Management Term. This Agreement shall commence as of _________, 1994 and, unless sooner terminated as provided herein, shall thereafter continue for a consecutive twelve (12) month period. Thereafter, unless Owner elects not to renew this Agreement by written notice to Manager no later than thirty (30) days prior to the end of any current term, this Agreement shall be automatically renewed for successive terms, each with a duration of one year unless otherwise terminated, as set forth below. Notwithstanding the foregoing, at any time during the management term, Owner and Manager shall each have the absolute right and power to terminate this Agreement, with or without cause, upon sixty (60) days' prior written notice to the non-terminating party. Owner shall have the absolute right to immediately remove Manager from the Property upon delivery of said sixty (60) day notice, however, unless terminated for cause as set forth below Manager shall be entitled to receive a management fee for the subsequent sixty (60) day period consistent with the terms and conditions set forth in Section 2.2 below.
Appears in 6 contracts
Samples: Management and Leasing Agreement (Balcor Realty Investors 85 Series Iii), Property Management and Leasing Agreement (Balcor Equity Properties Xii), Management and Leasing Agreement (Balcor Realty Investors 86 Series I)
