General terms and conditions management

Amsterdam Real Estate

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Terms and Conditions Management

GENERAL TERMS AND CONDITIONS MANAGEMENT

Amsterdam Real Estate Ltd Real Estate Management: Based and domiciled in Amsterdam, Willem Schoutenstraat 26 , 1057 DN Amsterdam, hereinafter referred to as:  

REAL ESTATE MANAGER  

I. GENERAL DEFENCE  
Function of the manager Within the scope of his powers, he is responsible for optimising the long-term return on the property he manages. Definition of the resulting tasks:  
- Advising on policy matters such as preventive maintenance, rents, partial or full sale and letting;  
- Keeping the managed property in good condition (or having it kept in good condition) - with due observance of the mandate given by the client in consultation with the manager - so that it can be used in accordance with its purpose;  
- Letting out in accordance with the conditions to be set by the client  
- The performance of all de facto and de jure acts connected with the foregoing, which have been agreed with the principal.  


II. CORE TASKS 
Core tasks at:
- Maintenance and technical management  
- Financial and administrative management  
- Real estate rentals  
- Specific tasks at garages  
- Unforeseen circumstances  
  

1. Maintenance and technical management   
The manager's duties in this respect include the following:
- Inspecting the objects in question according to the standards of good management;  
- Dealing with reports from the tenant of technical imperfections;  
- The issuing of maintenance orders or the outsourcing of maintenance work, which is at the expense of the Principal. Up to a maximum amount of € 200.00 per maintenance order, this can be done without prior consultation with the principal; if the expected costs are higher, one or more quotations with an accompanying advice will be submitted to the principal. In urgent cases the Landlord shall be authorised to take the necessary measures, on the understanding that in so far as the costs of such measures exceed the said limit, the client shall be immediately informed thereof, with, if necessary, a detailed explanation of the situation that has arisen and the measures taken;  
- checking the work carried out and ensuring that the contractor submits the invoices for work carried out within a reasonable period of time after the execution of the order;  
- Checking the relevant maintenance bills for the price and execution of the work in relation to the contract awarded;  
- In general, ensuring or supervising that the maintenance work as well as the service work to be carried out is carried out in a responsible manner and at reasonable prices. The performance of the service work must also be checked regularly;  
- The submission and/or payment of approved invoices;  
- As part of its duties, the caretaker shall also supervise and monitor compliance by tenants with the provisions of the tenancy agreement and the manner in which the rented property is used with appurtenances;  
- Checking vacant premises;  
- The Landlord shall keep the relevant documents, such as specifications, quotations, approval forms, inspection reports and the like, in its archives for the period prescribed by law.  


2. Financial and administrative management   
The manager's duties in this respect include the following:  
- Taking care of the monthly rental invoice with settlement of the expenses to be borne by the client;  
- administering the service and energy costs and preparing the annual settlement with the tenants of the actual costs relating to supplies and services and the advance amounts paid by the tenants;  
- Monitoring the timely payment of the rent claims, the registration and processing of the rent amounts, including any compensation or advance amounts for service and energy costs, or reminders regarding overdue (rent) amounts, as well as possibly calling in a collection agency or a bailiff to take legal action.  
- The creation and maintenance of records for the purposes of responsible management, including the responsibility with regard to changes in the records, such as changes in rents, etc., are also included;  
- Upon termination of the tenancy agreement, holding the tenant liable for any damage and/or missing items, including recovering (or having recovered) the costs involved from the (former) tenant, or settling them against any deposits paid and bank guarantees provided;  
- Furthermore, in general the performance of all those administrative actions which are desirable or necessary within the framework of good management.
- The administrator reports periodically to the client about any rent arrears.  
  

3. Letting of real estate   
In the context of the necessary measures to be taken by the manager to let the property belonging to his portfolio, one of his duties in this respect is to take the necessary measures:  
- The recruitment of candidates;  
- Accompanying the (prospective) tenant (or having him supervised) during visits to the property to be let;  
- Making (written) offers of the property to be let to eligible candidates;  
- Providing the client with a copy of the tenancy agreement signed by the parties, insofar as desired;  
- inspecting the immovable property that has been released from the lease, as well as recovering (or having recovered) any damage and/or missing items from the former tenants;  
- advising the client on publication actions such as placing rental-supporting advertisements and suchlike.  
- Periodically reporting to the client on the progress of the letting activities, if necessary advising on measures to be taken in case of structural vacancy.  


