Management of Mortgaged Property. (i) Each Mortgaged Property shall be managed at all times by the current Manager or another manager reasonably satisfactory to Lender, pursuant to a Management Agreement. Any such Manager may be an Affiliate of Borrower, provided that: (a) the terms and conditions of such Manager’s engagement are at arm’s length, reasonable, competitive and customary in the applicable marketplace; and (b) Lender has approved such Manager and such terms, which approval shall not be unreasonably withheld or delayed. The Management Agreement, dated as of the date hereof, between the Borrower and the Manager is deemed approved by Lender in all respects. Borrower shall cause the Manager of the Mortgaged Property to agree that such Manager’s Management Agreement is subject and subordinate in all respects to the Indebtedness and to the Lien of the Mortgages. A Management Agreement may be terminated or assigned by the Manager (1) by Borrower at any time in accordance with the provisions of such Management Agreement so long as a successor or assignee Manager as specified below shall have been appointed and approved and such successor Manager has (i) entered into (or assumed) a Management Agreement in form and substance approved by Lender, which approval shall not be unreasonably denied, conditioned or delayed, and (ii) has executed and delivered a Manager’s Subordination to Lender, and (2) by Lender upon thirty (30) days’ prior written notice to Borrower and the Manager (a) upon the occurrence and continuation of an Event of Default or (b) if the Manager commits any act which would permit termination under the Management Agreement (subject to any applicable notice, grace and cure periods provided in the Management Agreement) or (c) if a change of majority control occurs with respect to the Manager. Notwithstanding the foregoing, any successor manager selected hereunder by Lender or Borrower to manage the Mortgaged Property shall be a reputable management company having substantial experience in the management of real property of a similar type, size and quality in the state in which the Mortgaged Property is located. Borrower may from time to time appoint a successor manager to manage the Mortgaged Property with Lender’s prior written consent, such consent not to be unreasonably withheld. Borrower acknowledges and agrees that any consent or approval requested of Lender under this Section may be conditioned by Lender, at Lender’s discretion, upon Borrower first obtaining a Rating Co...
Management of Mortgaged Property. Trustor shall manage the Mortgaged Property through its own personnel or a third party manager approved by Beneficiary, and shall not hire, retain or contract with any other third party for property management services without the prior written approval by Beneficiary of such party and the terms of its contract for management services; provided, however, Beneficiary shall not withhold approval of a new manager if the new manager has a reputation and experience in managing properties similar to the Mortgaged Property which are greater than or equal to the present experience and reputation of the current manager.
Management of Mortgaged Property. At Lender's request upon thirty (30) days prior written notice to Borrower, Borrower will be required to appoint a manager, acceptable to Lender at its sole discretion, to manage the Facility: (i) upon the occurrence of an Event of Default, (ii) intentionally omitted, (iii) in the event that, as of the last day of a calendar quarter, the Debt Service Coverage Ratio for the Facility, computed on the basis of the prior twelve (12) calendar months, is less than 1.15, (iv) intentionally omitted, provided, however, that from and after two years after the Start-Up Day (but only before the Optional Prepayment Date), Lender shall not have the right to require Borrower to appoint a manager pursuant to clause (iii) above, if on the first Payment Date after Lender made the determination that Lender had the right to require Borrower to appoint a manager pursuant to clause (iii) above, Borrower defeases the Loan in accordance with the terms of Sections 2.6 and 2.11 in an amount sufficient to cause the Debt Service Coverage Ratio (calculated as if such amount was actually applied to reduce the Principal Indebtedness upon which Debt Service was paid and calculated as if the Principal Indebtedness was reamortized on a straight-line basis (as if the reduction had occurred) over the remaining number of months until the Maturity Date) for the Facility, computed on the basis of the prior twelve (12) calendar months, to be at least equal to 1.25. Pursuant to this Section 5.1(P), Borrower's failure to appoint such an acceptable manager within thirty (30) days of Lender's request shall constitute an immediate Event of Default. If such a manager is appointed by Borrower, Borrower may from time to time appoint a successor manager to manage the Facility, which successor manager shall be approved in writing by Lender in Lender's sole discretion. Notwithstanding the foregoing, any successor manager selected hereunder by Lender or Borrower to serve as manager shall be a reputable management company having at least seven years' experience in the management of commercial properties with similar uses as the Facility and in the jurisdiction in which the Facility is located.
