Management of the Company’s Affairs. (a) The management of the Company shall be vested exclusively in LP Units Manager, LLC, which is hereby appointed as the Manager effective as of the date hereof. Subject to the terms and conditions of this Agreement, the Manager shall have full and exclusive power and discretion to, and shall, manage the business and affairs of the Company only in accordance with this Agreement. The Manager shall not resign, may not assign or delegate its responsibilities to any other Person, and shall serve as such until such time, if any, as the Manager is otherwise removed and replaced or the Company is dissolved in accordance with the terms of this Agreement. The Manager shall devote such time to the affairs of the Company as is reasonably necessary to manage the Company as set forth in this Agreement. Nothing in this Section 4.1 eliminates, limits or otherwise modifies any of the express terms of this Agreement or any liability, obligation or covenant of any Person hereunder.
Appears in 6 contracts
Samples: Tax Matters Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), The Contribution Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), The Contribution Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
