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income and expenses shall be sent to the Owner on or before the 15 th of <br />each month. A 1099 MISC FORM and Year End Financial Statement will <br />be sent annually by January 31 for the preceding year. <br />B . Leasing Authority: Owner grants to Broker the following authority, which Broker <br />may exercise when and to the extent Broker determines to be in Owner's <br />interest: <br />1. To exclusively advertise the Property for lease by means and methods that <br />Broker determines are reasonably competitive, including but not limited to <br />creating and placing advertisements with interior and exterior photographic <br />and audio-visual images of the property and related information in any <br />media, including the internet; <br />2. Place "For Lease" signs, "For Information" signs, or other signs on the <br />Property in accordance with applicable laws, regulations, ordinances, <br />restrictions, and owners' association rules; <br />3. Remove all other signs offering the Property for sale or lease; <br />4. Submit the Property as a listing with one or more listing services at any time <br />the Property is marketed for lease and to change or terminate such listings; <br />5. Authorize other brokers, their associates, and their clients to access the <br />Property at reasonable times and to lend keys and disclose security codes <br />to such persons to enter the Property; <br />6. Duplicate keys and access devices to facilitate convenient and efficient <br />showings of the Property and to lease the Property; <br />7. To screen and use diligence in the selection of prospective tenants and to <br />abide by all Fair Housing Laws; <br />8. Offer to pay another broker, from the compensation Broker receives under <br />this agreement, a portion of the compensation received by Broker; <br />9. Negotiate leases on Owner's behalf for the Property at market rates and on <br />competitively reasonable terms for initial terms of not less than __ <br />months and not more than __ months and in accordance with any <br />instructions, and present to Owner to execution; <br />. 10. Negotiate any amendments, extensions, or renewals to any leases for the <br />Property on Owner's behalf, and present to Owner for execution; <br />11. Collect application fees from prospective tenants; and <br />12. Perform other necessary services related to the leasing of the Property. <br />C. Recordkeeping: Broker will: <br />1. Maintain accurate records related to the Property and retain such records <br />for not less than six (6) years; <br />2. File reports with the Internal Revenue Service which Broker may be <br />required to file concerning funds received on behalf of Owner under this <br />agreement (for example, Form 1099); <br />3. Send to Owner each month a statement of receipts, disbursements, and <br />charges; and <br />Professional Services Agreement <br />Page 14