Contracting With Management Agent Clause Samples
The 'Contracting With Management Agent' clause defines the terms under which a property owner or principal engages a management agent to oversee and operate a property or asset on their behalf. This clause typically outlines the scope of the agent’s authority, the specific duties and responsibilities assigned, and any limitations or requirements for obtaining the owner’s consent for certain actions. For example, it may specify that the agent can collect rents, arrange for repairs, or hire staff, but must seek approval for major expenditures. The core function of this clause is to clearly delineate the relationship and expectations between the owner and the management agent, thereby reducing misunderstandings and ensuring effective property management.
Contracting With Management Agent. (a) Borrower may contract or permit contracting with a management agent for the performance of the services or duties required in Section 8.1(a), subject to OCII prior written approval of both the management agent and, at OCII discretion, the management contract between Borrower and the management agent, provided, however, that the arrangement will not relieve Borrower of responsibility for performance of those duties. Any management contract must contain a provision allowing Borrower to terminate the contract without penalty upon no more than thirty (30) days' notice. OCII hereby approves ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Management as the management agent for the Project.
(b) OCII will provide written notice to Borrower of any determination that the contractor performing the functions required in Section 8.1(a) has failed to operate and manage the Project in accordance with this Agreement. If the contractor has not cured the failure within a reasonable time period, as determined by OCII, Borrower must exercise its right of termination immediately and make immediate arrangements for continuous and continuing performance of the functions required in Section 8.1(a), subject to OCII approval.
Contracting With Management Agent. (a) Borrower may contract or permit contracting with a management agent for the performance of the services or duties required in Section 8.1(a), subject to OCII prior written approval of both the management agent and, at OCII discretion, the management contract between Borrower and the management agent, provided, however, that the arrangement will not relieve Borrower of responsibility for performance of those duties. Any management contract must contain a provision allowing Borrower to terminate the contract without penalty upon no more than thirty (30) days' notice. OCII hereby approves Tenderloin Neighborhood Development Corporation, as the management agent for the Project.
(b) OCII will provide written notice to Borrower of any determination that the contractor performing the functions required in Section 8.1(a) has failed to operate and manage the Project in accordance with this Agreement. If the contractor has not cured the failure within a reasonable time period, as determined by OCII, Borrower must exercise its right of termination immediately and make immediate arrangements for continuous and continuing performance of the functions required in Section 8.1(a), subject to OCII approval.
Contracting With Management Agent. (a) Borrower may contract or permit contracting with a management agent for the performance of the services or duties required in Section 8.1(a), subject to OCII’s prior written approval of both the management agent and, at OCII discretion, the management contract between Borrower and the management agent, provided, however, that the arrangement will not relieve Borrower of responsibility for performance of those duties. Any management contract must contain a provision allowing Borrower to terminate the contract without penalty upon no more than thirty (30) days' notice. OCII hereby approves Chinatown Community Development Center, as the management agent for the Project. To the extent the management agent wishes to engage the services of a subcontractor for all or a part of its management obligations, the provisions of this Subsection 8.2(a) shall be applicable to the said subcontractor, including specifically, OCII’s prior written approval of both the management agent’s subcontractor and, at OCII discretion, the contract between the management agent and subcontractor, provided, however, that the arrangement will not relieve Borrower of responsibility for performance of its duties. Any subcontract must contain a provision allowing Borrower to terminate the subcontract, with obligations automatically reverting to the management agent, without penalty upon no more than thirty (30) days' notice. OCII hereby approves Swords to Plowshares as management agent’s subcontractor for the performance of the services or duties required in Section 8.1(a).
(b) OCII will provide written notice to Borrower of any determination that the contractor performing the functions required in Section 8.1(a) has failed to operate and manage the Project in accordance with this Agreement. If the contractor has not cured the failure within a reasonable time period, as determined by OCII, Borrower must exercise its right of termination immediately and make immediate arrangements for continuous and continuing performance of the functions required in Section 8.1(a), subject to OCII approval.
Contracting With Management Agent. (a) Borrower may contract or permit contracting with a management agent for the performance of the services or duties required in Section 8.1(a), subject to the City's prior written approval of both the management agent and, at the City's discretion, the management contract between Borrower and the management agent, provided, however, that the arrangement will not relieve Borrower of responsibility for performance of those duties. Any management contract will contain a provision allowing ▇▇▇▇▇▇▇▇ to terminate the contract without penalty upon no more than thirty (30) days' notice. As of the Agreement Date, the City has approved Mercy Housing Management Group as ▇▇▇▇▇▇▇▇'s management agent, subject to approval of the management contract.
(b) The City will provide written notice to Borrower of any determination that the contractor performing the functions required in Section 8.1(a) has failed to operate and manage the Project in accordance with this Agreement. If the contractor has not cured the failure within a reasonable time period, as determined by the City, Borrower will exercise its right of termination immediately and make immediate arrangements for continuous and continuing performance of the functions required in Section 8.1(a), subject to the City's approval.