PMA Termination

HomeVault is no longer responsible for mailing air filters to the tenant quarterly, and the obligation is passed to Owner.

If the unit is vacant or the tenant’s lease end date coincides with the date of the Property Management Termination Agreement date, Owner understands that HomeVault will terminate the utility and lawn care service agreements with the providers as of that date. Owner agrees that the lawn care and utility services become their responsibility as of the date of the termination.

As a benefit of HomeVault’s management of your unit, your property may have been provided with a smart lock system, and HomeVault has been paying the associated fees to the provider. If Owner has paid for this system to be installed, Owner agrees that they become responsible for all monthly and other associated fees and will need to continue to provide this service to the tenant. If the smart lock system belongs to HomeVault and the Owner wishes to continue to use the system, Owner agrees to purchase the system from HomeVault at the current cost of the system. Otherwise, if the unit becomes vacant and Owner does not want to keep using the system, Owner agrees to pay HomeVault the associated fees for the system to be removed and a regular lock installed.

Owner agrees to assume the obligation to continue to report the tenant's positive credit to the three credit bureaus

As part of the HomeVault management of your property, HomeVault has provided coverage for tenant liability damage to the property caused by fire, water damage, explosion, falling objects, civil unrest and smoke for up to $100,000. Owner agrees to continue offering this coverage.

One of the benefits HomeVault provides as part of the Property Management Agreement with Owner is cleaning the unit for free at move out. If at the time of this Termination Agreement, the property is still inhabited by a tenant placed by HomeVault, it will become the Owner’s responsibility to have the unit and carpet cleaned upon that tenant’s move out.

If Owner is enrolled in the Peace of Mind Program, Owner understands that upon the Termination of the Property Management Agreement, the benefits of the Program, namely 3 months of protection in the event of tenant eviction, and a waiver of the HomeVault Eviction administrative fee, no longer apply.

If the unit is occupied at the time of this Termination Agreement, HomeVault will transfer any tenant's security deposit held to Owner, and will not handle the disbursement. However, if Owner owes HomeVault any amounts upon the deposit’s transfer date, HomeVault will withhold the amount due from the security deposit before releasing the remaining amount to Owner. Owner understands that they need to complete the security deposit disbursement and inform the tenant within the legal deadline to do so. If there is no security deposit held on the current lease, but Owner was offered, per the Property Management Agreement and/or Owner Handbook, a guarantee of up to two month’s worth of rent to cover damages traditionally covered by a deposit, Owner understands that this guarantee ends with this Property Management Termination Agreement.

Owner understands that any and all marketing materials generated or acquired by HomeVault and used for marketing the property, such as professional photos and videos, are the sole property of HomeVault and Owner is not allowed to use those past the date of this Agreement.

I understand that HomeVault will use the amount that was kept as reserve in the my name, to pay for any lingering bills and fees for a period of 60 days after the date of this Agreement, and will transfer the remainder of the amount in my account.

Owner shall indemnify and hold harmless HomeVault, its owners, employees and assigns from any and all costs, claims, actions, expenses, attorney’s fees, suits, liabilities, damages or claims for damages in any way connected with the operation, leasing, and management of the Property by HomeVault, except to the extent that such may be a result of gross negligence or willful or intentional misconduct by HomeVault; Owner hereby releases and discharges HomeVault from any liability for any loss or damage, from any cause whatsoever, to Owner's real or personal property, except for loss or damage caused by Manager's sole gross negligence, recklessness or willful misconduct of Manager's employees. Owner agrees that HomeVault shall under no circumstances have any liability greater than the amount of commissions paid to HomeVault by Owner, in the last twelve months.

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By signing below, Owner acknowledges that Owner has reviewed the above requirements and Owner expressly agrees to these terms in order to terminate the Property Management Agreement.