Document:

EXHIBIT 10.4

 

PROPERTY MANAGEMENT CORPORATION OF AMERICA

 

MANAGEMENT SERVICES AGREEMENT

 

1. This Agreement is made and entered into this ____
day of __________, 2014 between _________________ (Lessor(s)) and Property Management Corporation of America (Property Manager). 

 

	
        Property Manager:

        Property Management

        Corporation of America
        

        Address: 4174 Old Stockyard Road

        Suite F

        Marshall, VA 23462
	
        Owner:

         
	
        Premises:

         

	Owner TIN:	Payment Address or Bank Acct #:
	Start Date:	Termination Date:  	Minimum Reserve:
	Leasing Fee:	Management Fee: 	Renewal Fee:  
	Expense/Repair Limit: 	Minimum Insurance required:
	Email address: 	 

 

2. MANAGEMENT: Owner appoints Property
Manager as Owner’s exclusive Agent to manage and lease the Premises, on behalf of Owner, and Agent is granted full authority
and discretion to do so. The premises shall be leased subject to the Virginia Landlord Tenant Act. If Owner is not incorporated
in or a resident of Virginia, (i) Agent must report rents received to the Virginia Department of Taxation, and (ii) Owner appoints
Agent as Owner’s Agent for service of process in Virginia, as required by Virginia Code 55-218.1. Agent must report rents
received to the Internal Revenue Service.

 

3. TERM:
This agreement shall be for an initial term commencing on the start date and ending on the termination date. THE TERM
SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE TERMS OF ONE (1) YEAR EACH, unless either party gives the other not less than sixty (60)
days prior notice of its intention to terminate this agreement as of the expiration of the then current lease

 

4. AGENT’S DUTIES: Agent shall,
and is authorized and directed, in Agent’s name or Owner’s name to:

 

		a.	advertise the premises for rent in such manner as Agent determines is appropriate, including placing
signs on the premises;

		b.	place a lockbox on the premises (at the sole discretion of the Agent) and show the premises to
prospective and actual tenants;

		c.	sign, renew, terminate, and/or cancel leases and tenancies on general terms and conditions approved
by Owner and on such form of lease as Agent determines is appropriate;

		d.	enforce lease provisions and collect rents and other amounts due from Tenants and recover possession
of the premises;

		e.	sign and serve in the name of the Owner notices and institute and prosecute actions against Tenants;

		f.	in Agent’s discretion, settle, compromise and release claims and actions or reinstate tenancies;

		g.	recommend to Owner, for Owner’s approval, a schedule of rents and fees to Tenants;

 

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		h.	handle and resolve complaints of Tenants; and

		i.	enter into such contracts regarding the premises as Agent deems appropriate, including obtaining
utility service and hiring employees and contractual labor for Owner, it being agreed that any employees shall be employees of
Owner.

 

Nothing in this Agreement shall require
Agent to take any action which would constitute the practice of law. Agent may engage, on behalf of Owner, the services of such
attorneys, accountants, and other professionals as Agent deems appropriate. Agent may engage and/or compensate subagents and agents
representing Tenants in connection with leasing the Premises.

 

5. OWNER’S DUTIES:

		a.	Owner shall promptly perform all of its obligations under this Agreement and all leases, mortgages,
deeds of trust, restrictive covenants, condominium documents, and other agreements affecting the Premises. This obligation includes
Home Owners Association and other such related interests.

		b.	Owner shall determine the standards by which Tenants shall be selected and the rents and other
charges for leases of the Premises. Agent may rely on this information until Owner gives Agent written notice to the contrary;
provided that Agent may, from time to time, recommend revised schedules of rents and charges, and Owner will be presumed to have
approved any changes recommended by Agent unless Owner gives Agent notice to the contrary within thirty (30) days after Agent sends
any such recommended changes.

		c.	Owner shall keep the Premises in compliance with all applicable laws, rules, regulations, and ordinances
including laws concerning lead based paint and mold prevention and remediation.

		d.	Owner agrees that the Premises shall be leased without regard the race, color, religion, sex,
                                                                handicap, familial
status, national origin, or elderliness of any Tenant, and Owner shall otherwise comply with all fair housing laws applicable to
Owner or Agent.

