Management Duties and Authority Clause Samples

Management Duties and Authority. (A) In the performance of its duties and obligations hereunder, Manager shall use commercially reasonable business, good faith efforts to manage the Property in accordance with the terms of this Agreement and in accordance with sound, reasonable and prudent property management practices, in a first-class, professional manner at least equal to the standard of management for comparable mixed use and apartment communities in the metropolitan area where the Property is located, subject, however, to the operating and financial parameters set forth in the Budget and other operational limitations that may be imposed by Owner or agreed to by Owner and Manager. (B) Owner acknowledges and agrees that Manager's responsibilities under this Agreement consist solely of managing the Property and undertaking all tasks necessary or appropriate thereto. Owner agrees that Manager shall have no liability whatsoever for or with respect to any professional services rendered by third parties in connection with the Property, including without limitation any environmental consulting or remediation services. Owner further agrees that Manager shall have no responsibility or liability of any kind to Owner or its members with respect to or arising from the environmental condition of the Property (other than any environmental condition to the extent arising from a Manager Indemnified Act, any environmental remediation or reporting now or hereafter undertaken, or the compliance of the Property with any environmental laws. Manager is not providing legal assistance or advice or risk management assistance or advice to Owner in connection with such negotiations or otherwise.

Management Duties and Authority. (a) During the Term of this Agreement, and subject to the provisions of this Agreement and the written directions of Owner as herein provided, Manager shall manage, operate, maintain, repair and lease the Property on behalf of Owner in a first class manner consistent with the Budget (to the extent Owner provides the funds required therefor) and in a manner intended to maximize the Cash Flow and the long term preservation of the value of the Property and the investment goals and objectives of Owner, subject to and within the Budget. During the Term of this Agreement and subject to the provisions hereof and the Budget (to the extent Owner provides the funds requested therefor), Manager shall provide all services reasonably necessary, proper, desirable or appropriate for the successful management, maintenance, repair, leasing and operation of the Property, including the duties and services specified in this Agreement. (b) In connection with the performance of its duties and obligations under this Agreement, (i) Manager shall be entitled to rely upon any and all written approvals or instructions delivered by Owner to Manager, (ii) Manager shall not be liable for its failure to act, or delay in acting, when and to the extent Manager’s obligation or authority to act is limited by the provisions of this Agreement requiring the written approval of or direction from Owner and such written approval or direction is not provided or is not timely provided, and (iii) Manager shall not be liable for its failure to act, or delay in acting, when and to the extent Manager’s failure to act, or delay in acting, is caused by Owner’s failure to provide, or delay in providing, funds necessary to manage, operate, maintain, repair, and lease the Property in accordance with the terms of this Agreement and the Budget. (c) Notwithstanding the provisions of Section 8.1, Manager acknowledges and agrees that any requirement for written approval or instruction by Owner pursuant to this Agreement may be given by e-mail correspondence.

Management Duties and Authority. Mr. McCrary shall serve as a member of and Chairman of the Parent Boa▇▇ ▇▇ ▇▇▇▇▇tors, as President and chief Executive Officer of Parent, ("CEO") and Chairman of the Executive Committee of the Parent Board, ("Chairman").