Common use of Duties Upon Termination or Expiration Clause in Contracts

Duties Upon Termination or Expiration. (a) Promptly upon the Expiration Date, in addition to any other requirements set forth in this Agreement, Manager shall deliver to Owner (or Owner’s designee) all materials, supplies, keys, Leases, contracts, other documents, insurance policies, plans, specifications, permits, licenses, promotional materials, unpaid bills and such other papers and records (including general correspondence, but excluding any of Manager’s Confidential Information that does not relate to the operation of the Properties) as pertain to this Agreement, the operations of the Properties or the performance of Manager’s duties hereunder. Manager, without recourse or warranty, shall assign any rights Manager may have in and to any existing contracts relating to the operation and maintenance of the Properties as Owner shall desire or require, to the extent that such contracts are assignable. Manager shall provide Owner with a schedule of, and surrender and assign to Owner, to the extent assignable, any and all licenses, permits, and other authorizations or property required for the operation of the Properties that are in the name of Manager. (b) Manager shall deliver to Owner a final accounting (prepared in accordance with Owner’s request) of the Properties and pay over any remaining balance maintained by manager for the benefit of Owner with respect to this Agreement or the Properties as soon as reasonably practicable following the Expiration Date. Such final accounting shall set forth all current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the Properties. The final accounting shall also include all other items reasonably requested by Owner. (c) Within thirty (30) days after the Expiration Date, Manager shall deliver to Owner all reports and information required by Section 7.2 for any period prior to the Expiration Date not covered by the reports previously delivered to Owner. (d) The terms of this Section 2.2 shall survive the Expiration Date.

Duties Upon Termination or Expiration. (a) Promptly upon the Expiration Date, in addition to any other requirements set forth in this Agreement, Manager shall deliver to Owner (or Owner’s designee) all materials, supplies, keys, Leases, contracts, other documents, insurance policies, plans, specifications, permits, licenses, promotional materials, unpaid bills and such other papers and records (including general correspondence, but excluding any of Manager’s Confidential Information that does not relate to the operation of the Properties) as pertain to this Agreement, the operations of the Properties or the performance of Manager’s duties hereunder. Manager, without recourse or warranty, shall assign any rights Manager may have in and to any existing contracts relating to the operation and maintenance of the Properties as Owner shall desire or require, to the extent that such contracts are assignable. Manager shall provide Owner with a schedule of, and surrender and assign to Owner, to the extent assignable, any and all licenses, permits, and other authorizations or property required for the operation of the Properties that are in the name of Manager. (b) Manager shall deliver to Owner a final accounting (prepared in accordance with Owner’s request) of the Properties and pay over any remaining balance maintained by manager for the benefit of Owner with respect to this Agreement or the Properties as soon as reasonably practicable following the Expiration Date. Such final accounting shall set forth all Table of Contents current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the Properties. The final accounting shall also include all other items reasonably requested by Owner. (c) Within thirty (30) days after the Expiration Date, Manager shall deliver to Owner all reports and information required by Section 7.2 for any period prior to the Expiration Date not covered by the reports previously delivered to Owner. (d) The terms of this Section 2.2 shall survive the Expiration Date.

Duties Upon Termination or Expiration. (a) Promptly upon In the Expiration Date, in addition to any other requirements set forth in event of the termination or expiration of this Agreement, Property Manager, shall effect an orderly transfer of the management and operation of the Property to Owner or to an agent designated by Owner prior to the effective date of such termination. On the effective date of a termination or expiration of this Agreement, Property Manager shall deliver to Owner promptly, upon Property Manager’s calculation of the gross monthly income for the calendar year for which the Property is operated (the “Calendar Year”) in which the termination or the expiration occurs, any and all of Owner’s designeefunds held by Property Manager with respect to the Property, including, without limitation, Owner’s share of the amounts held in the Master Account (as hereinafter defined), less (i) all any unpaid portion of On Site Expenses (as hereinafter defined) payable to Property Manager or for which Property Manager is obligated to any third party through the date of termination or expiration and (ii) any other fees or commissions which may be due to Property Manager hereunder, including, without limitation, the Management Fee earned with respect to the portion of the Calendar Year elapsed to the date of such termination plus any other amounts that may be due to Property Manager as expressly provided in this Agreement. Property Manager shall also deliver to Owner any funds received by Property Manager after the date of termination or expiration which relate to the operation of the Property. All materials, supplies, keys, Leases, contracts, other documents, insurance policies, plans, specifications, permits, licenses, promotional materials, unpaid bills materials and such other papers and records (including general correspondence, but excluding any of Manager’s Confidential Information that does not relate to the operation of the Properties) as pertain to this Agreement, the operations of the Properties Property or the performance of Property Manager’s duties hereunderhereunder shall be delivered to Owner or the new manager, as directed by Owner, promptly after the effective date of a termination or expiration of this Agreement. Manager, without recourse or warranty, Property Manager shall assign any rights Property Manager may have in and to any existing contracts relating to the operation and maintenance of the Properties Property as Owner shall desire or require, to the extent that such contracts are assignable. Manager shall provide Owner with a schedule of, and surrender and assign to Owner, to the extent assignable, any and all licenses, permits, and other authorizations or property required for the operation of the Properties that are in the name of Manager. (b) Property Manager shall deliver to Owner a final accounting (prepared in accordance with Owner’s requestthe provisions of this Agreement) of the Properties Property up to and pay over any remaining balance maintained by manager for including the benefit effective date of Owner with respect to this Agreement the termination or the Properties as soon as reasonably practicable following the Expiration Date. Such final accounting shall set forth all current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the Properties. The final accounting shall also include all other items reasonably requested by Owner. expiration within sixty (c) Within thirty (3060) days after such effective date of termination or expiration. No further services shall be performed by Property Manager under this Agreement after the Expiration Dateeffective date of a termination or expiration, except that Property Manager shall deliver reasonably cooperate to accomplish an orderly transfer of the operation and management of the Property to Owner all reports and information required or to any entity designated by Section 7.2 for any period prior to the Expiration Date not covered by the reports previously delivered to Owner. (d) . The terms of this Section 2.2 2.3 shall survive the Expiration Dateexpiration or earlier termination of this Agreement.