Common use of Appointment of a Property Manager Clause in Contracts

Appointment of a Property Manager. The Managing Member exercises ultimate authority over the Series Property. Pursuant to Section 5.3, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Property. The Managing Member has agreed on behalf of the Company to appoint a Property Manager to manage the Series Property on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of the Series Property and, the Managing Member on behalf of each Series, will enter into a property management agreement pursuant to which the Property Manager is formally appointed to manage the Series Property. The consideration payable to the Property Manager for managing the Series Property will be separate from any fees paid to the Company’s Managing Member pursuant to Section 6.6.

Appointment of a Property Manager. The Managing Member exercises ultimate authority over the Series PropertyAssets. Pursuant to Section 5.35.03, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series PropertyAssets. The Managing Member has agreed agreed, on behalf of the Company Company, to appoint a Property Manager to manage the each Series Property Asset on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of the each Series Property and, Assets and the Managing Member Member, on behalf of each Series, will enter into a property management agreement Property Management Agreement pursuant to which the Property Manager is formally appointed to manage the Series PropertyAssets. The consideration payable to the Property Manager for managing the Series Property Assets will be separate from any fees paid to the Company’s Managing Member pursuant to Section 6.6Property Management Fee.