Management of Property. (a) The Managing Co-Owner (defined below) shall be responsible to sign all documents and take all actions it deems necessary and appropriate in its sole discretion to deal with the Lender and to cause the Tenants in Common to be in compliance with all of Lender’s operational requirements under the Mortgage Loan Documents including, but not limited to, the requirements concerning annual property inspections and reports, collection of loan impounds, maintenance and repair of the Property, coordination of any late loan payments and other loan coordination and servicing requirements. For such purposes, the Managing Co-Owner is hereby granted an irrevocable power-of-attorney to deal with Lender on matters relating to the operation and maintenance of the Property. The “Managing Co-Owner” shall be MDR Hanover Square, LLC.
Appears in 2 contracts
Samples: Tenants in Common Agreement (Medalist Diversified REIT, Inc.), Tenants in Common Agreement (Medalist Diversified REIT, Inc.)
Management of Property. (a) The Managing Co-Owner (defined below) shall be responsible to sign all documents and take all actions it deems necessary and appropriate in its sole discretion to deal with the Lender and to cause the Tenants in Common to be in compliance with all of Lender’s operational requirements under the Mortgage Loan Documents including, but not limited to, the requirements concerning annual property inspections and reports, collection of loan impounds, maintenance and repair of the Property, coordination of any late loan payments and other loan coordination and servicing requirements. For such purposes, the Managing Co-Owner is hereby granted an irrevocable power-of-attorney to deal with Lender on matters relating to the operation and maintenance of the Property. The “Managing Co-Owner” shall be MDR Hanover SquareGreensboro, LLC.
Appears in 2 contracts
Samples: Common Agreement (Medalist Diversified REIT, Inc.), Common Agreement (Medalist Diversified REIT, Inc.)
Management of Property. (a) The Managing Co-Owner (defined below) shall be responsible to sign all documents and take all actions it deems necessary and appropriate in its sole discretion to deal with the Lender and to cause the Tenants in Common to be in compliance with all of Lender’s operational requirements under the Mortgage Deed of Trust Loan Documents including, but not limited to, the requirements concerning annual property inspections and reports, collection of loan impounds, maintenance and repair of the Property, coordination of any late loan payments and other loan coordination and servicing requirements. For such purposes, the Managing Co-Owner is hereby granted an irrevocable power-of-attorney to deal with Lender on matters relating to the operation and maintenance of the Property. The “Managing Co-Owner” shall be MDR Hanover Square, LLC.
Appears in 1 contract
Samples: Tenants in Common Agreement (Medalist Diversified REIT, Inc.)