Condominium Sub-Management Agreement Sample Clauses

Condominium Sub-Management Agreement. Concurrently with the execution of the Condominium Management Agreement, Seller shall cause the Condominium Manager to enter into a subcontract on commercially reasonable terms as agreed to by the parties during the Feasibility Period (the “Sub-Management Agreement”) with Buyer or with an affiliate of Buyer licensed in Hawaii as a real estate broker (the “Sub-Manager”). The parties intend that, unless Buyer is in default of any term, condition or covenant contained in this Agreement beyond any applicable notice and cure period set forth herein, the Sub-Manager shall provide or cause to be provided all services and personnel required to perform all obligations of the Condominium Manager under the Condominium Management Agreement, at all times in the manner consistent with the provisions of the Condominium Law and such other laws and regulations as may apply, and in accordance with good practices and standards prevailing in the condominium property management industry for projects of comparable size and character, and subject to the terms and conditions set forth therein. Seller shall guaranty the performance of Condominium Manager under the Condominium Management Agreement pursuant to the terms of the Sub-Management Agreement. Sub-Manager shall have the power and authority to manage the Condominium Association and the common elements of the Condominium on the same terms and conditions as set forth in the Condominium Management Agreement. The Sub-Management Agreement shall be cross-defaulted with this Agreement, so that the occurrence and continuance (beyond any applicable cure or grace period) of an event of default by Seller or Buyer under this Agreement shall constitute a default under both agreements. Following the occurrence and continuance of any such event of default, the non-defaulting party shall have the right to terminate the Sub-Management Agreement and, if Seller is in default, Seller shall also terminate the Condominium Management Agreement pursuant to the provisions described in the Sub-Management Agreement. The Sub-Management Agreement shall also contain a covenant of non-compete applicable to Buyer, Sub-Manager and their respective affiliates barring Buyer, Sub-Manager and their respective affiliates from entering into any management contract or subcontract with the Condominium Association (other than the Sub-Management Agreement) for a period of two (2) years from the later of (i) the termination of the period of developer control of the Co...
Sample 1
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Related to Condominium Sub-Management Agreement

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Condominium Documents Mezzanine Lender shall have received copies of all Condominium Documents;

  • Management Agreement The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • The Management Agreement Borrower shall use commercially reasonable efforts to cause Manager to manage the Property in accordance with the Management Agreement. Borrower shall (a) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (b) promptly notify Agent of any notice to Borrower or Manager of any default by Borrower in the performance or observance of any material terms, covenants or conditions of the Management Agreement on the part of Borrower to be performed and observed, and (c) promptly deliver to Agent a copy of all material notices received by it (including, without limitation, any notices relating to the Ground Lease, the Reciprocal Easement and any Joint Manager (as defined in the Reciprocal Easement Agreement) and, upon request by Agent, any other financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement (but excluding any immaterial general correspondence and internal discussion drafts of any such plans, reports or estimates); and (iv) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Manager under the Management Agreement. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Agent’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its obligations hereunder or under the Management Agreement, Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed.

  • Condominium This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include other terms which increase Tenant’s obligations (in any material respect) or decrease Tenant’s rights (in any material respect). If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Tax Share and Tenant’s Operating Share and appropriate reductions in the Operating Expenses for the Base Operating Year and the Base Tax Amount; provided, that, such amendment shall not reduce Tenant’s rights or increase Tenant’s obligations under this Lease (in either case in any material respect) or increase Tenant’s monetary obligations under the Lease.

  • Property Management Borrower will provide for professional management of the Mortgaged Property by the Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of Lender, which consent will not be unreasonably withheld.

  • MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT At or prior to the Closing, Seller shall terminate the Existing Management Agreement and the Existing Franchise Agreement, and Seller shall be solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date. As a condition to Closing, Buyer shall enter into the New Management Agreement and the New Franchise Agreement, effective as of the Closing Date, containing terms and conditions acceptable to Buyer (including, without limitation, such terms and conditions as may be required to accommodate Buyer’s and/or Buyer’s Affiliates’ REIT structure). Seller shall be responsible for paying all costs related to the termination of the Existing Management Agreement. Buyer shall be responsible for paying all reasonable and actual costs of the Franchisor related to the assignment or termination, as applicable, of the Existing Franchise Agreement. Seller shall use best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement, and Seller and Buyer shall diligently pursue obtaining the same. As a condition to Buyer’s and Seller’s obligation to close under this Contract, Buyer and Manager shall agree, on or before the expiration of the Review Period, on the form and substance of the New Management Agreement.

  • Management of REO Property (a) Prior to the acquisition of title to any Mortgaged Property securing a defaulted Mortgage Loan, the Special Servicer shall review the operation of such Mortgaged Property and determine the nature of the income that would be derived from such property if it were acquired by the Trust. If the Special Servicer determines from such review that:

  • Operating Lease The parties hereto intend that this Lease shall be deemed for all purposes to be an operating lease and not a capital lease.

  • Ground Lease Reserved.

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