Change in Property Manager Sample Clauses

Change in Property Manager. No change in the Property Manager of each Mortgaged Property shall be made without the prior written consent of Lender, which approval shall be based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇. Lender acknowledges that the Mortgaged Properties are managed by a wholly owned subsidiary of Guarantor and do not possess a formal management agreement. If, with Lender’s prior written consent as provided in this Section 7.19, a third party manager is subsequently retained to manage the Mortgaged Properties, then such third party manager shall execute an Assignment of Management Agreement in form and substance acceptable to Lender. In the event Lender exercises its rights and remedies under the Loan Documents in connection with an Event of Default, then Lender shall also have the right, but not the obligation, to require and choose a third party manager to manage the Mortgaged Properties.

Change in Property Manager. Collateral Pool Borrower shall give Lender notice of any change in the identity of the Property Manager of each Mortgaged Property in such Collateral Pool, and no such change shall be made without the prior consent of Lender, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, such Collateral Pool Borrower may change the Property Manager to an Affiliate of Borrower without prior consent of Lender, provided such Collateral Pool Borrower gives Lender prior written notice of such change. As of the date hereof, Archstone Property Management LLC, a Delaware limited liability company (“Manager LLC”) and Archstone Property Management (California) Incorporated, a Delaware corporation and Tishman, Speyer Properties, L.P. (or any Affiliate thereof) (“Manager Corporation”) are hereby approved as the Property Manager.

Change in Property Manager. Borrower shall give ▇▇▇▇▇▇ Mae notice of any change in the identity of the Property Manager of the Mortgaged Property, and no such change shall be made without the prior consent of ▇▇▇▇▇▇ ▇▇▇, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by ▇▇▇▇▇▇ Mae for similar loans anticipated to be purchased by ▇▇▇▇▇▇ ▇▇▇. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower may change the Property Manager to an Affiliate of Borrower, or to any wholly-owned subsidiary of EQR, ERPOP, the Surviving REIT or the Surviving Operating Partnership, without prior consent of ▇▇▇▇▇▇ Mae, provided Borrower gives ▇▇▇▇▇▇ ▇▇▇ prior written notice of such change. As of the date hereof, Equity Residential Management, L.L.C., a Delaware limited liability company (“Manager LLC”) is hereby approved as the Property Manager.

Change in Property Manager. Collateral Pool Borrower shall give ▇▇▇▇▇▇ ▇▇▇ notice of any change in the identity of the Property Manager of each Mortgaged Property in such Collateral Pool, and no such change shall be made without the prior consent of ▇▇▇▇▇▇ Mae, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by ▇▇▇▇▇▇ ▇▇▇ for similar loans anticipated to be purchased by ▇▇▇▇▇▇ Mae. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, such Collateral Pool Borrower may change the Property Manager to an Affiliate of Borrower without prior consent of ▇▇▇▇▇▇ ▇▇▇, provided such Collateral Pool Borrower gives ▇▇▇▇▇▇ Mae prior written notice of such change. As of the date hereof, AvalonBay is hereby approved as the Property Manager.

Change in Property Manager. No change in the Property Manager of each Mortgaged Property shall be made without the prior written consent of Lender, which approval shall be based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇.

Change in Property Manager. (a) Subject to the provisions of this Section 8.19, ▇▇▇▇▇▇ Mae and Lender hereby waive the requirement of Section 17(a)(5) of each of the Security Instruments that Borrower enter a written contract for management of the Mortgaged Properties with a residential rental property manager. ▇▇▇▇▇▇ ▇▇▇ and Lender acknowledge that Borrower or an Affiliate of Borrower, as of the date hereof, manages the Mortgaged Properties and no management agreement is in effect with any third party management company with respect to the management of the Mortgaged Properties. Borrower agrees not to pay or allocate in any intercompany allocation to the Guarantor or any Affiliate of the Guarantor an amount greater than 5% of Gross Revenues from any Mortgaged Property on account of the management of the Mortgaged Properties (a “Management Intercompany Transfer”). In addition, any Management Intercompany Transfer in excess of 3% of Gross Revenues shall be subordinated to all amounts payable under the Borrower Documents. (b) Borrower shall have the right to elect in the future to employ an independent, third party management company for the management of any Mortgaged Property. Borrower’s selection of such management company and the written contract for the management of such Mortgaged Property shall each require the prior written consent of Lender, to be provided in the Lender’s sole and absolute discretion. Borrower and such new property manager shall enter into an Assignment and Subordination of Management Agreement on a form then-required by Lender and satisfying Lender’s then-existing requirements. Borrower agrees not to pay a management fee greater than 5% of Gross Revenues from any Mortgaged Property, unless otherwise approved by Lender, in its sole and absolute discretion, and any management fee in excess of 3% of Gross Revenues shall be subordinated to all amounts payable under the Borrower Documents. (c) Notwithstanding any provision herein to the contrary, if Lender determines in its reasonable discretion that current management of any Mortgaged Property is inadequate, or if an Event of Default or a Potential Event of Default shall have occurred and be continuing, Lender shall have the right, at any time and upon notice in writing to Borrower, (A) to revoke the waiver set forth in subsection (a) hereof and to direct Borrower to employ independent, third party management of any or all of the Mortgaged Properties; or (B) upon the occurrence and during the continuation of an E...