Common use of Managers Compensation Clause in Contracts

Managers Compensation. Owner shall pay Manager for its services in performing its asset management responsibilities with respect to the Property in accordance with the terms of this Agreement, an annual asset management fee, payable monthly, equal to five percent (5%) of the Gross Revenue from the Property (the “"Compensation"). Any management fee due to any sub-property manager shall be paid by deducting such amount from the Compensation. As used herein, "Gross Revenue" shall mean the entire amount of all revenue, determined on an accrual basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Property received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Revenue does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of the Property, (ii) any loans to Owner whether or not secured by all or any part of the Property, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). Such compensation shall be in addition to all costs and expenses for which Manager is to be reimbursed related to Manager's performance of the obligations set forth in Section 3(a) through 3(i) of this Management Agreement. Any or all of the Compensation may be accrued until the sale of the Property. Notwithstanding the foregoing, Owner shall also be responsible for paying any construction management fees that Manager is obligated to pay to any sub-property mangers for the Property.

Managers Compensation. (a) At any time during a closure or partial closure of a Property as a result of damage, condemnation or Force Majeure, Manager shall continue to be paid Management Fees that would have been paid to Manager during such period of closure based on the average monthly Management Fees paid during the period of time provided for under the BI Policy/Rider prior to such casualty had such damage or loss not occurred, provided that (i) Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees out of Manager’s own funds as provided in the last sentence of Section 10.1 above; and (ii) such business interruption proceeds are actually received by Owner, Manager or their respective Affiliates, as applicable, and all proceeds of such insurance shall be paid to Manager upon receipt by Owner shall pay Manager for its services notwithstanding the same is included in performing its asset management responsibilities a lump sum or other amounts received by Owner in settlement of all such claims. For avoidance of doubt, if Owner settles any insurance claim and there is no separate allocation made by the carrier with respect to business interruption and/or the Property lost Management Fees, so long as Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees, Owner shall promptly pay to Manager an amount equal to the lost Management Fees for the applicable period pursuant to and in accordance with the terms of this Agreementpolicy or rider actually obtained by Manager pursuant to Section 10.1. (b) Notwithstanding anything to the contrary contained herein, an annual asset management fee, payable monthly, equal to five (i) Manager shall receive one hundred percent (5100%) of the Gross Revenue all proceeds of insurance from the Property (the “"Compensation"). Any management fee due to BI Policy/Rider if a separate award is received from any sub-property manager shall be paid by deducting such amount from the Compensation. As used herein, "Gross Revenue" shall mean the entire amount of all revenue, determined on an accrual basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Property received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds company following a casualty or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Revenue does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition condemnation of all or any part of the PropertyProperties, (ii) if such insurance company(ies) pays one amount in settlement of all claims arising under any loans insurance policy maintained hereunder in lieu of separate awards to Owner whether or not secured by all or any part such Parties, Manager shall receive its pro rata share of such amount based on the percentage that the Management Fees bear to the aggregate amount of the Property, claim made by Owner and Manager and (iii) Manager shall have the sole right to negotiate, settle or adjust any capital expenditures claims arising from or funds deposited relating to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). Such compensation shall be in addition to all costs and expenses for which Manager is to be reimbursed related to Manager's performance of the obligations set forth in Section 3(a) through 3(i) of this Management Agreement. Any or all of the Compensation may be accrued until the sale of the Property. Notwithstanding the foregoing, Owner shall also be responsible for paying any construction management fees that Manager is obligated to pay to any sub-property mangers for the PropertyBI Policy/Rider.

