Agreements with Affiliates. Xxxx shall cause the Company to enforce each Approved Affiliate Agreement to which the Company is a party as would a prudent manager of a limited liability company, and Xxxx shall cause each other Approved Affiliate Agreement to be enforced in a prudent manner and for the benefit of the Company. Xxxx hereby agrees, for himself and on behalf of each Person affiliated with Xxxx that is a party to an Approved Affiliate Agreement: (i) in the event of any conflict between this Agreement and any Approved Affiliate Agreement, this Agreement shall control; (ii) in the event of any uncured material default by Xxxx under this Agreement, the Company shall have the right to terminate any or all of the Approved Affiliate Agreements; (iii) an uncured default by Xxxx or any person affiliated with Xxxx under an Approved Affiliate Agreement shall constitute a default by Xxxx under this Agreement; and (iv) Xxxx shall defend, indemnify and hold the Company harmless with respect to the effects of any default by any Person affiliated with Xxxx under such Approved Affiliate Agreements, including, without limitation, any mechanics liens with respect to claims under any Approved Affiliate Agreements.
Appears in 2 contracts
Samples: Operating Agreement (Equity Residential Properties Trust), Operating Agreement (Wellsford Real Properties Inc)
Agreements with Affiliates. Xxxx Feld shall cause the Company to enforce each Approved Affiliate Agreement Agrxxxxnt to which the Company is a party as would a prudent manager of a limited liability company, and Xxxx Feld shall cause each other Approved Affiliate Agreement to be enforced enfoxxxx in a prudent manner and for the benefit of the Company. Xxxx Feld hereby agrees, for himself and on behalf of each Person affiliated affilixxxx with Xxxx Feld that is a party to an Approved Affiliate Agreement: (i) in the event thx xxent of any conflict between this Agreement and any Approved Affiliate Agreement, this Agreement shall control; (ii) in the event of any uncured material default by Xxxx Feld under this Agreement, the Company shall have the right to terminate termxxxxe any or all of the Approved Affiliate Agreements; (iii) an uncured default by Xxxx Feld or any person affiliated with Xxxx Feld under an Approved Affiliate Agreement Xxxeement shall constitute a default by Xxxx defauxx xy Feld under this Agreement; and (iv) Xxxx Feld shall defend, indemnify and hold anx xxld the Company harmless with respect resxxxx to the effects of any default by any Person affiliated with Xxxx Feld under such Approved Affiliate Agreements, including, without limitationlxxxxation, any mechanics liens with respect to claims under any Approved Affiliate Agreements.
Appears in 1 contract
Samples: Operating Agreement (Wellsford Residential Property Trust)
Agreements with Affiliates. Xxxx Feld shall cause the Company to enforce xxxorce each Approved Affiliate Agreement to which the Company is a party as would a prudent manager of a limited liability company, and Xxxx Feld shall cause each other Approved Appxxxxd Affiliate Agreement to be enforced in a prudent manner and for the benefit of the Company. Xxxx Feld hereby agrees, for himself and himsexx xnd on behalf of each Person affiliated with Xxxx Feld that is a party to an Approved Apprxxxx Affiliate Agreement: (i) in the event of any conflict between this Agreement and any Approved Affiliate Agreement, this Agreement shall control; (ii) in the event of any uncured material default by Xxxx Feld under this Agreement, the Company Xxxpany shall have the right to terminate any or all of the Approved Affiliate Agreements; (iii) an uncured default by Xxxx Feld or any person affiliated with Xxxx xxxh Feld under an Approved Affiliate Agreement Affiliaxx Xgreement shall constitute a default by Xxxx Feld under this Agreement; and (ivxx) Xxxx Feld shall defend, indemnify and hold axx xold the Company harmless with respect to the effects of any default by any Person affiliated with Xxxx Feld under such Approved Affiliate Affilxxxx Agreements, including, without limitation, any mechanics liens with respect to claims under any Approved Affiliate Agreements.
Appears in 1 contract
Samples: Operating Agreement (Wellsford Real Properties Inc)
Agreements with Affiliates. Xxxx Feld shall cause the Company to enforce each Approved Apxxxxed Affiliate Agreement to which the Company is a party as would a prudent manager of a limited liability company, and Xxxx Feld shall cause each other Approved Affiliate Agreement Xxxeement to be enforced in a prudent manner and for the benefit of the Company. Xxxx Feld hereby agrees, for himself and on behalf of each xx xach Person affiliated with Xxxx Feld that is a party to an Approved Affiliate AgreementAxxxxment: (i) in the event of any conflict between this Agreement and any Approved Affiliate Agreement, this Agreement shall control; (ii) in the event of any uncured material default by Xxxx Feld under this Agreement, the Company shall have the haxx xhe right to terminate any or all of the Approved Affiliate Agreements; (iii) an uncured default by Xxxx Feld or any person affiliated with Xxxx Feld under an xx Approved Affiliate Agreement shall constitute shalx xxnstitute a default by Xxxx Feld under this Agreement; and (iv) Xxxx Feld shall defendxxfend, indemnify and hold the Company Coxxxxy harmless with respect to the effects of any default by any Person affiliated with Xxxx Feld under such Approved Affiliate Agreements, includingxxcluding, without limitation, any mechanics liens with respect to claims under any Approved Affiliate Agreements.
Appears in 1 contract
Samples: Operating Agreement (Wellsford Real Properties Inc)
Agreements with Affiliates. Xxxx Feld shall cause the Company to enforce xxxorce each Approved Affiliate Agreement to which the Company is a party as would a prudent manager of a limited liability company, and Xxxx Feld shall cause each other Approved Appxxxxd Affiliate Agreement to be enforced in a prudent manner and for the benefit of the Company. Xxxx Feld hereby agrees, for himself and himsexx xnd on behalf of each Person affiliated with Xxxx Feld that is a party to an Approved Apprxxxx Affiliate Agreement: (i) in the event of any conflict between this Agreement and any Approved Affiliate Agreement, this Agreement shall control; (ii) in the event of any uncured material default by Xxxx Feld under this Agreement, the Company Xxxpany shall have the right to terminate any or all of the Approved Affiliate Agreements; (iii) an uncured default by Xxxx Feld or any person affiliated with Xxxx xxxh Feld under an Approved Affiliate Agreement Affiliaxx Xgreement shall constitute a default by Xxxx Feld under this Agreement; and (ivxx) Xxxx Feld shall defend, indemnify and indemnifx xxd hold the Company harmless with respect to the effects of any default by any Person affiliated with Xxxx Feld under such Approved Affiliate Affixxxxe Agreements, including, without limitation, any mechanics liens with respect to claims under any Approved Affiliate Agreements.
Appears in 1 contract
Samples: Operating Agreement (Wellsford Real Properties Inc)