PROPERTY MANAGEMENT AGREEMENT

IN CONSIDERATION of the mutual covenants and promises each to the other made herein,

______________________________________ (Owner) does hereby employ Century 21 Bob Capes Realtors (Agent) exclusively, and the Agent does hereby accept the employment, to rent, lease, operate and manage the Property

(Property), described as _____________________________________________________________ upon the following terms and conditions:

1) DURATION OF AGENCY: This Agreement and employment hereby created shall commence and become effective

on ______________________, ___________ and shall expire on _____________________, ___________ .

2) TERMINATION OF AGENCY: Either the Owner or the Agent may terminate this agreement and the employment created hereby, by giving written notice one calendar month prior to the desired termination date. In the event the Owner terminates this Agreement, he shall pay to the Agent a termination fee equal to one month's rent or, for any lease

agreements negotiated by the Agent, ________ percent ( _______ %) of the rents due for their unexpired terms, whichever is greater. Upon termination of this Agreement by either the Owner or the Agent, each shall take such steps as are necessary to settle all accounts between them including the following: (a) the Agent shall promptly render to the Owner all rents then on hand after having deducted therefrom any Agent's fee then due and amounts sufficient to cover all other outstanding expenditures incurred by the Agent in connection with operating the Property; (b) the Agent shall deliver to the Owner all tenant's leases and other instruments entered into on behalf of the Owner; (c) the Owner shall promptly pay to the Agent any fees or amounts due the Agent under the Agreement and shall reimburse the Agent for any expenditures made and outstanding at the time of termination; and (d) the Owner shall notify all current tenants of the termination of the agency status and obtain the Tenant's consent for the Agent to transfer any Security Deposits on hand to the Owner or the Owner's designee.

3) AGENT'S FEES: The Owner shall pay to the Agent each month during the existence of this Agreement a fee of

__________ percent ( ________ %) of gross monthly rentals collected by the Agent or Fifty Dollars ($50.00) per tenant per month, whichever is greater. The Agent may also retain half of any late fees collected from tenants as additional compensation. The amounts due the Agent pursuant to this paragraph shall be referred to herein as the Agent's fees and the Agent may deduct the Agent's fees monthly from the gross rents received before remitting the balance of the rents to the Owner.

4) AGENT'S AUTHORITY: The Owner hereby authorizes and empowers the Agent to perform such acts and take such steps as are necessary, in the Agent's opinion, to operate, manage and lease the Property including, but not limited to: (a) Advertising the Property, displaying signs thereon, and renting the Property, including the authority to negotiate, sign, execute, extend and renew leases on behalf of the Owner; (b) Instituting and prosecuting such judicial actions and proceedings as may be necessary to recover rents and other sums due the Owner from the tenants or to evict tenants and regain possession, including the authority, in the Agent's discretion, to settle, compromise and release any and all such judicial actions and proceedings; (c) Collecting all rentals and other charges and amounts due or to become due under any leases covering the Property and giving receipts for the amounts so collected; (d) Making or causing to be made any repairs which, in the Agent's opinion, may be necessary to maintain the Property; to maintain the facilities and services to the tenants as required by their tenancies; and to comply with any duties or obligations imposed upon the Owner by any local, state or federal law or regulation; including the authority to purchase such supplies and hire such labor as may be necessary, in the Agent's opinion, to accomplish such repairs. e) Performing any duties and exercising any rights conferred upon the Owner under any leases entered into in connection with the Property.

5) AGENT COVENANTS: The Agent agrees to manage and operate the Property to the best of his ability including: (a) renting and leasing the property; (b) soliciting, securing and keeping tenants; (c) receiveing rent and other money due the Owner; (d) making or causing to be made such repairs as the Agent deems appropriate in order to maintain the Property and to comply with any requirements of the lease; (e) performing the duties imposed upon the Owner by law or pursuant to any leases covering the Property; (f) rendering monthly statements of receipts, collections, expenses, charges and disbursements to the Owner and remiting to the Owner the balance of such receipts after having deducted the costs of any expenses incurred in the management or operation of the Property.

