- 11 - As part of the transfer, the Gouveias’ existing loan on the Prado Road property was repaid, allegedly by the Pago Trust.12 On March 15, 1995, the Pago Trust entered into a Property Management Agreement (property agreement) with California Property Services (CPS) that went into effect on April 1, 1995, and continued until March 31, 1999. Under the terms of the property agreement, CPS agreed to act as agent for the Pago Trust and to perform the following duties with regard to the Prado Road property: Advertise the availability of the property for rent, initiate and sign lease agreements, collect rent payments, evict tenants, make and/or supervise repairs, hire and supervise contractors to maintain the property, pay expenses and costs related to the property, deposit all receipts collected into a trust account for the Pago Trust, and remit funds monthly to the Pago Trust.13 On April 4, 1995, the Gouveias also agreed to act as the Pago Trust’s agent and to provide management services for the Prado Road property. The trust paid the Gouveias management fees for their services. The relevant terms of the Property Management and Maintenance Agreement (maintenance agreement) 12The record does not indicate how the Pago Trust obtained the funds to satisfy the Gouveias’ debt on the Prado Road property. 13The trust’s records show that the Pago Trust never made any payments to California Property Services for its services under the contract.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011