Common use of Management of Property Clause in Contracts

Management of Property. Borrower shall enter into a Management Agreement for the Property with Manager as management agent (the "Management Agreement"). The Management Agreement shall be structured so that it is subject to termination with or without cause by the Borrower or the Committee, and without penalty, upon thirty (30) days prior written notice to the Manager, provided, however, the Committee shall not have the right to terminate the Management Agreement at any time during which Borrower is not in default under the Loan Documents . Any liability associated with the termination of the Management Agreement shall be the sole obligation of the Borrower. Upon notice of termination, the Borrower agrees to make immediate alternative arrangements, satisfactory to the Committee, for the continued management of the Development. In the event that the Borrower shall fail to make such alternative arrangements for a substitute managing agent within a reasonable time (which in no event shall exceed sixty (60) days from the date of the sending of the termination notice), the Committee shall have the right to make such alternative arrangements with the consent of the Construction Lender or Permanent Lender, as applicable. Except as otherwise permitted by the terms of this Agreement, Borrower shall not materially amend or materially modify, nor shall Borrower terminate the Management Agreement without the prior written consent of the Committee.

Management of Property. Borrower Grantee shall enter into a Management Agreement for the Property with Manager as management agent (the "Management Agreement"). The Management Agreement shall be structured so that it is subject to termination with or without cause by the Borrower Grantee or the Committee, and without penalty, upon thirty (30) days prior written notice to the Manager, provided, however, the Committee shall not have the right to terminate the Management Agreement at any time during which Borrower Grantee is not in default under the Loan Grant Documents . Any liability associated with the termination of the Management Agreement shall be the sole obligation of the BorrowerGrantee. Upon notice of termination, the Borrower Grantee agrees to make immediate alternative arrangements, satisfactory to the Committee, for the continued management of the Development. In the event that the Borrower Grantee shall fail to make such alternative arrangements for a substitute managing agent within a reasonable time (which in no event shall exceed sixty (60) days from the date of the sending of the termination notice), the Committee shall have the right to make such alternative arrangements with the consent of the Construction Lender or Permanent Lender, as applicable. Except as otherwise permitted by the terms of this Agreement, Borrower Grantee shall not materially amend or materially modify, nor shall Borrower Grantee terminate the Management Agreement without the prior written consent of the Committee.

Management of Property. Borrower shall enter into have provided a Management Agreement for the Property with Manager as management agent (the "Management Agreement"). The Management Agreement shall be structured so that it is subject to termination with or without cause by the Borrower or the Committee, and without penalty, upon thirty (30) days prior written notice to the Manager, provided, however, the Committee shall not have the right to terminate the Management Agreement at any time during which Borrower is not in default under the Loan Documents . Any liability associated with the termination of the Management Agreement shall be the sole obligation of the Borrower. Upon notice of termination, the Borrower agrees to make immediate alternative arrangements, satisfactory to the Committee, for the continued management of the Development. In the event that the Borrower shall fail to make such alternative arrangements for a substitute managing agent within a reasonable time (which in no event shall exceed sixty (60) days from the date of the sending of the termination notice), the Committee shall have the right to make such alternative arrangements with the consent of the Construction Lender or Permanent Lender, as applicable. Except as otherwise permitted by the terms of this Agreement, Borrower shall not materially amend or materially modify, nor shall Borrower terminate the Management Agreement without the prior written consent of the Committee.