Management Agent. Borrower shall cause the Development to be managed by an experienced management agent reasonably acceptable to the County, with a demonstrated ability to operate residential facilities like the Development in a manner that will provide decent, safe, and sanitary housing (the "Management Agent"). The County has approved the Xxxx Xxxxxxx Company as the Management Agent. Borrower shall submit for the County's approval the identity of any proposed subsequent management agent. Borrower shall also submit such additional information about the background, experience and financial condition of any proposed management agent as is reasonably necessary for the County to determine whether the proposed management agent meets the standard for a qualified management agent set forth above. If the proposed management agent meets the standard for a qualified management agent set forth above, the County shall approve the proposed management agent by notifying Borrower in writing. Unless the proposed management agent is disapproved by the County within thirty (30) days, which disapproval is to state with reasonable specificity the basis for disapproval, it shall be deemed approved.
Management Agent. A. The General Partner shall engage the Management Agent to manage the Apartment Complex pursuant to the Management Agreement. The Management Agent shall receive a Management Fee of those amounts payable from time to time by the Partnership to the Management Agent for management services in accordance with a management contract approved by FmHA or, when the Apartment Complex is not subject to FmHA regulation, in accordance with a reasonable and competitive fee arrangement. From and after the Admission Date, the Partnership shall not enter into any Management Agreement or modify or extend any Management Agreement unless (i) the General Partners shall have obtained the prior written consent of the Special Limited Partner to the identity of the Management Agent and the terms of the Management Agreement or the modification or extension thereof and (ii) such new Management Agreement or modified or extended Management Agreement provides that it is terminable by the Partnership on thirty (30) days' notice by the Partnership in the event of any change in the identity of the General Partners.
B. Notwithstanding the foregoing, however, should the Investment General Partner or an Affiliate thereof perform property management services for the Partnership, property management, rent-up or leasing fees shall be paid to the Investment General Partner or such Affiliate only for services actually rendered and shall be in an amount equal to the lesser of (i) fees competitive in price and terms with those of non-affiliated Persons rendering comparable services in the locality where the Apartment Complex is located and which could reasonably be available to the Partnership, or (ii) five percent (5%) of the gross revenues of the Apartment Complex. No duplicate property management fees shall be paid to any Person.
C. If (i) the Management Agent is the General Partner or an Affiliate of the General Partner, and (a) the Apartment Complex shall be subject to a substantial building code violation which shall not have been cured within six months after notice from the applicable governmental agency or department or (b) the Partnership shall not have Cash Flow of at least $500 during any year after 1995, or (ii) an Event of Bankruptcy shall occur with respect to the Management Agent, or (iii) the Management Agent shall commit willful misconduct or gross negligence in its conduct of its duties and obligations under the Management Agreement or (iv) there is any change in the identity of...
Management Agent. In the event that a management agent is or will be the holder of the Healthcare Facility license or is or will be the payee under one or more third-party payor agreements with respect to the Healthcare Facility, such management agent will be treated as an Operator in accordance with Program Obligations.
Management Agent. In the event that a management agent is or will be the holder of the Healthcare Facility license or is or will be the payee under one or more third-party payor agreements with respect to the Healthcare Facility, such management agent will be treated as an Operator in accordance with Program Obligations. COMMERCIAL (NON-RESIDENTIAL) LEASES. No portion of the Project shall be leased for any commercial purpose or use without receiving HUD’s prior written approval as to terms, form and amount, except for commercial leases for support or ancillary services which are subordinate to the Borrower Security Instrument, have terms of not more than five (5) years and otherwise comply with Program Obligations. Borrower shall deliver, or cause to be delivered, an executed copy of any commercial lease to HUD and Lender within thirty (30) days after its effective date.
Management Agent. Landlord hereby notifies Tenant that the person authorized to execute this Lease and manage the Premises is CSM Corporation, a Minnesota corporation, which has been appointed to act as the agent in leasing management and operation of the Building for owner and is authorized to accept service of process and receive or give receipts for notices and demands on behalf of Landlord. Landlord reserves the right to change the identity and status of its duly authorized agent upon written notice to Tenant.
Management Agent. 61 Page ARTICLE XII Books and Records, Accounting, Tax Elections, Etc. ........................ 63
Management Agent. The Management Agent shall maintain for the term of the Management Agreement liability insurance in the amount of $1,000,000 per incident and $2,000,000 in the aggregate, worker's compensation insurance in accordance with the State's laws governing such insurance, a fidelity bond in the amount of not less than six (6) months of the Apartment Complex's projected gross rent, auto liability insurance in the amount of $1,000,000 per incident and error and omissions insurance in the amount of $1,000,000 per incident.
Management Agent. Tenant recognizes Wesleyan’s Rental Properties as the management agent for the premises.
Management Agent. A. The General Partners shall engage the Management Agent, who shall be Xxxxxxx Management, Inc., to manage the Apartment Complex pursuant to the Management Agreement. The Management Agent shall receive a Management Fee of 9.62% of gross rental receipts payable by the Partnership for management services in accordance with a management contract approved by the Lender or Agency (if such approval is required), or when the Apartment Complex is not subject to Agency regulation, in accordance with a reasonable and competitive fee arrangement. From and after the Admission Date, the Partnership shall not enter into any Management Agreement or modify or extend any Management Agreement unless (i) the General Partners shall have obtained the prior written consent of the Special Limited Partner to the identity of the Management Agent and the terms of the Management Agreement or the modification or extension thereof and (ii) such new Management Agreement or modified or extended Management Agreement provides that it is terminable by the Partnership on thirty (30) days' notice by the Partnership in the event of any change in the identity of the General Partners. If the Management Agent obtains an increase in the Management Fee through the approval of the Lender or Agency, then the consent to such increase by the Special Limited Partner shall not be unreasonably withheld.
B. No duplicate property management fees shall be paid to any Person.
C. If (i) the General Partners are the Management Agent or the Management Agent is an Affiliate of the General Partners, and (a) the Apartment Complex shall be subject to a substantial building code violation which shall not have been cured within six months after notice from the applicable governmental agency or department or (b) the Partnership shall not have Cash Flow of at least $1,819 during any year after 1997, or (ii) an Event of Bankruptcy shall occur with respect to the Management Agent, or (iii) the Management Agent shall commit willful misconduct or gross negligence in its conduct of its duties and obligations under the Management Agreement or (iv) there is any change in the identity of the General Partners, or (v) the Management Agent is cited by the Lender or Agency, including any Tax Credit monitoring or compliance agency of the State or any other governmental agency for a material violation or alleged material violation of any applicable rules, regulations or requirements, including, but not limited to, non-compliance wi...
Management Agent. The Owner shall not enter into any agreement providing for the management or operation of the Project with any party other than BRIDGE Property Management Company without the prior written consent of the City, which consent shall not be unreasonably withheld or delayed.
