LANDMARKS REAL ESTATE OF MARTHA'S VINEYARD
RENTAL AGREEMENT

In mutual consideration of this agreement hereby acknowledged, Coldwell Banker Landmarks Real Estate of Martha's Vineyard, a member of the Cape Cod and Islands Association of Realtors and herein referred to as REALTOR, and ______________________________________, herein referred to as LANDLORD, hereby agrees to list and show the property located at (Island address) ___________________________________________________,
for rent for vacation purposes, under the terms and conditions set forth below.

LANDLORD agrees to pay REALTOR a percentage of gross rentals as follows:
15% of weekly, monthly and seasonal gross rents procured by REALTOR, and for any subsequent rentals to the same tenant. LANDLORD agrees that in the event of a subsequent sale of said premises set forth above to a tenant procured by REALTOR, a broker's fee of 6% of the purchase price shall be paid to REALTOR by LANDLORD, or 3% of the purchase price if said sale is through an agency other than Coldwell Banker Landmarks Real Estate of Martha's Vineyard.

REALTOR'S RESPONSIBILITIES

IT IS UNDERSTOOD AND AGREED that the REALTOR:

  1. Will make every effort to rent the rental property and will endeavor to provide equal treatment to all owners in assigning reservations, realizing that customer choice will prevail.
  2. Will hold all Security Deposits in an escrow account. The Security Deposit will be automatically refunded within 60 days of departure unless LANDLORD notifies BROKER and TENANT in writing that the Security Deposit is not to be released pending payment of damages over and above reasonable wear and tear. In all cases, Massachusetts General Laws will govern the refund of Security Deposits to tenants.
  3. Will file form 1099 with the IRS for gross rental income as required by law and remit copies of same to the LANDLORD.
  4. Will not move tenants nor find replacement rentals after a lease is executed if the LANDLORD sells or enters into an agreement to sell prior to tenant occupancy.

LANDLORD'S RESPONSIBILITIES

IT IS UNDERSTOOD AND AGREED that:

  1. Once the TENANT and the LANDLORD execute a lease it is a binding contract and upon a sale of the property prior to or during the tenant's occupancy the sale will be subject to the rental agreement and REALTOR will not find alternative rentals nor move tenants to other properties.
  2. The LANDLORD will contract with a cleaning and/or property management service between tenants.
  3. The LANDLORD will arrange for routine maintenance including but not limited to lawn or landscaping services, tenant supplies, utility costs for leases less than one (1) month, window and carpet cleaning, plumbing and appliance maintenance, and pest control. In all cases a duly executed lease between LANDLORD and TENANT shall govern costs paid by the TENANT.
  4. Trash collection is the LANDLORD'S responsibility. The LANDLORD will supply property trash instruction and sticker, if applicable, for trash pick-up. If stickers are needed it is the LANDLORD'S responsibility to supply an adequate quantity, per tenant, per week.
  5. The LANDLORD shall have the property in a clean and rental ready condition at the start of the season and that all appliances and house systems will be in good working order throughout the season.
  6. The LANDLORD will notify REALTOR in the event the property is listed for sale and will limit showing of the property during the occupancy of tenants to 24 hour advance notice and by consent of tenant as per lease specifications.
  7. If a reservation is canceled, no refund will be issued until property is rerented by REALTOR, LANDLORD, or another agency. Following such rerental, the LANDLORD is required to remit to REALTOR any funds previously received from REALTOR associated with the canceled reservation. In such instances of cancellation, some or even all of tenant's deposit may be used to augment rerental amount in order to equal the original amount if rerental does not meet original amount.
  8. The LANDLORD will indemnify and hold harmless REALTOR if it becomes necessary for REALTOR to move the tenant from the property for health or safety reasons.
  9. If LANDLORD breaches any terms of this contract or if REALTOR has to institute any collection procedure or suit against LANDLORD, then LANDLORD will be responsible for all collection costs and/or costs and expenses of suit, including reasonable attorney's fees.

LEAD PAINT

The LANDLORD acknowledges that under Massachusetts law, the described property may be deemed to contain lead paint if built before 1978. The LANDLORD acknowledges that LANDLORD has been informed that the described property is subject to Massachusetts regulations concerning the sale or rental of property containing lead paint if occupied by a child under six (6) years of age. The LANDLORD agrees to indemnify and hold harmless REALTOR from any action taken under these regulations (MGL, Chp 111, Sec. 197A).

TERMS OF AGREEMENT

IT IS UNDERSTOOD AND AGREED that the term of this Agreement shall be effective from the date hereinafter mentioned and shall remain in full force and effect until canceled by either party. LANDLORD agrees to honor all confirmed reservations secured by deposit funds in the event of cancellation of this Agreement, or LANDLORD will be liable for any additional cost required to equivalent accommodations for the tenant and any commission due REALTOR that would have been earned if the reservation had been honored. As to this contract involving a future sale by the LANDLORD to a tenant procured by REALTOR, this contract cannot be canceled by either party and said agreement for a broker commission in the event of a sale as set forth in this Agreement shall run for three (3) years from the date of the tenancy.

LANDLORD hereby acknowledges receipt of an executed copy of this contract from the REALTOR.

IN WITNESS HEREOF, the parties hereunto set their hands and seals on the _________________ day of __________________, 20____.

BY:___________________________________________ LANDLORD: ___________________________________________
LANDMARKS REAL ESTATE OF MARTHA'S VINEYARD