6) OWNER'S COVENANTS: The Owner agrees: (a) To advance to the Agent such sums as may be necessary to cover the costs of repairing the Property and maintaining it in a safe, fit and habitable condition as required by South Carolina law; (b) To reimburse the Agent for any expenses actually incurred by him in operating, managing, and maintaining the Property, including but not limited to advertising expenses, court costs, attorney's fees, and maintenance and supply expenses; such reimbursement may be made by the Agent from any of Owner's funds received by the Agent; (c) To allow the Agent to hold one month's rent in reserve for the Owner from which the Agent may make withdrawals to cover the costs of any expenses incurred in the management and operation of the Property pursuant to the terms of this Agreement; (d) Not to take any action or adopt any policy which would prevent the Agent from offering the Property for rent in compliance with all applicable federal and state laws and regulations, including but not limited to any federal and state laws and regulations prohibiting discrimination on the basis of race, color, religion, sex, national origin or familial status in the letting of the Property; (e) To carry, at his expense, comprehensive general liability insurance against any and all claims or demands whatever arising out of, or in any way connected with, the operation, leasing, and maintenance of the Property, which policies shall be written so as to protect the Agent in the same manner as the Owner; (f) To defend, indemnify, and save the Agent harmless from any and all damages, claims, suits, or costs whether for personal injury or otherwise, arising out of the Agent's management of the Property whether such claims are filed or damages incurred before or after the termination of this Agreement; and (g) To pay the Agent a brokerage fee of _________ percent (________%) of the gross sales price should the Owner agree to sell the Property to a tenant during the term of this Agreement or any lease negotiated by the Agent; (h) Not to hold the Agent responsible for the acts or performance of tenants including but not limited to nonpayment of rent, damage to the Property, failure of tenants to abide by leases, etc.; and (i) Not to hold the Agent responsible for any changes in the value of the property that might occur during the term of this Agreement.

7) SECURITY DEPOSITS: The Agent may in its discretion either (l) require tenants of the Property to make a security deposit in an amount as determined by Agent to secure the tenant's obligations under leases of the Property (such security deposits shall hereinafter be referred to as "the Security Deposits"), or (2) forego the requirement that Security Deposits be made. If the Agent requires such Security Deposits, they shall be placed in a trust account for the tenant. The Agent shall be authorized to make withdrawals for the purpose of returning money to the tenants or forfeiting money to the Owner. The refund of the security deposit or any portion thereof will be made at the sole judgement and discretion of the Agent. The Owner agrees to defend, indemnify and save the Agent harmless from any and all damages, claims, suits or costs arising out of the Agent's refusal to refund all or part of the Security Deposit to any tenant. The Agent may, in his discretion, place the Tenant's Security Deposits in an interest bearing account and any iinterest earned thereon may be retained by the Agent.

8) EXISTING SECURITY DEPOSITS: Upon the commencement of this Agreement the Owner shall deliver to the Agent a list showing the current tenants of the Property who previously made Security Deposits under existing leases of the Property and the amounts they deposited. Simultaneously therewith, the Owner shall place the Security Deposits held under existing leases in a trust account in the Agent's name and authorize the Agent to make withdrawals there from for the purpose of returning them to the current tenants as required by their leases or by law.

9) ARBITRATION: Any and all disputes or claims between Agent and Owner arising from matters relative to this Agreement, shall be resolved by mediation or arbitration, rather than litigation.

10) ADDITIONAL TERMS AND CONDITIONS: _________________________________________________________

_________________________________________________________________________________________________

_________________________________________________________________________________________________

IN WITNESS WHEREOF the parties hereto set their hands.

_________________________________ _________________________________ ___________________

Witness Owner Date

_________________________________ __________________________________ ___________________

Witness Owner Date

Century 21 Bob Capes Realtors By: _______________________________ ___________________

Date

(Rev 5/25/04)