Authority of the Tenants in Common. The unanimous approval, consent, or other action by the Tenants in Common is required with respect to any actions taken with respect to the Property, including without limitation: (a) the sale or other disposition of all or a portion of the Property: (b) the leasing or re-leasing of all or a portion of the Property; (c) the creation or modification of a blanket lien on the Property as security for an indebtedness; (d) any renewal or extension of the Property Management Agreement or any replacement agreement; and (e) the hiring of any replacement property manager and the terms of any property management agreement governing same. Whenever in this Agreement the consent or approval of the Tenants in Common is required or otherwise requested, the Tenants in Common shall have five (5) days after the date the request for consent or approval is submitted to approve or disapprove of the matter (unless a longer or shorter period for response is specifically provided for herein). The Tenants in Common agree to use their best efforts to respond to any request for consent or approval. If a Tenant in Common does not disapprove of such matter within such five (5) day period (or such longer or shorter period expressly provided for herein), the Tenant in Common shall be deemed to have approved the matter.
Authority of the Tenants in Common. Whenever in this Agreement the approval, consent or other action by the Tenants in Common is required or otherwise appropriate, the unanimous approval, consent or other action of the Tenants in Common shall be required, except that (i) the Tenants in Common holding in the aggregate more than eighty percent (80%) of the undivided interests in the Property shall have the right to terminate this Agreement pursuant to the first sentence of Section 10.1 and (ii) each year a majority of the Tenants in Common shall approve a Budget (as defined below) pursuant to Section 2.5. Whenever in this Agreement the consent or approval of the Tenants in Common is required or otherwise requested, the Tenants in Common shall have fifteen (15) days after the date the request for consent or approval is submitted in writing to the Tenants in Common by the Property Manager to approve or disapprove of the matter in writing (unless a longer or shorter period for response is specifically provided for herein). In the event a Tenant in Common does not disapprove in writing of such matter within such fifteen (15) day period (or such longer or shorter period expressly provided for herein), the Tenant in Common shall be deemed to have approved the matter. The Property Manager shall have no obligation to comply with any requests or direction made by less than all of the Tenants in Common, except as provided in Sections 2.5 and 10.1 herein.
