Asset Management Duties. A. The Servicer will, among other things, provide the following services to the Development:
(i) select and consult with the Inspector;
(ii) review the use of the proceeds of the Subaward to ensure such proceeds are being spent only in accordance with the requirements of this Agreement, in particular and without limitation, Article IV hereof, and with Program Requirements;
(iii) review and report to Florida Housing, no less than quarterly, on the progress of construction of the Development, its compliance with the Construction Draw Schedule, the Plans and Specifications, and the Budget, and any Change Orders, changes to anticipated sources and uses, or other matters which, in the judgment of the Servicer, may adversely affect the ability of the Borrower to complete construction of the Development;
(iv) review all financial status reports required to be delivered pursuant to the Compliance, Financial Monitoring and Servicing Agreement;
(v) review all compliance monitoring reports required to be delivered pursuant to the Compliance, Financial Monitoring and Servicing Agreement; and
(vi) advise Florida Housing as to such measures as may be necessary or desirable to remedy any unfavorable compliance or financial circumstances concerning the Development.
B. The Borrower and the Servicer each covenant and warrant that Borrower and Servicer are not related parties, nor are they affiliated in any way.
C. The Servicer may, and upon the direction of and following consultation with Florida Housing shall, take such of the following actions with respect to the Development as it and/or Florida Housing shall deem advisable:
(i) declare that an Event of Default has occurred hereunder, specifying the nature of said Event of Default;
(ii) exercise any of the remedies provided to Florida Housing pursuant to this Agreement with respect to an Event of Default;
(iii) recommend to Florida Housing (I) that further disbursements of Exchange Program Funds be delayed, suspended or terminated, (II) that the Developer, the Manager, the Contractor or any other party providing services to the Borrower be replaced, (III) any appropriate measures to assure that the Completion Date can be achieved within the applicable time period and available resources, (IV) such measures as may be needed to address instances of noncompliance with Program Requirements, the Extended Use Agreement, the requirements of this Agreement or the Loan Documents; and
(iv) advise Florida Housing that a Recapture Ev...
Asset Management Duties. The Asset Manager will perform asset management functions that are necessary or consistent with the Department’s obligation to ensure compliance with Section 42 of the Code and the long-term viability of the Development.
Asset Management Duties. In its capacity as an advisory to Trust, Provider is responsible for managing the day to day operations, including, but not limited to: reviewing all performance and financial information related to the Property; managing the accounts; providing bookkeeping and accounting services and maintaining Trust’s books and records; administering monthly cash distributions; communicating with investors, brokers, dealers, financial advisors and custodians; and undertaking and performing all services or other activities necessary and proper to carry out Trust’s investment objectives, including providing secretarial, clerical and administrative assistance for Trust. If Trust requests any additional services not specified in this Agreement, Provider may agree to provide the requested services upon terms that are mutually agreeable to Trust and Provider. Specifically, Provider shall provide to Trust asset management services relating to the Property, which shall include, but is not limited to the following:
(a) Furnish Trust with advice and recommendations with respect to the making of dispositions relating to the Property and, if the Property is to be sold, assist Trust in negotiating a sale satisfactory to Trust and assisting Trust in effecting a closing of the transaction between Trust and the purchaser, including without limitation, engaging real estate brokers;
(b) oversee affiliated and non-affiliated property managers who are under contract with Trust for services at the Property;
(c) monitor the operating performance of the Property and prepare notices of budgeted or projected operating results;
(d) provide Trust with all necessary cash management services;
(f) investigate, select, and, on behalf of Trust, engage and conduct business with third parties deemed necessary for the proper performance of Provider’s obligations hereunder, including but not limited to consultants, technical advisors, attorneys, brokers, escrow agents, insurers, insurance agents, banks, contractors, and any and all agents for any of the foregoing, including entering into contracts with any of the foregoing, subject to consent of Trust to such contracts;
(g) cause Trust to qualify to do business in all applicable jurisdictions, as reasonably required by any tenant of the Property; and
(h) handle and resolve all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations that is not handled through indemnification in affiliated a...
Asset Management Duties
