Common use of Consent and Agreement by Manager Clause in Contracts

Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and agrees that Manager will act in conformity with the provisions of this Agreement and Lender’s rights hereunder or otherwise related to the Management Agreement. If the responsibility for the management of the Property is transferred from Manager in accordance with the provisions hereof, Manager will, and hereby agrees to, fully cooperate in transferring its responsibility to a new management company and effectuate such transfer no later than ten (10) days from the date the Management Agreement is terminated. If Lender succeeds to the interests of Borrower, or in the event Lender exercises its option to terminate the Management Agreement, notwithstanding any provision of the Management Agreement to the contrary, no termination fee, commission (unpaid or otherwise), construction management fee, development fee, administrative fee, charge, penalty or other compensation shall be due and payable by Lender to Manager as a result thereof. Manager expressly acknowledges that by accepting the assignment of the Management Agreement or by exercising any of its rights by reason thereof, Lender does not assume any obligations or liabilities of Borrower under the Management Agreement and that Lender shall not have any obligation to Manager to exercise its rights under, or to declare a default under, the Loan Agreement or the other Loan Documents, but that the right and option to exercise such rights or declare a default rests in the sole and absolute discretion of Lender.

Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and agrees that Manager will act in conformity with the provisions of this Agreement and LenderAdministrative Agent’s rights hereunder or otherwise related to the Management Agreement. If the responsibility for the management of the Property is transferred from Manager in accordance with the provisions hereof, Manager will, and hereby agrees to, fully cooperate in transferring its responsibility to a new management company and effectuate such transfer no later than ten (10) days from the date the Management Agreement is terminated. If Administrative Agent or any other Lender succeeds to the interests of Borrower, or in the event Lender Administrative Agent exercises its option to terminate the Management Agreement, notwithstanding any provision of the Management Agreement to the contrary, no termination fee, commission (unpaid or otherwise), construction management fee, development fee, administrative fee, charge, penalty or other compensation shall be due and payable by Administrative Agent or any Lender to Manager as a result thereof. Manager expressly acknowledges that by accepting the assignment of the Management Agreement or by exercising any of its rights by reason thereof, Neither Administrative Agent nor any other Lender does not assume assumes any obligations or liabilities of Borrower under the Management Agreement and that neither Administrative Agent nor any other Lender shall not have any obligation to Manager to exercise its rights under, or to declare a default under, the Loan Agreement or the other Loan Documents, but that the right and option to exercise such rights or declare a default rests in the sole and absolute discretion of LenderAdministrative Agent, subject to the rights of Lenders set forth in the Loan Agreement.

Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and agrees that Manager will act in conformity with the provisions of this Agreement and LenderAdministrative Agent’s rights hereunder or otherwise related to the Management Agreement. If the responsibility for the management of the Property is transferred from Manager in accordance with the provisions hereof, Manager will, and hereby agrees to, fully cooperate in transferring its responsibility to a new management company and effectuate such transfer no later than ten (10) days from the date the Management Agreement is terminated. If Administrative Agent or any other Lender succeeds to the interests of Borrower, or in the event Lender Administrative Agent exercises its option to terminate the Management Agreement, notwithstanding any provision of the Management Agreement to the contrary, no termination fee, commission (unpaid or otherwise), construction management fee, development fee, administrative fee, charge, penalty or other compensation shall be due and payable by Administrative Agent or any Lender to Manager as a result thereof. Manager expressly acknowledges that by accepting the assignment of the Management Agreement or by exercising any of its rights by reason thereof, Neither Administrative Agent nor any other Lender does not assume assumes any obligations or liabilities of Borrower under the Management Agreement and that neither Administrative Agent nor any other Lender shall not have any obligation to Manager to exercise its rights under, or to declare a default under, the Loan Agreement or the other Loan Documents, but that the right and option to exercise such rights or declare a default rests in the sole and absolute discretion of LenderAdministrative Agent, subject to the rights of Xxxxxxx set forth in the Loan Agreement.

Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and agrees that Manager will act in conformity with the provisions of this Agreement and LenderXxxxxx’s rights hereunder or otherwise related to the Management Agreement. If the responsibility for the management of the Property is transferred from Manager in accordance with the provisions hereof, Manager will, and hereby agrees to, fully cooperate in transferring its responsibility to a new management company and effectuate such transfer no later than ten (10) days from the date the Management Agreement is terminated. If Lender Xxxxxx succeeds to the interests of Borrower, or in the event Lender exercises its option to terminate the Management Agreement, notwithstanding any provision of the Management Agreement to the contrary, no termination fee, commission (unpaid or otherwise), construction management fee, development fee, administrative fee, charge, penalty or other compensation shall be due and payable by Lender to Manager as a result thereof. Manager expressly acknowledges that by accepting the assignment of the Management Agreement or by exercising any of its rights by reason thereof, Lender does not assume any obligations or liabilities of Borrower under the Management Agreement and that Lender shall not have any obligation to Manager to exercise its rights under, or to declare a default under, the Loan Agreement or the other Loan Documents, but that the right and option to exercise such rights or declare a default rests in the sole and absolute discretion of Lender.