TERMS AND CONDITIONS

TERMS AND CONDITIONS OF PROPERTY MANAGEMENT

BACKGROUND:

The Owner is the registered owner or the person entitled to be registered as owner of the property set out hereto (hereinafter referred to as “the Property”). The Agent is a limited liability company incorporated in Croatia who wholly owns Teneritas d.o.o (hereinafter referred to as “the Croatian Company”) and with the necessary articles to manage, let and sell property in that jurisdiction. The Owner has agreed to appoint the Agent for the purpose of providing management services as set out in a Service contract on the terms, as those terms are defined below, and the conditions set out in this Agreement.

TERMS:
The parties agree as follows:
1. DEFINITIONS AND INTERPRETATION
1.1. Definitions: In this Agreement the following expressions shall have the following meanings:
“Agent” means Croatian Property Management
and
“The Croatian Company” means Teneritas d.o.o.. / xxxxx d.o.o.
“Star Rating” means the standard of accommodation as Categorised by the Croatian Government.
“Companies Acts” means the Companies Acts under the jurisdictional law of Croatia
“€”, “EUR” and “euro” means the lawful currency of Europe
KN, Kuna means the lawful currency of Croatia
“Force Majeure” shall mean any cause or condition beyond the reasonable control of the Supplier, including acts of God, acts of government (in particular with respect to the refusal to issue necessary import or export licences and changes in laws pertaining to companies or private owners), fire, flood, earthquake, war, riots, embargoes, or inability to obtain supplied of the Products, but excluding strikes or other labour difficulties.
“Term” means the term of this Agreement, which will commence on xxxxxx and continue until termination or expiry in accordance with Clause 6 hereof
“Territory” means Croatia.
“Inter-Company Agreement” means the Agreement executed between the Croatian Company and the sub agent Croatian Company that may be employed on behalf of the Croatian Company to perform duties as set out hereto to facilitate the letting and management building renovation and maintenance of the property in the Territory. This includes jurisdictional issues relating to disagreements
“Property” means the property set out in Schedule One hereof to include a description of the property, full address floor plan usage permit and all paperwork to show legal hold on property and the full and complete inventory of contents contained therein
1.2. Construction: In this Agreement:
1.2.1 The section headings and captions to the clauses in this Agreement are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of an Agreement.

1.2.2 References to Schedules are references to the Schedules attached to and included as part of this Agreement.
1.2.3 The expressions “include”, “includes”, “including”, “in particular” and similar expressions shall be construed without limitation.
2. APPOINTMENT
2.1. Appointment. The Owner appoints the Agent as its Service Agent in the Territory for the purpose of the management of the property in the manner hereinafter set out in consideration of the terms and covenants hereinafter contained, the owner understands that in relation to the contract they have rights in their property as determined by the agent in most cases if rental is the remit of the agent and understand the tenant and booked guest rights supersede the owners, if a rental agreement is contained within.
2.2. The Agent accepts the appointment by the owner to be the Agent of the Owner in the Territory for the purpose of the maintenance of the property in the terms hereinafter set out
3. MANAGEMENT OF THE PROPERTY
3.1. Payment The payment structure is set out in an agreement
3.2 The Agent further agrees that it will arrange for the performance of the duties to best ability
3.3 WARRANTIES AND LIABILITIES
3.2. The Agent warrants that: –
3.2.1 At all times while it is engaged by the owner to maintain the property it will have the authority under Croatian law to do so pursuant to any Inter-Company Agreement the
attached agreements and according to Croatian law as scheduled hereto.
3.2.2 At all times during the continuance of this agreement, the agent will have no further liability to the owner save for that set out in clause 3 above pursuant to the Agent’s appointment and to that set out in clause 4.1.1 .
4. INFORMATION
4.1. The Agent will record , the performance of its obligations under this Agreement, including the expenditure thereon and any other such information as may be reasonably required by the Owner from time to time.
5. TERMINATION
5.1. Unless terminated earlier in accordance with Clauses 5.22 or 03:
5.1.1 This Agreement shall continue for a minimum of 12 months from agreed date.
5.1.2 A cancellation fee will be applied if cancellation of contract occurs in an unreasonable manner as determined by the agent, this fee will be determined on the calculation of services
5.2. This Agreement may be terminated by either party immediately by notice in writing to the other party if that other party:
5.2.1 commits a material or persistent breach of any of its obligations under this Agreement and under Corporate law, or has not met its obligations under Company law , and where such breach is remediable,
fails to remedy it in 30 days after service of written notice from the party serving notice requiring such remedy; The agent shall not be responsible for a breach of Company law or regulations of xxxxx d.o.o. or Landlord under private ownership.These obligations are the sole responsibility of said Company’s Directors. Any fines or actions against TENERITAS d.o.o as a result of non-fulfillment of Company obligations will be borne by xxxxxxxx d.o.o. or landlord
5.2.2 is unable to pay its debts as they fall due, or compounds with or negotiates for any composition with its creditors generally or permits any judgement against it to remain unsatisfied for seven days;
5.2.3 being a company, calls any meeting of its creditors, has an examiner or receiver of all or any of its assets appointed or applies for, or enters into liquidation.
5.3. The Owner may terminate this Agreement immediately by notice in writing to the Agent if:
5.3.1 If the Agent is found guilty of any criminal or civil breach in the Territory and is ordered to discontinue its operations.
6. CONSEQUENCES OF TERMINATION
6.1. Upon termination of this Agreement for any reason:
6.1.1 the Agent shall provide final account to the Owner setting out any payments owing to it and any vouched expenses to be deducted and making the balance available to the owners
6.1.2 arrange for the return of any keys to the property or any other items belonging to the property to the Owner, cost of return to overseas address will be borne by the owner. Return of any cash floats if applicable
6.2. The termination of this Agreement shall be without prejudice to:
6.2.1 any rights or obligations which shall have accrued before termination, including any remedy available in respect of a breach of this Agreement; or
6.2.2 any provision of this Agreement which is expressed to survive termination.
7. MISCELLANEOUS PROVISIONS
7.1. Force Majeure. The Supplier shall not be liable for failure or delay in the performance of any of its obligations under this Agreement if such failure or delay results from Force Majeure, but any such failure or delay shall be remedied as soon as practicable. 7.2. Parties Bound: This Agreement shall be binding upon and run for the benefit of the parties, their successors and permitted assigns.
7.3. Relationship of the Parties: In this Agreement, nothing shall be deemed
to constitute a partnership between the parties.
7.4. Notices:
7.4.1 A notice under or in connection with this Agreement (a “Notice”):
7.4.1.1 shall be in writing;
7.4.1.2 shall be in the English and Croatian language; and
7.4.1.3 may be delivered personally or sent by first class post (and air mail if overseas) or by fax or e-mail to the party due to receive the Notice at its address set out below and copies to the additional address below:
7.4.2 The address referred to in Clause 7.4.1.3 is:
Agent: TENERITAS D.O.O
Bobovišće BB
Brač
Croatia
Owner: xxxxxxx D.O.O.
Bookeeper : xxxxxx D.O.O.

