Common use of Management of Mortgaged Property Clause in Contracts

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. (i) The Mortgaged Property shall Each of the Individual Properties will be managed at all times by the Manager or another manager approved by Lender, pursuant to the Management AgreementAgreement until terminated as herein provided. Pursuant to the Manager's Subordination, Manager has agreed that the Management Agreement is subject and subordinate in all respects to the Liens of the Mortgages. The Management Agreement Agreement, as it pertains to the Individual Properties, 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’ 30 days prior written notice to Borrower and the Manager (ai) upon the occurrence and continuation of an Event of Default of the type described in clause (i) or (bii) of Section 7.1, or (ii) if the Manager commits any act which would permit termination under the Management Agreement (subject Agreement. Borrower may from time to time appoint a successor manager to manage the Individual Properties or any applicable noticeof the Individual Properties with Lender's prior written consent, grace and cure periods provided in the Management Agreement) which consent shall not be unreasonably withheld or (c) if a change of majority control occurs with respect to the Managerdelayed. Notwithstanding the foregoing, any successor property manager selected hereunder by Lender or Borrower to manage the Mortgaged Property serve as Manager shall be a reputable management company having substantial at least seven years' experience in the management of real property of a similar typeskilled nursing homes, size and quality assisted living Individual Properties and/or congregate care Individual Properties (as the case may be) in the state in which the Mortgaged Individual Property is located, and shall, if after the Securitization Closing Date, (i) have qualifications such that the then current ratings of no class of the Certificates would be downgraded or withdrawn by the Rating Agencies upon such an appointment and (ii) be reasonably acceptable to Servicer. Borrower further covenants and agrees that Manager (including any successor property manager of the Mortgaged Property serving as Manager) shall at all times while any Indebtedness is outstanding during the term of the Loan maintain worker’s 's compensation insurance as required by Governmental Authorities.