Management Authority Terms & Conditions

MANAGEMENT:

When performing duties under this authority Rotorua Investments Ltd shall be acting solely as the AGENT of he OWNER(s).

The AGENT is authorised to sign tenancy agreements for the premises or any part thereof, exercise the Landlord's right to terminate tenancies and serve notices upon tenants, take such action against the tenants and do all such things as necessary to commence AND obtain an order for possession or any order to terminate the Tenancy.

The AGENT shall not, by reason of it's management of the Property, be liable for payment in respect of, or performance of any of the OWNER(s) legal, equitable or other obligations in respect of the property.

The AGENT will undertake normal and reasonable supervision to ensure compliance by tenants as far as is reasonable with all the terms and obligations under the Tenancy Agreement and to recover any arrears of rent although it is expressly acknowledged that the AGENT shall not be liable to the OWNER(s) for any default on the part of the Tenants or third parties in respect to the payment of rent and other monies, nor for any damage caused by the tenants. The AGENTS obligation in this regard shall extend to personal visitation and correspondence with the tenants and to taking all reasonable steps to recover rental in arrears, and all costs of repairing damage through the Tenancy Tribunal. If instructed by the OWNER(s) the AGENT will employ a debt collecting agent and institute legal proceedings, however all costs of such actions including the AGENT'S costs will be paid by the OWNER(s).

LETTING FEE:

The OWNER(s) acknowledges that the AGENT may recover a Letting Fee equivalent to one weeks rent plus GST (or such lesser fee as the AGENT may determine) pursuant to section 17(4) of the Residential Tenancies Act 1986 from the tenant.

REPORTING:

The AGENT is required to render to the OWNER(s) a monthly statement of monies collected, charges deducted and accounts paid, and to remit to the OWNER(s) all receipts less disbursements.Any time the disbursements are in excess of the rent collected the OWNER(s) hereby agree to pay any such excess promptly upon demand.The AGENT may,if in its opinion it is necessary, retain in its Trust account sufficient funds to meet outstanding or pending accounts for properly authorised expenditure or disbursements. The AGENT will advise the OWNER(s) of the amounts retained and the retention.

REPAIRS

The AGENT is authorised to make or cause to be made any repairs and alterations and to carry out decorating on the said premises, to purchase supplies and to pay all accounts therefore. The AGENT is to secure the prior approval of the OWNER(s) on all expenditure in excess of $................................ for any one item, except monthly operating charges and/or emergency repairs in excess of the maximum if in the opinion of the AGENT such repairs are necessary to protect the property from damage or maintain essential services to the tenants as called by their tenancy agreements.

INSURANCE

The AGENT is not responsible to arrange Landlord Protection Insurance or any other insurance in respect of the premises unless instructed to do so by the OWNER(s).

AGENT INDEMNITY

The OWNER(s) will hold and keep indemnified the AGENT against all actions, suits, proceedings,claims, demands, costs and expenses whatsoever which may be taken or made against the AGENT in the course of, or arising out of the proper performance or exercise of any of the powers duties or authorities of the AGENT herein. The OWNER(s) acknowledges that this authority is subject to the residential tenancies act 1986, decisions and ruling of the Tenancy Tribunal, the Real Estate Agents act 1976 and any other act passed by parliament affecting the duties of the AGENT.

AUTHORITY BY FAXSIMILE

The OWNER(s) agrees that the execution and transmission of a facsimile of this authority to ROTORUA INVESTMENTS LTD MREINZ by the OWNER(s) shall be valid and binding.