Common use of Duties; Standard of Performance Clause in Contracts

Duties; Standard of Performance. The Property Manager shall devote its commercially reasonable efforts to performing its duties hereunder to manage, operate and maintain the Properties in a diligent, careful and professional manner to maximize all potential revenues to the Owner Subsidiaries and to minimize expenses and losses to the Owner Subsidiaries. The services of the Property Manager are to be of a scope and quality not less than those generally performed by first class, professional managers of properties similar in type and quality to the Properties and located in the same market area as the Properties. The Property Manager will at all times act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection of and accounting for each Owner Subsidiary’s assets; it being understood, that, the Property Manager’s fiduciary relationship with each Owner Subsidiary is limited solely to the proper protection of and accounting for the Owner Subsidiary’s assets and the Property Manager owes no other fiduciary duties to the Owner or security holders of any Owner entity.

Duties; Standard of Performance. The Property Manager shall devote its commercially reasonable efforts to performing its duties hereunder to manage, operate and maintain the Properties Property in a diligent, careful and professional manner to maximize all potential revenues to the Owner Subsidiaries Company and to minimize expenses and losses to the Owner SubsidiariesCompany. The services of the Property Manager are to be of a scope and quality not less than those generally performed by first class, professional managers of properties similar in type and quality to the Properties Property and located in the same market area as the PropertiesProperty. The Property Manager will at all times act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection of and accounting for each Owner Subsidiarythe Company’s assets; it being understood, that, the Property Manager’s fiduciary relationship with each Owner Subsidiary the Company is limited solely to the proper protection of and accounting for the Owner SubsidiaryCompany’s assets and the Property Manager owes no other fiduciary duties to the Owner Company or security holders of any Owner entitythe Company.