		e.	Owner shall pay all interest required to be paid on security deposits held for tenants, to the
extent that the interest Agent receives on such security deposits is insufficient.

		f.	Owner shall maintain and provide Agent evidence of general liability and other insurance with per
occurrence limits not less than the Minimum Insurance, covering any and all claims arising from bodily injury, death, or Premises
damage for acts and omissions relating to the Premises. All insurance required by this Agreement shall protect Owner and Agent,
their employees, servants, and agents, and should name Agent as an additional insured.

		g.	Owner shall pay all expenses of managing, owning, and operating the Premises. Nothing in this Agreement
and no course of dealing shall be construed to require Agent to make any payment regarding the Premises out of Agent’s funds,
Agent’s sole responsibility being to make any such payment out of such funds of Owner as are available to Agent.

		h.	Owner shall provide Agent with all requested data, records, documents, and information relating
to the Premises.

		i.	Owner represents that Owner is the owner of the Premises and has full authority to enter into this
Agreement.

		j.	Owner shall deliver property to Agent in a fit and habitable condition, including all required
smoke detectors and all other safety equipment as required by law and Agent’s policies. Failure to deliver property to Agent
in accordance with these provisions will constitute a breach of this agreement and Agent may avail himself of remedies in #14 (Default).

 

6. MORTGAGES: Agent will not handle
Owner’s mortgage payments. In no event shall Agent be expected or obligated to advance or disburse any of Agent’s own
funds, or any funds owed as compensation to Agent for Agent’s services to service Owner’s mortgage obligation.

 

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7. EXPENSES:  Agent shall arrange
for all repairs, maintenance, and capital expenditures for the Premises. Owner must consent to any single expense expected to be
in excess of the Expense Limit; provided that Agent may make any capital expenditures, repairs, and maintenance which, in Agent’s
opinion, are of an emergency nature without the prior approval of Owner. Owner authorizes Agent to have the Premises thoroughly
and professionally cleaned including cleaning of carpeting, chimney/fireplace, and pool, if present, and all locks changed upon
execution of this Agreement and on any change of tenancy.

 

8. COLLECTIONS AND DISBURSEMENTS:
Agent shall deposit all money received in connection with the Premises in one or more federally insured bank accounts in the name
of Agent. All interest on such account(s) in excess of interest on security deposits which is required to be paid to Tenants shall
belong to Agent. Agent may draw upon this account(s) to pay all expenses incurred in connection with the Premises, including all
amounts payable to Agent, and the expenses of maintaining the account(s). On a monthly basis, Agent shall deliver to Owner, at
Owner’s address, reports of receipts, expenses, and charges in connection with the Premises, and remit to Owner, at the Payment
Address, all receipts less disbursements and reserves authorized by this Agreement. Agent shall not be liable in the event of the
failure of any depository.

 

9. MINIMUM RESERVE: It is the Owners
option to maintain a Minimum Reserve with Agent. Agent may (but shall not be required to) advance its own funds for purchases,
services, repairs, maintenance, & etc..... in which event Owner shall reimburse Agent upon demand the full amount advanced.
Agent may withhold all amounts payable to Owner for a period of 45 days after the termination of this Agreement to pay bills previously
incurred and to close accounts.

 

10. FEES (EXPLANATION): Owner shall
pay Agent the following fees:

		a.	the Leasing Fee in connection with each lease and the Renewal Fee in connection with each extension
or renewal of each lease of any of the Premises obtained by Agent, payable upon execution or extension of each lease;

		b.	the Management Fee in connection with the management of the Premises, payable monthly in advance
while any lease is in effect during the Term;

		c.	the Sales Commission, if Owner sells any of the Premises to any Tenant procured by Agent, whether
during or after the Term and whether or not Agent was involved in the negotiations for the sale, payable at the time of settlement
on the sale. Otherwise Owner is under no obligation to list with Agent.

		d.	the Expense Fee if Agent is required to coordinate any single repair, replacement, or improvement
to the Premises in excess of Expense Limit, payable in advance of such work. All late rent, returned check, application, credit
report, lease transfer, and similar fees paid by any Tenant shall be retained by Agent for enforcing the respective lease provisions.

		e.	A Late Fee may be charged to tenant and retained by agent in the event rent is received after the
5th day of the month. Agent may or may not charge this fee based on the situation. Owner is not charged leasing fees,
renewal fees, or miscellaneous fees often charged by other companies. Agent absorbs the expense of various trips to courthouse
for filing Unlawful Detainers, Possession Writs, Warrant in Debts, and if required, spending the morning in court to protect your
property rights and interests.

