Common use of Management of Project Clause in Contracts

Management of Project. The Borrower will at all times cause the Project to be managed and operated by the Agent, Manager or another independent property manager and it will give written notice to the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative and the Servicer prior to changing the Agent or Manager and prior to making any material changes or modifications to the Property Management Agreement. The Borrower shall obtain the written approval of the Significant Bondholder, if any, and the Servicer prior to the employment of a new Agent or Manager which approval shall not be unreasonably withheld, conditioned or delayed. The Significant Bondholder and the Servicer shall have the right to remove the Agent or cause removal of the Manager in the event an uncured event of default by the Agent or Manager has occurred under the Property Management Agreement and the Borrower has failed to remove the defaulting Agent, or cause to be removed the defaulting Manager, as applicable, in a reasonable time after the occurrence of the uncured event of default. The Issuer does not employ and is not responsible for any actions or non-actions of the Agent or Manager.