Leasing Guidelines and Marketing Plan Sample Clauses

Leasing Guidelines and Marketing Plan. In accordance with the Leasing Guidelines and the Marketing Plan, Manager shall use reasonable diligence to lease all of the vacant, leasable apartment units or other space within the Project to qualified tenants and to renew all lease agreements in effect as of the Effective Date. All applications for the rental of apartment units or other space at the Project are to be referred to Manager. Manager shall negotiate, prepare, approve, execute and act in accordance with all leases and rental agreements for the Project as well as all renewals or extensions thereof, and all such leases executed by Manager shall be binding on the Owner; provided, however, Manager will use only the form of lease approved by Owner and, if applicable, Lender. Manager must obtain the prior written approval of Owner to execute any lease or rental agreement (i) providing for a term in excess of thirteen (13) months or less than three (3) months, or having renewal options exceeding one (1) year, (ii) covering space to be occupied by a tenant or group of tenants in excess of [fifteen (15)] apartment units at one Project, or (iii) providing for a rental rate which (taking into account any rent concessions) is less than 90% of the rental rate for the lease as set forth in the rental schedule approved by Owner as part of the Operating Budget. Owner acknowledges and agrees that Manager: (i) is authorized to pay commissions to its leasing staff and leasing bonuses to its management staff with respect to leases executed during the term of this Agreement, and such payments shall be operating expenses payable by Manager from the Operating Account; [and (ii) is authorized to lease up to [ ] apartment units in the Project to Manager’s employees at a rental rate no less than 80% of the rental rate for the lease as set forth in the rental schedule approved by Owner as part of the Operating Budget, and that such rental rate paid by such employees shall be included in Gross Revenues for purposes of this Agreement.] Owner and Manager hereby acknowledge and agree that it is illegal for either Owner or Manager to refuse to display, sell or lease to any person because of one’s membership in a protected class, e.g., race, color, religion, national origin, sex, ancestry, age, marital status, physical or mental handicap, familiar status, or any other class protected by any law, rule or regulation promulgated by any applicable federal, state, county or local governmental body, and Owner and Manager hereby c...