 

11. REIMBURSEMENT: In addition to
the fees indicated above, Owner shall reimburse Agent for all direct costs of managing, leasing, and operating the Premises, including
cost of advertisements, legal proceedings, and/or any other expense incurred by Agent and any of its affiliates in connection with
the management of the Premises. Agent may require Owner to pay Agent in advance for any direct expense that Agent expects to incur
in connection with the Premises. Owner shall reimburse Agent for any legal fees incurred as a result of any breach by Owner.

 

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12. INDEMNIFICATION: Owner shall
indemnify and defend Agent from any liability or cost, including attorneys’ fees, incurred directly or indirectly as a result
of (i) any act, representation, or omission by Owner, or Owner’s agents, employees, or invitees, and/or from any cause or
causes relating to the management of the Premises, and (ii) any contracts entered into by Agent on behalf of Owner in connection
with the Premises. Such indemnification is not subject to the expense limits set forth elsewhere in this agreement and such indemnification
shall survive the termination of this agreement.

 

13. LIABILITY: Agent shall not be
liable for any act or omission except in cases of its willful misconduct or gross negligence.

 

14. DEFAULT: Owner shall be in default,
at the option of Agent, upon:

		a.	Owner’s failure to pay any fee or perform any obligation under this or any other agreement
with Agent in full within ten (10) days of when payment or performance is due;

		b.	the breach of any of Owner’s representations;

		c.	Owner’s insolvency or the application for the appointment of a receiver for Owner, or any
assignment for the benefit of creditors by or against Owner, of any of its Premises; or

		d.	The sale, lease (except pursuant to this Agreement), or other transfer of any of the Premises or
any interest therein, including a transfer by foreclosure.

 

15. REMEDIES: If Owner defaults,
in addition to any other remedy available to it, Agent may:

		a.	remedy the default at the expense of Owner;

		b.	suspend performance under this and any other agreement with Owner until Owner cures the default
and gives adequate assurances of future performance;

		c.	declare all fees payable by Owner under this Agreement for the balance of the Term to be immediately
due and payable;

		d.	terminate this Agreement and recover from Owner and/or Owner’s funds held by Agent any amounts
owed by Owner to Agent; and/or

		e.	offset any amounts owed by Agent to Owner against any amounts owed by Owner to Agent.

 

16. DAMAGES: If Owner terminates
this Agreement while a tenant procured by Agent occupies the property, Owner agrees to pay Agent liquidated damages in an amount
equal to the commissions due for the remaining term of the current lease.

 

17. ACTIVE PARTICIPATION: While
the parties intend that Owner shall actively participate in the management of the Premises and Agent has taken steps to assist
in reaching that goal, Owner acknowledges that neither the United States Congress nor the Internal Revenue Service has established
any definitive standards for determining active participation in the management of rental investment Premises. Agent does not guaranty
that Owner’s participation will be considered active, nor will Agent be responsible for the deductibility of any losses or
expenses associated with the Premises.

 

18. AGENCY DISCLOSURE: Owner acknowledges
that Agent represents Owner as Owner’s agent, and that disclosure of this agency relationship was made in writing at the
time specific real estate assistance was first provided by Agent.

 

19. NOTICES:  Notices under this
Agreement shall be in writing and shall be given by hand delivery or sent by the United States Mail by first class or certified
mail, return receipt requested, postage prepaid, and addressed as indicated above (or such other address as the parties may, by
notice, specify), and shall be considered given when hand delivered or two days after deposited with the United States Postal Service.

