The Signature at MGM Grand Rental Program

One of the 3 ways to manage your Signature condo is “The Signature at MGM Grand Rental Program.” The other ways are to manage it yourself or hire an outside property management company.

 

Keep in mind that this is a general and might be a dated summary; This is an AI summary, so please contact Ben for the current terms.

 

Summary of the Rental Management Agreement Checklist and Agreement

 

Key Points from the Rental Management Agreement

  • Parties Involved:
    • Manager: The Signature Condominiums, LLC.
    • Owner: Individual(s) owning the unit at The Signature at MGM Grand – Tower A.
  • Term of Agreement:
    • Initial Term: One year from the commencement date.
    • Renewal: Automatically renews for successive two-year periods unless terminated with a 60-day notice.
  • Manager’s Responsibilities:
    • Rental Services: Exclusive right to rent and manage the unit.
    • Marketing: Provide marketing, sales, and advertising to attract guests.
    • Maintenance: Oversee housekeeping and minor maintenance services.
    • Accounting: Collect rental income, pay applicable taxes, and provide accounting statements.
  • Owner’s Responsibilities:
    • Exclusive Rental Rights: Cannot rent the unit independently.
    • Unit Standards: Must maintain the unit according to hotel standards (Standard Package).
    • Costs: Responsible for ownership costs such as taxes, insurance, utilities, and association fees.
    • Insurance: Must maintain liability insurance with specific requirements (see Schedule D).
  • Rental Income Distribution:
    • Management Fee: Manager retains 10% of the daily rental rate.
    • Rental Income Split: Remaining rental income is split 60% to Owner and 40% to Manager.
    • FF&E Reserve: Deduction for furniture, fixtures, and equipment reserve ($10/day for studios, $15/day for one-bedroom units).
    • Maintenance Fee: Deduction for minor maintenance services ($7/day for studios, $10/day for one-bedroom units).
  • Owner Usage (Owner Nights):
    • Reservations: Owners can reserve their unit for personal use.
    • Costs During Owner Nights: Responsible for housekeeping fees, maintenance fees, and incidental charges.
    • Restrictions: Must adhere to hotel policies and cannot store personal items outside designated areas.
  • Termination:
    • By Either Party: 60-day written notice required.
    • By Manager: Immediate termination if Owner defaults or violates certain provisions.
    • Post-Termination Reservations: Owner must honor existing reservations or pay liquidated damages.
  • Dispute Resolution:
    • Mediation and Arbitration: Disputes will first go through mediation, then binding arbitration if unresolved.
    • Location: Proceedings to be conducted in Las Vegas, Nevada.
    • Waivers: Both parties waive the right to a jury trial and class action suits.
  • Miscellaneous Provisions:
    • Assignment: Owner cannot assign the agreement without Manager’s consent.
    • Sale of Unit: New owner must assume the agreement or honor existing reservations.
    • No Smoking or Pets: Units are designated non-smoking and generally do not allow pets.
    • Acknowledgments: Owners acknowledge limitations of Manager’s liability and agree to indemnify Manager in certain situations.

 

To participate in The Signature at MGM Grand Rental Program, you need to complete and submit the following documents:

  1. Rental Management Agreement:
    • Page 1: Fill in the required blanks.
    • Page 2: All owners must initial to elect or decline Long-Term Rental options.
    • Page 7: All owners initial the “Acknowledgment, Waivers, and Release” section.
    • Page 13: All owners print their names and sign.
  2. Tax Survey:
    • Complete the online tax interview at the provided link.
  3. Vendor Profile:
    • Ensure the information matches your W9 form.
  4. Housekeeping Acknowledgment Form:
    • Acknowledge and select your preferred housekeeping services.
  5. NV Energy Acknowledgment Form:
    • Submit the form along with confirmation that the power has been transferred to your name.
  6. Insurance:
    • Provide an insurance certificate meeting the Schedule D Insurance Requirements.
  7. Pet Program Opt-Out:
    • Sign this form if you wish to opt out of the Pet Program.
  8. Electronic Funds Transfer (EFT) Form:
    • If you wish to use EFT: Select the first option and provide a voided check.
    • If you do not wish to use EFT: Select the second option.

Submission: