Common use of Management and Cash Management Clause in Contracts

Management and Cash Management. Borrower shall provide competent and responsible management for the Property by a management company, and pursuant to a written management agreement, reasonably satisfactory to Lender. The existing Manager and Management Agreement are satisfactory to Lender. Borrower shall not enter into any other management agreement or arrangement with any other party with respect to the management of the Property without Lender's prior written consent. Borrower shall not modify, amend or terminate the Management Agreement without Lender's prior written consent. Borrower shall provide Lender with written notice of the occurrence of any event of default or condition which with the giving of notice or passage of time, or both, would constitute an event of default under the Management Agreement or any subsequent management agreement which Lender may have approved. The Management Fee(s) shall not exceed a base fee(s) in an amount equal to 5% of Gross Revenues. The payment of any Management Fees over and above an amount equal to 3% of Gross Revenues shall be subordinate to all payments to be made to Lender as provided in the Management, Subordination and Estoppel Agreement among Lender, Borrower and Manager of even date herewith. Borrower shall not modify, amend or terminate the Cash Management Agreement in any material respect without Lender's prior written consent.