 

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20. PHOTOGRAPHY: Owner hereby acknowledges
that Agent may take interior and exterior photographs or videos for the purpose of documenting the condition of, or advertising
the property by using the multiple listing computer system and the Internet. Such photographs may be digitized, reproduced, published,
transmitted, disseminated, and displayed in any form or manner, without limitation by Agent, Agent’s Broker, and the multiple
listing service in and through online realty information services or other forms of electronic distribution, and in books, displays,
publications and newspapers as well as any other use, media, or means to aid in the rental of the property.

 

21. MISCELLANEOUS: This Agreement
is the entire agreement between the parties regarding the management of the Premises and replaces all prior offers and agreements.
This Agreement may be modified in writing only and signed by all parties. No waiver of any part of this Agreement shall be binding
on the waiving party unless the waiver is in writing and signed by the waiving party. This Agreement shall be binding upon the
parties and their successors and assigns. This Agreement shall be governed by the laws of Virginia. If any provision of this Agreement
is unenforceable, the remainder of this Agreement shall continue in effect and be construed as if the unenforceable provision had
not been contained in this Agreement. The headings in this Agreement are for convenience only, and are not a part of the agreement
of the parties nor shall they affect the meaning of any provision of this Agreement.

 

22. ADDITIONAL SERVICES: In the
event that, at Owner’s request, the Agent performs services in addition to those specifically enumerated under this Agreement,
Owner agrees to compensate Agent for such additional services by paying an additional service fee of $_______ for each occurrence
or ____% of contracted price, which ever is greater.

 

23. DISPUTE RESOLUTION:  Prior to
initiating any litigation, the parties agree that any dispute or claim arising out of, or relating to, this Agreement, the breach
of this Agreement or the services provided in connection with this Agreement, shall be submitted to mediation in accordance with
the Dispute Resolution Systems Mediation Program provided by the National Association of Realtors. If the parties cannot reach
a mutually agreeable settlement through mediation, they are free to arbitrate or litigate their dispute as if the mediation never
took place.

 

Seen and agreed:

 

	 	/	 	 
	Owner	Date	 	Property Management Corporation of America
	 	 	 	Date:
	 	 	 	 
	 	/	 	 
	Owner	Date	 	 

 

    	5EXHIBIT 10.3

SECURED PROMISSORY NOTE

 

	Amount:   Up to $50,000.00	Date: January 17, 2014

 

FOR VALUE RECEIVED, the undersigned,
Property Management Corporation of America (the “Promissor”), promises to pay Washington Capital Advisors
LLC (the “Holder”), at the address listed in Section 14 hereof or other address as the Holder shall specify
in writing, the principal sum of Fifty Thousand dollars ($50,000.00), or such portion thereof outstanding by January 17, 2015
(“Due Date”), together with interest of one and one half percent (1.5%) pursuant to the following terms of this
Promissory Note (the “Note”). This Note is made with recourse.

 

1.             Interest.
During the term of the Note, the Promissor hereby promises to pay to the order of the Holder no later than January 17, 2015
(the “Maturity Date”) in lawful money of the United States of America and in immediately available funds the
principal sum of the Note then outstanding, together with interest accrued on the Note at the rate of one and one half percent
(1.5%). Interest will be calculated from the day of receipt of the funds under the Note until the Note is fully paid or January
17, 2015, whichever is sooner.

 

2.             Right
of Prepayment. The Promissor at its option shall have the right to prepay (in whole) the Note and accrued interest at any
time prior to the Maturity Date, with no prepayment penalty.

 

3.             Waiver
. Promissor waives presentment for payment, protest, and notice of protest and nonpayment of this Note.

 

4.             Costs,
Indemnities and Expenses. In the event of default as described herein, the Promissor agrees to pay all reasonable fees
and costs incurred by the Holder in collecting or securing or attempting to collect or secure this Note, including reasonable attorneys’
fees and expenses, whether or not involving litigation, collecting upon any judgments and/or appellate or bankruptcy proceedings.
The Promissor agrees to pay any documentary stamp taxes, intangible taxes or other taxes which may now or hereafter apply to this
Note or any payment made in respect of this Note, and the Promissor agrees to indemnify and hold the Holder harmless from and against
any liability, costs, attorneys’ fees, penalties, interest or expenses relating to any such taxes, as and when the same may
be incurred.