4. Specific tasks when renting out garages
- In consultation with the client, testing prospective tenants against certain selection criteria;  
- Drawing up the tenancy agreements to be concluded with tenants, whereby in principle use will be made of model tenancy agreements of the fund manager and signing them on behalf of the client;  
- notifying the client of any vacancy, with due observance of further agreements in this respect.  
  

5. Unforeseen circumstances  
- Special events such as fire, explosion, burglary, storm/water damage and the like, which (may) directly or indirectly cause damage to the building, will be notified (by telephone) to the client within 24 hours.  
- Damage as referred to under a. will be settled in the manner specified by the principal.  
  

III ADDITIONAL SERVICES  
The services referred to below do not form part of the management agreement unless this has been expressly agreed.  
- Maintenance and technical management. The supervision with regard to the execution of major maintenance, in the sense of renovation, insulation, etc.; compliance with mandatory stricter inspection requirements outside the normal inspection.  
- Financial and administrative management. Advice and guidance in legal matters in general; providing management information in accordance with the client's requirements to be determined.  
- Letting of real estate. Handling matters for subdistrict courts; producing market reports as a rental support activity.  
- Unforeseen activities of an extensive nature arising from government measures.  
- Valuations of immovable property - for whatever purpose - are deemed not to be part of the management activities.  
  

IV GENERAL  
Article 1: General  
- These general terms and conditions apply to all offers to perform work made by Amsterdam Real Estate Ltd Beheer, and to all agreements for the performance of work concluded by Amsterdam Real Estate Ltd Beheer with a client.  
- Applicability of any general terms and conditions of the client is expressly excluded.  

Article 2: Offers; conclusion of the agreement  
- All offers to carry out work of Amsterdam Real Estate Ltd Beheer shall be made in writing and shall be based on a written work description stating the costs involved.  
- The costs are determined by the scope of the work referred to in the work description, which is based on the timely and correct provision of all necessary information by the client. The work will be performed by Amsterdam Real Estate Ltd Beheer on the basis of this information, unless otherwise agreed in writing with the client.  
- All offers are non-binding and valid for 1 month, unless otherwise stated in the offer.  
- An agreement between Amsterdam Real Estate Ltd Beheer and the client will be deemed to have been concluded if the client, whether or not on the basis of a proposal by Amsterdam Real Estate Ltd Beheer, provides Amsterdam Real Estate Ltd Beheer with an agreement in writing.  

Article 3: Price changes  
- The basis for the offer is the gross wages, rents and prices of machinery and services applicable at the time of the offer. If after the conclusion of the agreement one or more of the cost factors mentioned herein change, Amsterdam Real Estate Ltd Beheer shall be entitled to adjust the offered price accordingly.  
- Wage and other costs will be adjusted each year on 1 July in line with changes in the figure to be published by the C.B.S. for the derived consumer price index - all households (2000 = 100).  

Article 4: Execution of the contract  
- The work to be carried out within the framework of the agreement, which can be qualified as an obligation to perform to the best of one's ability and insight.  
- However, Amsterdam Real Estate Ltd Beheer will never be obliged to carry out work that is contrary to its professionalism, infringes a right, is in breach of a statutory duty or is contrary to what is customary in the law described.  

Article 5: Principal's obligations  
- The principal is obliged to fully cooperate in the execution of the agreement and to provide Amsterdam Real Estate Verhuur Beheer with all that is necessary for this purpose. This includes allowing inspection of all information required for the proper execution of the agreement.  
- If the client or third parties fail to provide timely or incorrect or inadequate information, the costs incurred by Amsterdam Real Estate Verhuur Beheer as a result will be charged separately.  
- The client is required to grant Amsterdam Real Estate Verhuur Beheer all powers necessary for the proper performance of the tasks.  
- Upon commencement or termination of the agreement, the client undertakes to ensure that any entries and deletions (registers) required in connection with the performance of the agreement are amended or amended without delay.  
- If the client fails to arrange for changes to the registration in registers as referred to above, the client indemnifies Amsterdam Real Estate Rental Management against all damages and costs of any consequences arising from this.  

