A: The Agency will guarantee the gross rental income for the first 12 months following the rental period commencement date and will not be less than the minimum annual rental guarantee amount.

B: The agency will account for the gross rental income on the property in accordance with the POA Form 6. Gross rental income in excess of the minimum annual rental guarantee amount will remain the property of the owner listed on the agreement. This amount will be taken into account when calculating the gross rental income for the following rental guarantee periods.

C: If at the end of the 12 month period the accumulated gross rental income on the property is less than the minimum guaranteed amount as set out in clause (a) for that period, then the Agency will pay the property owner the difference between accumulated gross rental income received and the guaranteed amount for that period.

D: Unless the agreement is terminated in accordance with Clause 3 (a) the minimum annual rental guarantee amount is guaranteed by the agency;

     i. whether the property is vacant during any 12 month period; or

     ii. the property is leased for an amount less than the minimum annual guarantee rental amount.

It is the clients’ responsibility to take all reasonable steps to keep the property in a leasable condition and to comply with all obligations under the Residential Tenancy Agreement, as per the RTRA Act 2008. This includes, but is not limited to;

A: The Client appoints the Letting Agent as its managing agent for the Property and pays all fees and charges applicable under the POA Form 6 agreement.

B: Keeping the property strictly maintained and cleaned, with any fixtures and fittings reasonably required as advised by the Letting Agent.

C: To authorise the agent to advertise the property as per the Letting Agents advice and to make it available for inspection.

D: The Rental Agreement is subject to the Letting Agent gaining access to the property for a minimum of 14 days prior to the settlement/handover date.

E: To accept any prospective tenant recommended by the Letting Agent after the tenant has passed the appropriate tenancy application checking.

F: Maintaining Landlord Protection Insurance on the property to protect against damage and loss of rent caused by defaulting tenants and provide a copy of such policy and the annual renewals to the Letting Agent.

G: Maintaining Building Insurance on the property.

H: Provide the Letting Agent with a copy of the contract of purchase showing the purchase amount of the property.

I: The Rental Agreement is subject to the Letting Agent gaining access to the property for a minimum of 14 days prior to the settlement/handover date.

J: The property owner agrees to make themselves available to be contacted in relation to any matter pertaining to the leasing of the property. Should the property owner not be contactable for a 24-hour period then the Letting Agent has the authority, if contact cannot be made with a property owner, to lease the property to a suitable tenant or this agreement does not apply.

K: If at the expiry of the 12-month term it is found that you have received above the “Annual Amount” listed on this agreement and the Agency has paid out a reimbursement during the term of the agreement, the Agency is entitled to;

     i. Deduct the amount paid from the rental income received or;

     ii. Require reimbursement from the property owner within 14 days of written request.

This agreement will automatically terminate if the property owner; sell/transfer the property, occupy the property;

     i. lose effective control over the property (for example by Mortgagee or Liquidator taking possession);

     ii. allow any relative, friend or associate to occupy the property on a rent free or reduce rent basis, or

     iii. if you refuse to accept any reasonably qualified tenant as introduced by Letting Agent or terminate the management services of Letting Agent.

Upon termination the Agency’s guarantee will end and the Agency will have no further obligation under this agreement.

If this Agreement is terminated by the property owner within the 12 month period stipulated under this agreement, the owner is not eligible for any amount top up to be paid by the Agency.

A: Payments under this agreement will be paid annually in arrears and processed via the Letting Agents normal monthly statements and are subject to normal management fees and charges being deducted as per the POA Form 6 agreement.

B: The client entitlement to compensation on yearly rental figure from the later of

     i. 4 weeks after the date the Agency receives the keys for the property:

     ii. 4 weeks after settlement date or

     iii. the date the property is rented if that date is earlier that (a) or (b) above

C: The client entitlement to compensation under these provisions is personal to the Client. The Client cannot transfer that entitlement to someone who purchases the property from the Client or to anyone to whom the client assigns or purports to assign the benefit of this contract.

D: Claims for compensation must be made in writing to the Letting Agent, in the English language. Claims must be accompanied by sufficient evidence to show that the Owner’s obligations have been satisfied. The letting Agent reserves the right to require further evidence, if a claim is not sufficiently detailed.

E: The Rental Guarantee is subject to ‘normal’ rental market trends, ‘normal’ market trends do not include situations under Acts of God which include, but are not limited to; natural disaster, infectious disease and global economic crisis.