Compliance with Laws and Requirements. Property Manager shall comply with all Legal Requirements applicable to the performance of the Services and with all insurance policies, surety bonds, agreements and contracts delivered to Property Manager by Operating Partnership, including all documents and instruments entered into respecting loans for Owner, Operating Partnership, OP Manager or any of their affiliates (the “Loan Documents”). Notwithstanding the foregoing, Property Manager shall not take any action required by Legal Requirements if Operating Partnership has notified Property Manager that Operating Partnership is contesting or has affirmed its intention to contest and promptly institute proceedings contesting such Legal Requirements, unless failure to comply promptly with any such Legal Requirements would expose Property Manager to civil and/or criminal liability.
Appears in 5 contracts
Samples: Revolving Credit Agreement (Silver Bay Realty Trust Corp.), Property Management Agreement (Silver Bay Realty Trust Corp.), Property Management Agreement (Silver Bay Realty Trust Corp.)