Article 6: Duration of the agreement  
- The duration of the agreement is as agreed in the management agreement for an immovable property.  
- Deviations from these terms and conditions are only valid insofar as they have been agreed in writing.  
- These general terms and conditions also apply to supplementary and follow-up agreements.  
- Notice of termination must be given by registered letter.  
- If the client fails to perform any of its obligations towards Amsterdam Real Estate Verhuur Beheer, or Amsterdam Real Estate Verhuur Beheer fears that the client will fail to perform its obligations and the client is unable to provide sufficient security for the performance of its obligations at the first request of Amsterdam Real Estate Verhuur Beheer, If property of the principal is seized, if the principal applies for a moratorium, is declared bankrupt or otherwise loses the free disposal of its assets, Amsterdam Real Estate Verhuur Beheer has the right to suspend (further) performance of all agreements concluded with the principal or to dissolve these agreements in whole or in part.  
- If a party fails imputably in respect of the provisions of this agreement or in respect of any other obligation incumbent on the parties in relation to the present cooperation, the other party will be entitled to terminate the agreement, but not until after it has summoned the defaulting party in writing to fulfil its obligations and the party remains in default within a reasonable period specified in the summons. In that case, the agreement shall end on the due date stated in the summons.  
- Upon termination of the agreement, the principal will grant Amsterdam Real Estate Ltd Beheer full discharge. This does not release the client from its obligation to pay the fees up to and including the date of termination of the agreement, unless this is contrary to reasonableness and fairness.  

Article 7: Remuneration  
- During the term of the agreement, Amsterdam Real Estate Ltd Beheer will send the client an annual advance invoice for the fixed activities. This invoice must be credited to a bank account of Amsterdam Real Estate Ltd Beheer at the beginning of the relevant year.  
- Upon termination of the agreement, a final invoice will be issued.  
- The client must pay the invoice to Amsterdam Real Estate Ltd Beheer within 14 days of the invoice date without suspension, discount or setoff. If the client has not paid the invoice within the aforementioned period, he will be obliged to pay default interest of 1.5% per month, whereby part of a month will be counted as a month. All costs involved in extrajudicial collection will be charged to the client.
In that case Amsterdam Real Estate Ltd Beheer shall be entitled to suspend its activities.  
- Amsterdam Real Estate Ltd Beheer is at all times entitled to require the client to provide security for all that the client may owe under this agreement at any time.  
- Upon termination of the agreement, the final invoice will be sent to the client. If the principal has not responded in writing within 5 days after receipt of the final invoice, this will be considered as agreement.  
- In the event of premature termination of the agreement, invoicing will be based on the state of the work performed by Amsterdam Real Estate Ltd Beheer at the time of termination. In the event of premature termination, payment of the management contract will continue. 
- As a result of premature termination of the management agreement given with any discounts, the owner will be responsible for compensating Amsterdam Real Estate for losses amounting to 8% of the rent recorded in the management agreement + the pomotion costs + the maintenance costs incurred or planned. 

