Management of the Property. Upon obtaining possession of the Property or upon the appointment of a receiver as described in Section 7.5, Mortgagee or the receiver, as the case may be, may, at its sole option, (a) make all necessary or proper repairs and Additions to or upon the Property, (b) operate, maintain, control, make secure and preserve the Property, and (c) complete the construction of any unfinished Improvements on the Property and, in connection therewith, continue any and all outstanding contracts for the erection and completion of such Improvements and make and enter into any further contracts which may be necessary, either in their or its own name or in the name of Mortgagor (the costs of completing such Improvements shall be Expenses secured by this Mortgage and shall accrue interest as provided in the Loan Agreement and the other Loan Documents). Mortgagee or such receiver shall be under no liability for, or by reason of, any such taking of possession, entry, holding, removal, maintaining, operation or management, except for gross negligence or willful misconduct. The exercise of the remedies provided in this Section shall not cure or waive any Event of Default, and the enforcement of such remedies, once commenced, shall continue for so long as Mortgagee shall elect, notwithstanding the fact that the exercise of such remedies may have, for a time, cured the original Event of Default.
Management of the Property. Upon obtaining possession of the Property or upon the appointment of a receiver as described in Section 7.5 (Taking Possession or Control), Beneficiary, the Trustees or the receiver, as the case may be, may, at their sole option, (a) make all necessary or proper repairs and Additions to or upon the Property, (b) operate, maintain, control, make secure and preserve the Property, (c) receive all Rents, and (d) complete the construction of any unfinished Improvements on the Property and, in connection therewith, continue any and all outstanding contracts for the erection and completion of such Improvements and make and enter into any further contracts which may be necessary, either in their or its own name (the cost of completing the Improvements shall be Expenses secured by this Deed of Trust and accrue interest as set forth in Section 4.19 (Reimbursement; Interest)). In so doing, Beneficiary, the Trustees or such receiver shall have the right to manage the Property and to carry on the business of Grantor and may exercise all of the rights and powers of Grantor, including, but without limiting the generality of the foregoing, the right to lease the Property, to cancel, modify, renew or extend any Lease or sub-lease of the Property and to carry on any contracts entered into by Grantor with respect to the Property. Beneficiary, the Trustees or such receiver shall be under no liability for, or by reason of, any such taking of possession, entry, holding, removal, maintaining, operation or management, except for willful misconduct. Any Rents received shall be applied (a) first, to pay all Expenses, and (b) the balance, if any, to payment of the other Obligations. Grantor shall pay on demand to Beneficiary, the receiver or the Trustees (as the case may be) the amount of any deficiency between (a) the Rents received by Beneficiary, the receiver or the Trustees, and (b) all Expenses incurred together with interest thereon at the Reimbursement Rate as provided in Section 4.19 (Reimbursement; Interest). The exercise of the remedies provided in this Section shall not cure or waive any Event of Default, and the enforcement of such remedies, once commenced, shall continue for so long as Beneficiary shall elect, notwithstanding the fact that the exercise of such remedies may have, for a time, cured the original Event of Default.
Management of the Property. Occupancy rate expressed as a percentage for each of the last five (5) years.
Management of the Property. (a) Contributor shall not enter into any agreement or arrangement with any Person who is not an Affiliate of Contributor pursuant to which such Person shall provide management services in respect of the Property unless the Partnership provides its prior written consent.
(b) From and after the Effective Date through the Closing Date, Contributor agrees to (i) keep the Property insured under its current or comparable policies which shall include property insurance for the buildings and improvements forming a part of the Property on an “special form of loss” basis in an amount not less than the full replacement cost of such buildings and improvements (provided that if the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) is not renewed or extended (or otherwise replaced by a substantially similar statute by December 31, 2014, Contributor, in its sole discretion, shall have the option as to whether coverage for terrorism events is provided for the Property), (ii) operate and maintain (and to use reasonable efforts to cause Tenants having an obligation to do so under the Leases to operate and maintain) the Property substantially in accordance with past practices, normal wear and tear excepted (and to comply in all material respects with its obligations under the Ground Lease, the Leases and the Operating Agreement), (iii) consult with and keep the Partnership reasonably informed with respect to the hiring of personnel and other operational decisions with respect to the Property, and consider in good faith any comments and requests of the Partnership with respect thereto, (iv) consult with and keep the Partnership reasonably informed with respect to the plans for the “grand opening” of the Property, incur expenses in accordance with the “grand opening” budget, and obtain the Partnership’s prior written consent, not to be unreasonably withheld, delayed or conditioned, for any reduction of the “grand opening” budget amount (which, for the avoidance of doubt, is $1,000,000) and (v) otherwise cooperate with the Partnership and PREIT Newco to facilitate the transition of ownership of the Property to PREIT Newco.
Management of the Property. (a) At the start of the tenancy We will advise You who is responsible for managing the property.
(b) Where We are not managing the property please note that We cannot authorise any repairs or maintenance, nor do We act as agent for bringing any management issues to the attention of the landlord. If an issue arises it is your responsibility to contact the landlord directly
(c) Where We do manage the property and hold keys and a legitimate issue of repair is raised requiring the landlords attention We will contact him and upon receiving permission to proceed We will use our reasonable endeavors to arrange for contractors to deal with such issue as soon as reasonably practicable, subject to You making all reasonable arrangements to provide or allow access. 12 Anti-Money Laundering Regulations
(a) We are subject to Money Laundering Regulations applicable in the UK. As a result We will need to obtain and hold evidence confirming your identity, proof of your address and source / destination of funds.