Severability: If any provision in this Agreement is deemed to be, or becomes invalid, illegal, void or unenforceable under applicable laws, such provision will be deemed amended to conform to applicable laws so as to be valid and enforceable, or if it cannot be so amended without materially altering the intention of the parties, it will be deleted, but the validity, legality and enforceability of the remaining provisions of this Agreement shall not be impaired or affected in any way.
7.5. Entire Agreement: This Agreement constitutes the entire agreement and understanding between the parties with respect to their subject matter, and except as expressly provided, supersedes all prior representations, writings, negotiations or understandings with respect to that subject matter.
7.6. Further Assurance: Each party shall do and execute, or arrange for the doing and executing of, each necessary act, document and thing reasonably within its power to implement this Agreement.
7.7. Counterparts: This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute this Agreement.
7.8. Waivers and Variations:
7.8.1 A failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents further exercise of the right or remedy or the
exercise of another right or remedy.
7.8.2 No variation of this Agreement shall be effective unless it is made in writing and signed by each of the parties.
***
SCHEDULE 3 – THE PROPERTY
Description and address of relevant property with attached full inventory of contents and Insurance certificate
Attach Usage permit , final sales contract proof of title or possession rights
Mark property location on map

• Letting licence
• Property Rental price list
• Floor plan
• Fire Exit plan
• Copy of Company Memorandum, if applicable
• House Inventory, House Rules and photos as supplied by owner
• Property Book ( Full description of property and local amenities)

• Categorisation

INSURANCE
The Owner will produce to the Agent prior to the commencement of the Agreement evidence of a public liability policy being in place to fully cover the property and the Owner accepts full liability in relation to any accident that may incur on the property for which they have a legal liability and hereby indemnifies and holds harmless the Agent in respect of any loss that might flow to the Agent as a result there from.
7.8.3 Attach here

BER CERTIFICATE: Under Eu compliancy for Sales and Rental an Energy Rating certificate is obligatory

SIGNED SEALED AND DELIVERED
By
_________________________________
in the presence of
__________________________________
Present when the common seal of
the company was affixed hereto:
________________________________

General payment terms

• Annual in advance billing for 9 monthly maintenance visits, marketing, letting licence,  inventory list, Utilities, property evaluation and pre-season check

• Monthly in arrears billing for management of works, purchases and misc services

• One Month In advance billing for tourist season services: end of May, end June and end of Sept invoices

o Tourist season services will not be offered if in-advance invoices are not already paid
o Invoice will be based on guest dates booked at time of invoice, corrections will be made on subsequent invoices
o During periods of occupancy invoice amount will be reduced by monthly visit amount already paid as part of annual invoice
o Cash “kitty” to be supplied in advance to CPM for necessary on the spot payments .

• Payment to be made within 15 days of emailing of invoice. Signed and stamped original will be forwarded to your Croatian accountant, if required. CNB interest will be charged on all late payments

• Where misc purchases are made by CPM on behalf of the client, CPM will levy a 5% cash usage fee. If a petty cash float is supplied by the client, this fee is not applied

Renovation Works

• Small renovations and maintenance works undertaken by CPM from petty cash. These works will be undertaken at discretion of CPM, in consultation with the Owner

• For larger works client to make direct payment to tradesman, or to CPM for payment on to tradesman. Cash levy will be charged if Cpm pays the workforce.

Property Letting and Management During the Tourist Season

• If Croatian Property Management receives rental payments on behalf of client,  payments to client of rental monies less cost of services will be  broken down in statement of accounts (payment will be made only after letting agent has first paid CPM and all Taxation issues have been applied) payments will be made  to the Croatian bank Account of the owner, in accordance with local laws

• If cost of services exceeds rental income, payment is to be made by the client within 15 days of receipt of emailed statement of accounts

• If payment of rental income is made direct to owner’s bank account, invoicing as per General section above applies

Payment Methods

• Payments to be received in Kuna or Euro to the Croatian bank accounts of Teneritas d.o.o. via direct debit, moneybookers, paypal or bank transfer.

• If payments are made from or to a non-Croatian bank account client is to bear the cost of the international electronic funds transfer and to allow sufficient time for the international transfer, in accordance with local laws

• All above at the rate applied by Croatian National Bank on day of transfer

 

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