Mid-term rental management agreement

1. Appointment & Scope

Owner appoints Corvus Homes, LLC ("Manager") as Owner's exclusive agent to lease and manage the above property as a furnished mid-term rental: residential stays of 90 consecutive days or more, each under a written lease ("Lease"). Services include:

• Marketing the property and setting rent with Owner
• Tenant screening under written criteria that comply with federal and Colorado fair housing law
• Preparing and signing Leases on Owner's behalf, on a lease form Owner has approved
• Move-in and move-out inspections with dated photos, checked against the furnishings inventory
• Rent collection through Hospitable, tenant communication, and maintenance coordination
• Property inspections at least monthly, with the notice to the tenant the Lease requires

2. Leasing Authority

• Lease Term: Each Lease runs at least 90 days and no more than 12 months. A longer term, or a renewal that would keep the same tenant in the home for more than 12 months, requires Owner's written approval.
• Rent: Manager will not sign a Lease below the minimum monthly rent Owner approves in writing.
• Corporate Tenants: When a company signs the Lease, the Lease names each occupant and the company is responsible for them.
• Lawful Terms: Each Lease will comply with Colorado law, including its limits on late fees, rent increases, and fees charged to tenants. Manager will not include a term Colorado law prohibits, even at Owner's request.
• Owner Use: While a Lease is in effect, Owner will not occupy or enter the property except through Manager and with the notice the Lease requires.

3. Fees & Payments

• Management Fee: 20% of Gross Rent. "Gross Rent" means rent actually collected. It does not include security deposits, taxes, expense reimbursements, or separately billed utility charges.
• All-In: There are no separate leasing, renewal, or setup fees for Lease management.
• Repairs under $500: May be handled without Owner approval; Manager will bill for reimbursement.
• Repairs over $500: Require prior Owner approval, except emergencies and repairs Colorado law requires to keep the home habitable, which Manager may authorize when Owner cannot be reached in time. Manager will notify Owner as soon as possible.
• Reimbursable Expenses: Invoiced monthly; due within 15 days of receipt.

4. Payments, Payouts & Accounting

• Hospitable: Rent and other tenant payments are processed through Hospitable, a third-party platform that takes payments, handles payouts, and provides an owner portal. Owner must maintain a Hospitable account linked to the property.
• Payout Structure: Hospitable splits each payout automatically: 20% of Gross Rent is paid directly to Manager, and the remainder is paid directly to Owner by ACH, on Hospitable's payout schedule.
• No Tenant Funds Held: Manager never receives or holds rent, security deposits, or any other tenant funds. Manager receives only its Management Fee, paid through Hospitable's split, and expense reimbursements invoiced to Owner.
• Processing & Platform Fees: Credit-card, payment-processing, and platform fees are passed through to Owner.
• Security Deposits: Security deposits are collected through Hospitable and are never paid to Manager. They are not Gross Rent: they are not split, and no Management Fee is taken on them. After the tenancy ends, Manager inspects the property and prepares an itemized statement of any deductions, and the deposit, less lawful deductions, is returned within the time Colorado law requires: 30 days, or up to 60 days if the Lease says so. Owner, as landlord, remains responsible for the deposit's timely return.
• Owner Portal: Owner can see reservations, payments, and payouts at any time in Hospitable's owner portal.
• Monthly Reporting: Manager provides a monthly statement showing rent collected, fees, expenses, and the net Owner payout.
• Lodging Taxes: Stays of 30 or more consecutive days generally qualify for exemption from state and local lodging taxes. Manager keeps the Lease records that support any exemption claimed.
• Third-Party Services: Hospitable and its payment processors are independent third parties. Manager is not responsible for their errors or outages, but will work with Owner and the provider to resolve them.

5. Tenant Defaults & Eviction

• Notices: Manager may serve the notices Colorado law provides for, including demands for unpaid rent or for compliance with the Lease.
• Court Process Only: No one will remove a tenant, change the locks, or shut off utilities to force a tenant out. A tenant can be removed only through the court process Colorado law requires.
• Eviction Filings: Filing an eviction requires Owner's approval. Owner pays court costs and attorney fees, except amounts recovered from the tenant.
• Holdover: If a tenant stays past the end of the Lease, Manager will act as the Lease and Colorado law allow, with Owner's approval before any legal action.
• No Guarantee: Manager does not guarantee occupancy, rent payment, or tenant conduct.

6. Property Condition & Compliance

• Habitability: Owner keeps the property in the condition Colorado's warranty of habitability requires and pays for the repairs and replacements needed to do so.
• Inventory: Before the first Lease, Owner and Manager complete a written inventory of furnishings, art, electronics, and other contents, with photos. Owner removes or secures any irreplaceable or high-value items Owner does not want in the rental.
• Disclosures: Owner gives Manager the information needed for the disclosures leases require, including lead-based paint for homes built before 1978 and any radon or other disclosure Colorado law requires.
• HOA, Lender & Licensing: Owner confirms that the property's HOA, lender, and insurer allow Leases of this length. Manager will coordinate any local rental license or registration the property requires, at Owner's expense.

7. Insurance & Liability

• Owner's Insurance: Owner keeps property and liability insurance that covers the home while it is leased for 90 days or more, including loss-of-rent coverage and at least $1,000,000 in liability coverage, and names Manager as an additional insured.
• Tenant's Insurance: Each Lease requires the tenant to carry renter's insurance that includes liability coverage.
• Manager's Insurance: Manager keeps general liability insurance for its operations.
• Indemnity: Owner will indemnify Manager against claims arising from the property's condition or Owner's acts, and Manager will indemnify Owner against claims arising from Manager's gross negligence or willful misconduct.
• Tenant Damage: Manager is not liable for damage caused by tenants or their guests beyond what is recovered from the security deposit, the tenant, or insurance.

8. Term & Termination

• Initial Term: Month-to-month, beginning on the Effective Date.
• Termination: Either party may end this agreement with 30 days' written notice, with no penalty.
• Leases Continue: Ending this agreement does not end any Lease. Within 10 days after termination, Manager transfers the Leases, tenant ledgers, keys, and records to Owner or a new manager Owner names, and tells each tenant in writing where to pay rent going forward.
• Fees After Termination: Manager continues to earn its Management Fee on rent for the remaining term of any Lease signed before termination, but not on renewals or extensions signed after termination.

9. General Terms

• Independent Contractor: Manager acts as an independent contractor, not an employee or partner.
• Owner's Authority: Owner, and anyone signing for an entity that owns the property, has authority to sign this agreement and knows of no lien, lender restriction, HOA rule, or code violation that would prevent leasing the property.
• Fair Housing: Neither party will direct or allow discrimination that federal or Colorado law prohibits.
• Governing Law & Venue: This agreement is governed by the laws of the State of Colorado. Disputes will be heard in the courts of the county where the property is located.
• Attorney Fees: In a dispute under this agreement, the prevailing party may recover reasonable attorney fees and costs.
• Entire Agreement & Amendments: This is the complete agreement between the parties. Any changes must be in writing and signed by both parties.
• Severability: If any term is found unenforceable, the rest of the agreement still applies.
• Notices: Communications must be sent to the designated email addresses of each party.
• Electronic Signature: The parties agree to sign and keep this agreement electronically.