENANT places a good faith deposit, holding deposit, or security deposit with BROKER and fails to take possession for any reason, said deposit shall be retained, as damages for services rendered, by BROKER at BROKERS option and LANDLORD shall not be charged for procurement of the party. For managed properties owned by a married couple, if one spouse dies during the term of this agreement, extensions or any renewals, LANDLORD directs BROKER to remit proceeds to the surviving spouse.
5.12 UNSCHEDULED SITE VISITS
LANDLORD agrees to compensate BROKER in the amount of $38.00 for unscheduled property visits made on behalf of the LANDLORD and which fall outside of the regular schedule of routine visits to assess TENANT compliance with the lease agreement, visits to deliver required notices of TENANT noncompliance, or visits to verify vendor work completions. Examples of an unscheduled site visit include, but are not limited to, meeting with insurance adjusters/related parties, package collection, additional requested property condition assessments by LANDLORD, obtaining or delivering physical public records, or additional vendor work completions visits over two visits per vendor assigned work order.
SECTION 6 - REGULATIONS
6.1 CREDIT REPORTS
Due to laws that affect disclosure of private and credit information, LANDLORD shall not be provided with the TENANTS credit report and/or application unless specifically authorized in writing by the TENANTS and the provider of the credit report.
6.2 CONDOMINIUM & HOMEOWNER ASSOCIATIONS
LANDLORD shall be responsible for providing BROKER with all current rules and regulations, and for payment of any recreation fees, liens, deposits, and/or other fees, fines levied by the association, or assessments and LANDLORD agrees to indemnify BROKER for payment of same. In the event the TENANTS fails to comply with the rules and regulations and the association or board levies fines or assessments against the LANDLORD, LANDLORD agrees that BROKER is in no way liable for the payment of any fees, fines, or assessments imposed by the HOA or Condo Association. BROKER will make its best efforts to force TENANT to comply with the Rules and Regulations. If a Condo Association or HOA requires the approval of the TENANT and this approval is not granted or is delayed by the Association, BROKER shall not place the TENANT in the property. In the event LANDLORD receives any correspondence from an association regarding any problems with the TENANT or Rule or Regulation change, or violation, LANDLORD shall immediately forward such correspondence to BROKER.
6.3 FAIR HOUSING NOTICE
IN COMPLIANCE WITH THE FEDERAL FAIR HOUSING LAWS AND ANY STATE OR LOCAL LAWS OR ORDINANCES, please do not ask or expect BROKER to place any restrictions on a prospective TENANTS race, color, religion, handicap, sex, national origin, familial status, sexual orientation or service member status.
6.4 PRE-1978 PROPERTIES ONLY
Federal Environmental Protection Agency rules require BROKER to provide the TENANT with a Lead-Based Paint Disclosure and a booklet PROTECT YOUR FAMILY FROM LEAD IN YOUR HOME. LANDLORD grants BROKER permission to sign the Lead-Based Paint Disclosure for LANDLORD as agent for LANDLORD.
LANDLORD agrees LANDLORD has no knowledge of lead-based paint and/or lead-based paint hazards in the property.
LANDLORD agrees LANDLORD has no reports or records pertaining to lead-based paint/or lead-based hazards in the property.
6.5 VACANT UNITS
Vacant units are increasingly subject to vandalism, squatters, theft and damage and loss of air conditioning systems. BROKER shall check and/or show vacant units at least one (1) time per month. If more frequent checking is requested, this must be negotiated separately between BROKER and LANDLORD. Under no circumstances will BROKER be held liable for any loss or damage to the vacant premises. LANDLORD is aware that often homeowner’s insurance may not cover vacant properties and should consult their insurance agent.
6.6 DISPUTES
In the event of any litigation between the LANDLORD and BROKER, the prevailing party shall be entitled to an award of all attorney’s fees and costs and venue for all litigations shall be in the county where the BROKER maintains an office. This county is currently Nassau and may change without notice. Both LANDLORD and BROKER waive any rights that they may have to a jury trial.
SECTION 7 - TERMINATION OF AGREEMENT
7.1 TERMINATION BY LANDLORD
Termination is effective with a thirty (30) day notice and when physically received by BROKER via certified mail. In the event this agreement is terminated by LANDLORD, the BROKER's rights provided for in this agreement shall survive such termination. All monies expended by BROKER shall be paid by LANDLORD to BROKER prior to cancellation and BROKER is authorized to withhold any sums owed to BROKER from monies held prior to the final disbursement to LANDLORD. There is no cancelation fee.
7.2 TERMINATION BY BROKER
BROKER reserves the right to terminate this agreement at any time, or immediately with written, verbal, or electronic notice.
SECTION 8 - INITIAL INSPECTION
8.1 AGREEMENT COMMENSURATE ON INITIAL INSPECTION
BROKER and LANDLORD agree that this agreement shall not start until BROKER has physically inspected the property and BROKER has delivered an acceptance of the property to the LANDLORD in writing.