(b) We will be unable to proceed with any offer until We are in receipt of this information and have completed a satisfactory AML check. Your identity may be subject to an electronic identity check, which may leave a footprint on your credit report. Before the tenancy can proceed You need to provide us with photo ID in the form of a valid Passport, UK Driving License or EEA National ID card and proof of your address.
Management of the Property. (a) The Manager shall perform the services for FNF hereunder in a professional and competent manner, using standards of performance consistent with its performance of such services for itself and as otherwise required pursuant to the terms of the Master Lease Agreement and the Subleases. The Manager shall use commercially reasonable efforts to properly protect and account for FNF’s assets.
(b) In connection with the management of the Property, the Manager shall duly and punctually perform and comply with, or cause to be performed or complied with, all of the obligations, terms and conditions required to be performed or complied with by FNF under the Master Lease Agreement and the Subleases (copies of which have been made available to the Manager) and, to the extent copies have been provided to the Manager, under any mortgages or deeds of trust affecting the Property, and any other agreements relating to the ownership, financing, development, management, operation, maintenance and servicing of the Property, including, without limitation (to the extent funds of FNF are available), the timely payment of all sums required to be paid thereunder, all to the end that FNF’s interest in the Property and its interest as landlord under the Subleases shall be preserved and no default of FNF shall occur under any of such agreements, so that the Master Lease Agreement and the Subleases (as well as any other relevant agreements) shall remain in full force and effect, with no default by FNF. The Manager shall enforce the full performance of all obligations of each of the Tenants under the Subleases and of the Lessors under the Master Lease Agreement.
(c) In addition to providing the services specifically set forth in this Section 2.1 and in Section 2.2 and elsewhere in this Agreement, the Manager shall reasonably consider and accommodate such other services as FNF may reasonably request in connection with the Property or any other properties or facilities owned or leased by FNF (or its subsidiaries) on mutually agreeable terms, and provided that such other services do not negatively affect its ability to manage the other buildings on 000 Xxxxxxxxx Xxx. in Jacksonville, Florida.
Management of the Property. The management of the Property shall be by either: (i) Borrower or an entity affiliated with Borrower approved by Lender for so long as Borrower or said affiliated entity is managing the Property in a first class manner; or (ii) a professional property management company approved by Lender. Such management by an affiliated entity or a professional property management company shall be pursuant to a written agreement approved by Lender. Any management agreement shall provide for a maximum allowable management fee of 5% of gross revenues. In no event shall any manager be removed or replaced or the terms of any management agreement modified or amended without the prior written consent of Lender. After an Event of Default or a default under any management agreement then in effect, which default is not cured within any applicable grace or cure period, Lender shall have the right to terminate, or to direct Borrower to terminate, such management agreement upon 30 days’ notice and to retain, or to direct Borrower to retain, a new management agent approved by Lender. It shall be a condition of Lender’s consent to any management agreement, whether with an affiliate of Borrower or otherwise, that such manager enter into an agreement with Lender whereby the manager acknowledges and agrees to the aforesaid rights of Lender and as to such other matters as Lender may reasonably require.
Management of the Property. Borrower at all times shall provide for the competent and responsible management and operation of the Property. At all times, Borrower shall cause the Property to be managed by an Approved Manager. All management contracts affecting the Property shall permit Lender, any court-appointed receiver, and any Person acquiring title to the Property pursuant to a judicial or non-judicial foreclosure of the Deed of Trust (or the Secured Guaranty Deed of Trust), or any deed in lieu thereof, to terminate such management agreement upon thirty (30) days’ written notice without penalty or charge. All management contracts must be approved in writing by Lender prior to the execution of the same, which approval shall not be unreasonably withheld, conditioned or delayed.
Management of the Property. Any breach of the provisions of Section 4.16 hereof shall occur which is not cured by Borrower within fifteen (15) days after Lender gives Borrower notice thereof;
Management of the Property. The management of the Property shall be by either: (i) Borrower or an entity affiliated with Borrower approved by Administrative Agent for so long as Borrower or said affiliated entity is managing the Property in a first class manner; or (ii) a professional property management company named in the definition of “Manager” or otherwise approved in writing by Administrative Agent. Such management shall be pursuant to a written agreement reasonably approved by Administrative Agent. In no event shall Manager be removed or replaced or the terms of any Management Agreement modified or amended without the prior written consent of Administrative Agent. Borrower shall enter into a Management Agreement with Manager prior to the commencement of leasing of the Improvements, and shall deliver to Administrative Agent a copy of the Management Agreement entered into by Borrower and Manager, which shall be in form and substance reasonably acceptable to Administrative Agent. In addition, upon Administrative Agent’s request, Borrower shall obtain a subordination of the Management Agreement executed by the Manager, in form and substance reasonably acceptable to Administrative Agent, pursuant to which Manager shall subordinate the Management Agreement and all fees payable thereunder to the Security Instrument. After an Event of Default or a default under any Management Agreement then in effect, which default is not cured within any applicable grace or cure period, Administrative Agent shall have the right to terminate, or to direct Borrower to terminate, such Management Agreement upon thirty (30) days’ notice and to retain, or to direct Borrower to retain, a new Manager approved by Administrative Agent. It shall be a condition of Administrative Agent’s consent to any Management Agreement, whether with an affiliate of Borrower or otherwise, that such Manager enter into an agreement with Administrative Agent whereby the Manager acknowledges and agrees to the aforesaid rights of Administrative Agent and as to such other matters as Administrative Agent may reasonably require. The Management Agreement shall provide for a maximum allowable management fee of three percent (3%).
