PROPERTY MANAGEMENT AGREEMENT
THIS PROPERTY MANAGEMENT AGREEMENT (this Agreement) is effective as of December 15, 2020 (the Commencement Date), by and between AIMCO DEVELOPMENT COMPANY, LLC, a Delaware limited liability company (Owner), and AIR PROPERTY MANAGEMENT TRS, LLC, a Delaware limited liability company (Manager). Owner and Manager shall collectively be referred to herein as the Parties.
A. Owner is the direct or indirect holder of a leasehold interest in certain residential apartment properties located throughout the United States, as more particularly described in Exhibit A attached hereto (each, a Property and, collectively, the Properties), pursuant to a Master Lease (as defined herein).
B. Manager is in the business of managing and operating properties similar to the Properties, and Manager possesses the personnel, skills and experience necessary for the effective and efficient management and operation of the Properties.
C. Owner desires to engage Manager to provide property management services with respect to the Properties, and Manager desires to accept such engagement, in each case upon the terms, covenants, conditions and provisions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, Owner and Manager agree as follows:
APPOINTMENT, TERM AND AUTHORITY
1.1 Definitions and Construction. All capitalized terms used and not otherwise defined shall have the meanings ascribed to such terms in Schedule 1 attached hereto. The capitalized words Section, Article, Exhibit and Schedule shall refer to a section, article, exhibit or schedule of this Agreement. Paragraph titles or captions contained herein are for reference only and shall in no way define, limit or extend the scope of this Agreement. For purposes of this Agreement: (a) the words include, includes and including shall be deemed to be followed by the words without limitation; (b) references to an agreement, instrument or other document mean such agreement, instrument or other document, as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; (c) references to law or Legal Requirements include any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any governmental authority; and (d) references to a statute mean such statute, as amended from time to time and includes any successor legislation thereto and any regulations and rules promulgated thereunder.
1.2 Appointment. Owner hereby appoints and engages Manager, and Manager hereby accepts the appointment and engagement, as the property manager for the Properties, subject to and upon the terms, covenants, conditions and provisions of this Agreement.