Common use of Leasing, Collection of Rents, Etc Clause in Contracts

Leasing, Collection of Rents, Etc. (i) Manager shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units in accordance with all Applicable Laws, to retain residents and to maximize Rental Income. Manager shall not enter into any Lease which has a term greater than twelve (12) months, except as may be expressly permitted by any Loan Documents. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents. (ii) Manager shall sign apartment leases ("Leases") on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign Leases in the form of lease attached hereto as Exhibit "D". (iii) Manager shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner. (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (v) Manager shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(k) of this Agreement, consult and retain legal counsel. (vi) Manager shall, at Owner's written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.

Leasing, Collection of Rents, Etc. (i) Manager shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units in accordance with all Applicable Laws, to retain residents and to maximize Rental Income. Manager shall not enter into any Lease which has a term less than six (6) months or greater than twelve fifteen (1215) months, except as approved by Owner or as may be expressly permitted by any Loan Documentsloan documents applicable to the Project entered into by Owner from time to time during the term hereof. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents. (ii) Manager shall sign apartment leases ("“Leases"”) on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign Leases in the form of lease attached hereto as Exhibit "“D"”. (iii) Manager shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner. (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (v) Manager shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(k5(l) of this Agreement, consult and retain legal counsel. (vi) Manager shall, at Owner's ’s written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.

Leasing, Collection of Rents, Etc. (i) Manager shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units in accordance with all Applicable Laws, to retain residents and to maximize Rental Income. Without Owner’s prior written consent, Manager shall not enter into any Lease which (A) is not in compliance with the then effective Leasing Parameters, (B) has a term less than six (6) months or greater than twelve twenty-four (1224) months, except as may be (C) is for non-residential purposes, or (D) is not expressly permitted by in accordance with any Loan DocumentsDocuments applicable to the Project entered into by Owner from time to time during the term hereof. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents. (ii) Manager shall sign apartment leases ("“Leases"”) on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign Leases in the form of lease attached hereto as Exhibit "“D"”. (iii) Manager shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner. (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (v) Manager shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(k5(l) of this Agreement, consult and retain legal counsel. Further, notwithstanding anything contained in this Agreement to the contrary, in no event shall Manager institute or defend any legal proceedings where the amount in dispute exceeds $5,000.00 without Owner’s prior written consent. (vi) Manager shall, at Owner's ’s written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) Manager shall, at Owner’s written request, cooperate with the seller of the Project to Owner for purposes of determining any post-closing adjustment to the closing prorations or any allocation of revenues received for the Project in accordance with the terms of the applicable purchase contract; provided, however, Manager shall not remit any funds to the seller of the Project pursuant to any such determination without Owner’s prior review of such proposed distributions and Owner’s express authorization to remit such funds. (viii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.

Leasing, Collection of Rents, Etc. (ia) Manager shall use commercially reasonable its best efforts consistent with the standard of care set forth herein to lease apartment units in accordance with all Applicable Lawsapartments units, to retain residents and to maximize Rental Income. Manager shall not enter into any Lease which has a term greater than twelve (12) months, except as may be expressly permitted by any Loan Documents. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan DocumentsGross Operating Revenues. (iib) Manager shall sign apartment leases ("Leases") on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign Leases leases in the form of lease attached hereto approved by Owner and subject to Owner's Policies and Procedures. Manager shall not enter into any lease which has a term greater than 24 months. Manager shall attach as Exhibit "D"a rider to all leases the text as presented in Schedule A. Manager shall investigate tenant references and tenant credit histories and shall select tenants in accordance with tenant selection criteria outlined in the Business Plan, and shall apply resident selection criteria fairly to all prospective tenants. Manager shall not discriminate against or segregate any person or group of persons on account of race, color, religion, creed, sex, national origin, age, or disability in leasing or managing the Property nor shall Manager permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants. Manager shall assess the leasing practices on a regular basis to assure that no such practices of discrimination are occurring on the Property. Manager shall report any such incidents or claims of discrimination to Owner immediately. (iiic) Manager shall collect rents, security deposits and other charges payable by Tenants tenants in accordance with the Leasestenant leases, and shall collect Monthly Gross Receipts income due Owner with respect to the Project Property from all other sources, and shall deposit all such monies income received promptly immediately upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner.Depository Account for each Property (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (vd) Manager shall, at Owner's expense, market subject to limits set forth in the Project for rentalBudget and the Business Plan, terminate Leasesleases, evict Tenantstenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, Manager deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by expense and subject to the provisions of Section 5(k) of this Agreementlimitations on expenses enumerated in the Budget, consult and retain legal counsel. (vi) Manager shall, at Owner's written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.

Leasing, Collection of Rents, Etc. (i) Manager shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units and the retail spaces in accordance with all Applicable Laws, to retain residents and to maximize Rental Income. Manager shall not enter into any apartment Lease which has a term less than six (6) months or greater than twelve fifteen (1215) months, except as approved by Owner or as may be expressly permitted by any Loan Documentsloan documents applicable to the Project entered into by Owner from time to time during the term hereof. Manager shall not enter into any retail leases without the express approval of Owner, such approval to be given or withheld in Owner’s sole discretion. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents. (ii) Manager shall sign apartment leases and retail leases ("“Leases"”) on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign apartment Leases in the form of lease attached hereto as Exhibit "“D"” and will only sign retail Leases in the form of lease approved by Owner with respect to such retail Lease. (iii) Manager shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner. (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (v) Manager shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(k5(l) of this Agreement, consult and retain legal counsel. Further notwithstanding anything contained in this Agreement to the contrary, in no event shall Manager institute or defend any legal proceedings where the amount in dispute exceeds $5,000 without Owner’s prior written consent. (vi) Manager shall, at Owner's ’s written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.

Leasing, Collection of Rents, Etc. (i) Manager shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units in accordance with all Applicable Laws, to retain residents and to maximize Rental Income. Manager shall not enter into any Lease which has a term less than six (6) months or greater than twelve fifteen (1215) months, except as approved by Owner or as may be expressly permitted by any Loan Documentsloan documents applicable to the Project entered into by Owner from time to time during the term hereof. Manager shall comply in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents. (ii) Manager shall sign apartment leases ("“Leases"”) on behalf of Owner in its capacity as property manager hereunder. Manager shall only sign Leases in the form of lease attached hereto as Exhibit "“D"”. (iii) Manager shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit same in an account designated by Owner. (iv) Manager shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account. (v) Manager shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(k5(l) of this Agreement, consult and retain legal counsel. Further, notwithstanding anything contained in this Agreement to the contrary, in no event shall Manager institute or defend any legal proceedings where the amount in dispute exceeds $5,000.00 without Owner’s prior written consent. (vi) Manager shall, at Owner's ’s written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement. (vii) Manager shall, at Owner’s written request, cooperate with the seller of the Project to Owner for purposes of determining any post-closing adjustment to the closing prorations or any allocation of revenues received for the Project in accordance with the terms of the applicable purchase contract; provided, however, Manager shall not remit any funds to the seller of the Project pursuant to any such determination without Owner’s prior review of such proposed distributions and Owner’s express authorization to remit such funds. (viii) The responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section 4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's right to compensation for Project financing or sale shall be based upon such separate agreement.