 

5.             Security.
In connection with the issuance of this Note, the Promissor hereby grants a security interest to the Holder in all the assets of
the Promissor, up to the amount of the Holders Note, including interest due thereon (the “Pledged Property”).

 

6.             Event
of Default. An “Event of Default” shall be deemed to have occurred upon the occurrence of any of the
following:

 

    	 

    	 

    

 

(i)         The
Promissor should fail for any reason or for no reason to make any payment of the principal of, interest on or other charges in
respect of this Note, within ten (10) days of the date the same shall become due and payable (whether the Maturity Date or by acceleration
or otherwise); and

 

(ii)         The
Promissor shall fail to observe or perform any other covenant, agreement, or warranty contained herein or otherwise commit any
breach or default of any provision of this Note.

 

7.             Remedies.         Upon
an Event of Default (as defined above), the entire principal balance and transaction fee under this Note shall be immediately due
and payable without any action on the part of the Holder, and the Holder shall be entitled to seek and institute any and all remedies
available to it.

 

8.            Cancellation
of Note. Upon the repayment by the Promissor of all of its obligations hereunder to the Holder, including, without limitation,
the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled
and paid in full. Except as otherwise required by law or by the provisions of this Note, payments received by the Holder hereunder
shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the
outstanding principal balance of this Note.

 

9.             Covenant.
So long as the obligations hereunder remain outstanding, the Promissor agrees not to grant any future security interest in the
Pledged Property. The Promissor agrees not to sell, pledge or otherwise transfer the Pledged Property.

 

10.           Severability;
Amendment and Waiver. If any provision of this Note is, for any reason, invalid or unenforceable, the remaining
provisions of this Note will nevertheless be valid and enforceable and will remain in full force and effect. Any provision of this
Note that is held invalid or unenforceable by a court of competent jurisdiction will be deemed modified to the extent necessary
to make it valid and enforceable and as so modified will remain in full force and effect. This Note may be amended, or any provision
of this Note may be waived, provided that any such amendment or waiver will be binding on a party hereto only if such amendment
or waiver is set forth in a writing executed by the parties hereto. The waiver by any such party hereto of a breach of any provision
of this Note shall not operate or be construed as a waiver of any other breach.

 

11.           Successors.
Except as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the parties hereto
and their permitted successors and assigns.

 

12.           Assignment.
This Note shall not be directly or indirectly assignable or delegable by the Promissor. The Holder may assign this Note without
the prior written consent of Promissor.

 

13.           No
Strict Construction. The language used in this Note will be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction will be applied against any party.

 

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14.           Further
Assurances. Each party hereto will execute all documents and take such other actions as the other party may reasonably
request in order to consummate the transactions provided for herein and to accomplish the purposes of this Note.

 

15.           Notices,
Consents, etc.  Any notices, consents, waivers or other communications required or permitted to be given under
the terms hereof must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii)
one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same. The addresses for such communications shall be:

 

	If to Promissor:	Property Management Company of America
	 	4174 Old Stock Yard Road, Suite F
	 	Marshall, VA 20115
	 	Telephone:  (540) 364-8181
	 	 
	If to the Holder:	Washington Capital Advisors LLC
	 	4174 Old Stockyard Road, Suite F
	 	Marshall, VA 20115
	 	Telephone:  (540) 364-8128

 

or at such other address and/or to the
attention of such other person as the recipient party has specified by written notice given to each other party three (3) trading
days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence
of personal service, or receipt from a nationally recognized overnight delivery service in accordance with clause (i) or (ii) above,
respectively.

 

16.           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of Virginia, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of Virginia or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Virginia.

 

17.           Third
Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or
entity, other than the parties to this Note and their respective permitted successor and assigns, any rights or remedies under
or by reason of this Note.

 

18.           Entire
Agreement.  This Note (including any recitals hereto) set forth the entire understanding of the parties with
respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation,
oral or written, made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments
signed by all of the parties hereto.

 

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IN WITNESS WHEREOF,
this Note is executed by the undersigned as of the date hereof.

 

	 	By:	/s/ Michael T. Brigante	 
	 	Name:  Michael T. Brigante, CFO
	 	Date:  January 17, 2014

 

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