Management Agent and Fees Clause Samples
The 'Management Agent and Fees' clause defines the appointment of a management agent and outlines the compensation structure for their services. It typically specifies the agent's duties, the method and frequency of fee payments, and any additional reimbursable expenses. This clause ensures that both parties clearly understand the agent's role and the financial obligations involved, thereby preventing disputes over management responsibilities or payment terms.
Management Agent and Fees. The Mortgagor shall provide for the management of the Development in a manner acceptable to the Authority, in its sole discretion, and TCAP Regulations and other TCAP requirements, that will assure decent, safe and sanitary housing according to the standards set by the Authority. Any management agent employed by the Mortgagor at the Development must be approved by an Authorized Officer of the Authority, and shall enter into a written management agreement in the form prescribed by the Authority. The management fee allowed to be paid to any management agent by the Mortgagor shall be limited as provided for in the compensation section of the Authority's form management agreement. The terms of the management agreement shall be incorporated in and made a part of this Agreement. No disbursements shall be made out of the Development's operating funds for management fees other than as set forth in the form of management agreement approved by the Authority for the Development.
Management Agent and Fees. The Mortgagor shall provide for the management of the Development in a manner acceptable to the Authority, in its sole discretion and LIHTC and Section 1602 Regulations and other Section 1602 requirements that will assure decent, safe and sanitary housing according to the standards set by the Authority. Any management agent employed by the Mortgagor at the Development must be approved by an Authorized Officer of the Authority, and shall enter into a written management agreement in the form prescribed by the Authority. The management fee allowed to be paid to any management agent by the Mortgagor shall be limited as provided for in the compensation section of the Authority's form management agreement. The terms of the management agreement shall be incorporated in and made a part of this Agreement. No disbursements shall be made out of the Development's operating funds for management fees other than as set forth in the form of management agreement approved by the Authority for the Development.