Management of Mortgaged Property. Mortgagor shall cause the Mortgaged Property to be managed at all times in accordance with sound business practice.
Management of Mortgaged Property. (i) The Mortgaged Property shall be managed at all times by the Manager or another manager approved by Lender, pursuant to the Management Agreement. The Management Agreement may be terminated (1) by the First Mortgage Borrower at any time in accordance with the provisions of the Management Agreement so long as a successor manager as specified below shall have been appointed and such successor manager has (i) entered into a management agreement substantially in the form of the Management Agreement entered into by the previous manager, subject to any modifications approved by Lender, and (ii) executed and delivered the Manager’s Consent to Lender, and (2) subject to the provisions of the First Mortgage Loan Documents, by Lender upon thirty (30) days’ prior written notice to Borrower and the Manager (a) upon the occurrence and continuation of an Event of Default or (b) if the Manager commits any act which would permit termination under the Management Agreement (subject to any applicable notice, grace and cure periods provided in the Management Agreement) or (c) if a change of majority control occurs with respect to the Manager. Notwithstanding the foregoing, any successor manager selected hereunder by Lender or Borrower to manage the Mortgaged Property shall be a reputable management company having substantial experience in the management of real property of a similar type, size and quality in the state in which the Mortgaged Property is located. Borrower further covenants and agrees that any manager of the Mortgaged Property shall at all times while any Indebtedness is outstanding maintain worker’s compensation insurance as required by Governmental Authorities.
Management of Mortgaged Property l 、The collateral is managed by mortgagor. The mortgagor has the right of proper management and rational use. While the mortgagee has the right to supervise and inspect the management and application situation of the collateral;
Management of Mortgaged Property. If the Mortgaged Property 0 ceases to be managed by Mortgagor or such other person or entity as may be approved by Mortgagee in writing; or
Management of Mortgaged Property. (a) Mortgagor shall manage the Mortgaged Property or cause the Mortgaged Property to be managed in a manner which is consistent with the Approved Manager Standard. All Space Leases shall provide for rental rates comparable to then existing market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm's-length transactions. Except as previously disclosed by Mortgagor to, and consented to by Mortgagee, all Leases shall provide that they are subordinate to this Mortgage and that the lessees thereunder attorn to Mortgagee. Mortgagor shall deliver copies of all Leases, amendments, modifications and renewals to Mortgagee.
Management of Mortgaged Property. Borrower shall cause the Mortgaged Property to be managed at all times in accordance with sound business practice by Borrower, or any competent and reputable managing agent reasonably acceptable to Mortgagee pursuant to a management agreement reasonably approved by Mortgagee in writing in advance of execution thereof by Borrower, or anyone acting on its behalf. Following such approval, Borrower shall not permit the management agreement to be terminated (except for good cause after notice to Mortgagee), modified or amended in any material respect, or extended, or permit a change in the identity of the management agent, without Mortgagee's prior written consent which will not be unreasonably withheld or delayed, provided, however, that it shall not be deemed unreasonable if Mortgagee requires as a condition to giving such consent that the proposed property manager fully subordinate to the lien of this Mortgage, or at Mortgagee's election, waive, any lien for past, present or prospective services to which said property manager might otherwise be entitled by reason of any provision of the Florida Mechanics' Lien Law. Each management agreement shall be subject in all respects to the lien of this Mortgage and the rights of Mortgagee hereunder, and each management agreement shall so provide.
Management of Mortgaged Property. Borrower covenants and agrees with Lender that (i) its Property will be managed at all times by the Consultant pursuant to the Consulting Agreement, (ii) immediately upon the occurrence of a fifty percent (50%) or more change in control of the Consultant (a "Consultant Control Change"), Borrower will promptly give Lender notice thereof (a "Consultant Control Notice") and (iii) any Consulting Agreement may be terminated by Lender (A) For Cause (as defined below) at any time, (B) at any time after the occurrence and during the continuance of an Event of Default with respect to any amounts payable hereunder or under the Note, the Mortgage or the other Loan Documents, (C) upon commencement of any foreclosure proceeding with respect to the Property and (D) after any Consultant Control Change with respect to the
