Within the framework of the management contract, the Company shall:

1. Make all possible efforts to find tenants for the Property, at the best possible terms.
2. Carry on negotiations with the tenants, shall receive the Owner’s final consent with respect to the rental rate and conditions of payment, and shall sign the renters on a lease agreement.
3. Collect the rent from the tenants and deposit them in the Owner’s bank account.
4. Visit the Property, and inspect the condition thereof.
5. Send the Owner a quarterly report with respect to the condition of the Property, its contents, income and expenses.

Services not be included in the management fees paid by the Owner are:

1. Furnishing the Property.
2. Painting, internal repairs, electrical and water installation, inside and outside the Property, and the like.
3. Legal representation in the event such is required (only by the company lawyer/ bookkeeper)
4. Cleaning of the flat during the period the flat is not leased.

1. The Owner shall deposit 300 EURO with the Company. This amount shall be at the disposal of the Company for purposes of current payments and/or immediate repairs required.
2. Should the mentioned amount will not be sufficient the company will be entitled to set the amount due off the rental fee.
3. Should the Owner fail to transfer payments in a timely manner, and be charged fines and/or interest thereupon, all shall be his responsibility and at his expense.

1. Any repairs required in the Property, which are the Owner’s responsibility, shall be implemented by the Company, and shall be paid by the Owner.
2. The Company shall send the Owner the quote for the Owner’s written approval, and after so receiving, shall implement the repair.
3. In the event immediate repair is required and cannot wait, the Company shall implement the repair immediately, and charge the Owner’s account.

1. In the event that the company can not find a tenant to the apartment it can contact other real estate agencies in the matter, all charges made the other agencies will be paid by the owner.
2. Deposits received from tenants according to terms of the lease agreements shall be deposited in a trust account in the name of the Company, in Forint, and shall be returned to the tenant or forfeited according to the terms of the lease agreement.
3. In the event of breach of a lease agreement by the tenant, i.e.: failure to evacuate the flat, damage, failure to pay debts, and/or any other breach of the lease agreement. The Company, with the Owner’s approval, shall take all the usual and legal measures in order to collect the debt.
4. In such aforesaid case, the Owner shall sign a power of attorney, as needed, so that the Company may represent him before the Hungarian legal authorities.
5. All direct and indirect expenses shall be the Owner’s responsibility.

The Company will hire bookkeeping services and will take care to make all the necessary periodical reports as request by Hungarian law.The cost of those services – 75,000 HUF + VAT per year will be paid by the Owners.In case of change in the above-mentioned cost the Company will notify the Owners in writing.

Should the Owner wish to lease the Property for daily rental, the division of income shall be as follows:

• 50% of the income to the Owner
• 50% of the income to the Company.
• Cleaning services shall be at the expense of the Company.

1. The cost of insurance shall be the Owner’s responsibility. The Company shall select the Insurance Company.
2. In any event, the Company shall not be responsible for property and/or bodily damage of the flat and/or a third party.

1. Yearly management fees shall be 12% + VAT of the yearly rents. Management fees shall be paid on the first of each calendar month.
2. In the event a flat has not been leased, a minimal payment of EURO 25 + VAT (in Forint) per month shall be paid. Management fees shall be paid on the first of each calendar month.
3. In case of a service given to the owner by a third party under the supervision of the company, the company will charge the owner a supervision commission - 10% + VAT of the charge made by the third party.
4. All the above payments can be paid by deduction from the rental fee (in the event the flat is leased).

1. Any notice from one party to the other shall be acceptable only in writing (e-mail or fax transfer acceptable). The address for letters is the address mentioned in the prefix to this contract.
2. In the event of a dispute between the Parties, the authorized legal authority shall be the Hungarian Court in Budapest.
3. This Agreement shall be for a period of one year.
4. Should the Parties wish to extend the applicability of the Agreement for another year, this shall be done by written notice (e-mail or fax) , one month in advance.
5. Each Party shall have the right to terminate the Agreement by three months’ advance notice, on justified grounds.
6. In the event of any illegal action taken by the Owner, the Owner shall be responsible before the Hungarian legal authorities. Should any damages be caused to the Company because of the aforesaid, the Owner shall remunerate the Company for any such aforesaid expenses.