Article 8: Liability and indemnity
- Amsterdam Real Estate Ltd Beheer will carry out the agreement to the best of its knowledge and as carefully as possible Rental Beheer has a best-efforts obligation in this respect and gives no guarantee with regard to the results of the work under this agreement.  
- Amsterdam Real Estate Ltd Beheer is not liable vis-à-vis the client for any loss arising from shortcomings on the part of Amsterdam Real Estate Ltd Beheer, except for loss caused by intent or gross negligence on the part of Amsterdam Real Estate Ltd Beheer.  
- In no event shall Amsterdam Real Estate Ltd Beheer be liable for the consequences of the date on which the agreement is to be performed being exceeded.  
- Amsterdam Real Estate Ltd Beheer will in no event be liable for indirect loss or damage, which in any event includes loss of tax revenue, costs arising from an order to pay legal costs, loss of interest or delays, loss or damage due to loss of data, loss or damage due to delivery deadlines being exceeded due to changed circumstances, loss or damage resulting from the provision of incorrect or inadequate cooperation, information or materials by the client and loss or damage due to information or advice given by Amsterdam Real Estate Verhuur Beheer, the content of which does not expressly form part of the written agreement.  
- In all cases in which Amsterdam Real Estate Verhuur Beheer is obliged to pay compensation, this will never exceed 5% of the total amount of the compensation as referred to in articles 4 and 8. of the agreement between Amsterdam Real Estate Verhuur Beheer and the client.  
- Any claims by the client as referred to hereinbefore must be submitted within one year of the discovery of the damage, failing which the client will have processed its rights.  
- The client is obliged to fully indemnify and hold Amsterdam Real Estate Verhuur Beheer harmless in respect of all third party claims related to this agreement and all related financial consequences.  
- If Amsterdam Real Estate Ltd Beheer could invoke the provisions of this article, any persons charged with the performance of the agreement of Amsterdam Real Estate Ltd Beheer may also invoke it as if they were themselves a party to this agreement.  

Article 10: Force majeure
- Force majeure within the meaning of this article shall be understood to mean circumstances that prevent or seriously impede the performance of the agreement in whole or in part and which cannot be attributed to Amsterdam Real Estate Ltd Beheer.  
- During force majeure the obligations of Amsterdam Real Estate Ltd Beheer shall be suspended. If the period in which fulfilment of the obligations by Amsterdam Real Estate Ltd Beheer is not possible due to force majeure lasts longer than one month, both parties will be entitled to dissolve the agreement without judicial intervention, without any obligation to pay damages in that case.  
- Amsterdam Real Estate Ltd Beheer has the right to invoke force majeure if the circumstance preventing (further) fulfilment or making it seriously more difficult occurs after Amsterdam Real Estate Ltd Beheer should have fulfilled its obligation.  

Article 11: Rules of conduct, confidentiality
- Amsterdam Real Estate Ltd Beheer undertakes to exercise the utmost care and confidentiality with regard to the client's business data.  
 - Without permission, the principal will refrain from communicating to third parties about the approach, working method, reporting and the like of Amsterdam Real Estate Ltd Beheer.  


Article 12: Ownership  
- Amsterdam Real Estate Ltd Beheer retains title to all goods delivered and to be delivered to the client until full payment has been received of all amounts owed by the client in respect of work carried out by Amsterdam Real Estate Ltd Beheer in connection with the agreement and of claims for attributable failure by the client to comply with the agreement.  

Article 13: Storage and transport  
- Storage and transport of client's materials shall take place at client's expense and risk.  

Article 14: Intellectual property  
- The copyright and all other intellectual or industrial property rights on all software, system designs, documentation, information, methods, formulas, techniques, systems, etc. that are supplied to the principal by Amsterdam Real Estate Ltd Beheer or made available in any way whatsoever, are vested exclusively in Amsterdam Real Estate Ltd Beheer.  
- Copyrights and industrial property rights arising from work performed or done during work for the client accrue to Amsterdam Real Estate Ltd Beheer, unless expressly agreed otherwise in writing.  

Article 15: Miscellaneous  
- Amsterdam Real Estate Ltd Beheer will observe the terms agreed with the client as much as possible, but exceeding those terms does not entitle the client to compensation, suspension or dissolution of the agreement, unless the parties have expressly agreed otherwise in writing.  
- Any complaints, both with regard to the performance of the agreement and with regard to the amount of the invoice, must be made by registered letter within 10 days of the invoice date.  
- Submitting a complaint never discharges the client from his payment obligations.  

Article 16: Final provisions  
- Amendments to these terms and conditions or to the agreement between Amsterdam Real Estate Ltd Beheer and the principal or additions thereto are only valid if they have been agreed in writing between the parties.  
- Changes to the nature, nature and content or the scope of the agreement are only possible in consultation with Amsterdam Real Estate Ltd Beheer. The resulting costs will be charged separately.  

Article 17: Applicable law and choice of forum  
- This agreement is exclusively governed by Dutch law.  
- All disputes, which may arise in connection with or from this agreement, either directly or indirectly, can only be submitted to the competent court in 's-Hertogenbosch.
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