Managers Compensation. (a) At any time during a closure or partial closure of a Managed Property as a result of damage, condemnation or Force Majeure, Manager shall continue to be paid Management Fees that would have been paid to Manager during such period of closure based on the average monthly Management Fees paid during the period of time provided for under the BI Policy/Rider prior to such casualty had such damage or loss not occurred, provided that (i) Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees out of Manager’s own funds as provided in the last sentence of Section 10.1 above; and (ii) such business interruption proceeds are actually received by Owner, Manager or their respective Affiliates, as applicable, and all proceeds of such insurance shall be paid to Manager upon receipt by Owner shall pay Manager for its services notwithstanding the same is included in performing its asset management responsibilities a lump sum or other amounts received by Owner in settlement of all such claims. For avoidance of doubt, if Owner settles any insurance claim and there is no separate allocation made by the carrier with respect to business interruption and/or the Property lost Management Fees, so long as Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees, Owner shall promptly pay to Manager an amount equal to the lost Management Fees for the applicable period pursuant to and in accordance with the terms of this Agreementpolicy or rider actually obtained by Manager pursuant to Section 10.1. (b) Notwithstanding anything to the contrary contained herein, an annual asset management fee, payable monthly, equal to five (i) Manager shall receive one hundred percent (5100%) of the Gross Revenue all proceeds of insurance from the Property (the “"Compensation"). Any management fee due to BI Policy/Rider if a separate award is received from any sub-property manager shall be paid by deducting such amount from the Compensation. As used herein, "Gross Revenue" shall mean the entire amount of all revenue, determined on an accrual basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Property received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds company following a casualty or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Revenue does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition condemnation of all or any part of the PropertyProperties, (ii) if such insurance company(ies) pays one amount in settlement of all claims arising under any loans insurance policy maintained hereunder in lieu of separate awards to Owner whether or not secured by all or any part such Parties, Manager shall receive its pro rata share of such amount based on the percentage that the Management Fees bear to the aggregate amount of the Property, claim made by Owner and Manager and (iii) Manager shall have the sole right to negotiate, settle or adjust any capital expenditures claims arising from or funds deposited relating to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). Such compensation shall be in addition to all costs and expenses for which Manager is to be reimbursed related to Manager's performance of the obligations set forth in Section 3(a) through 3(i) of this Management Agreement. Any or all of the Compensation may be accrued until the sale of the Property. Notwithstanding the foregoing, Owner shall also be responsible for paying any construction management fees that Manager is obligated to pay to any sub-property mangers for the PropertyBI Policy/Rider.

Managers Compensation. Subject to the terms of Section 16 below, Owner shall pay Manager for its services in performing its asset management responsibilities with respect to the Property in accordance with the terms of this Agreement, an annual asset management fee, payable monthly, equal to five percent (5%) of the Gross Revenue from the Property (the “"Compensation"). Any management fee due to any sub-property manager shall be paid by deducting such amount from the Compensation. As used herein, "Gross Revenue" shall mean the entire amount of all revenue, determined on an accrual basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Property received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Revenue does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of the Property, (ii) any loans to Owner whether or not secured by all or any part of the Property, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). Such compensation shall be in addition to all costs and expenses for which Manager is to be reimbursed related to Manager's performance of the obligations set forth in Section 3(a) through 3(i) of this Management Agreement. Any or all of the Compensation may be accrued until the sale of the Property. Notwithstanding the foregoing, Owner shall also be responsible for paying any construction management fees that Manager is obligated to pay to any sub-property mangers for the Property.

Managers Compensation. (a) At any time during a closure or partial closure of the Property as a result of damage, condemnation or Force Majeure, Manager shall continue to be paid Management Fees that would have been paid to Manager during such period of closure based on the average monthly Management Fees paid during the period of time provided for under the BI Policy/Rider prior to such casualty had such damage or loss not occurred, provided that (i) Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees out of Manager’s own funds as provided in the last sentence of Section 10.1 above; and (ii) such business interruption proceeds are actually received by Owner, Manager or their respective Affiliates, as applicable, and all proceeds of such insurance shall be paid to Manager upon receipt by Owner shall pay Manager for its services notwithstanding the same is included in performing its asset management responsibilities a lump sum or other amounts received by Owner in settlement of all such claims. For avoidance of doubt, if Owner settles any insurance claim and there is no separate allocation made by the carrier with respect to business interruption and/or the Property lost Management Fees, so long as Manager has paid the portion of the business interruption insurance costs attributed to the payment of interim Management Fees, Owner shall promptly pay to Manager an amount equal to the lost Management Fees for the applicable period pursuant to and in accordance with the terms of this Agreementpolicy or rider actually obtained by Manager pursuant to Section 10.1. (b) Notwithstanding anything to the contrary contained herein, an annual asset management fee, payable monthly, equal to five (i) Manager shall receive one hundred percent (5100%) of the Gross Revenue all proceeds of insurance from the Property (the “"Compensation"). Any management fee due to BI Policy/Rider if a separate award is received from any sub-property manager shall be paid by deducting such amount from the Compensation. As used herein, "Gross Revenue" shall mean the entire amount of all revenue, determined on an accrual basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Property received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds company following a casualty or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Revenue does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition condemnation of all or any part of the Property, (ii) if such insurance company(ies) pays one amount in settlement of all claims arising under any loans insurance policy maintained hereunder in lieu of separate awards to Owner whether or not secured by all or any part such Parties, Manager shall receive its pro rata share of such amount based on the percentage that the Management Fees bear to the aggregate amount of the Property, claim made by Owner and Manager and (iii) Manager shall have the sole right to negotiate, settle or adjust any capital expenditures claims arising from or funds deposited relating to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). Such compensation shall be in addition to all costs and expenses for which Manager is to be reimbursed related to Manager's performance of the obligations set forth in Section 3(a) through 3(i) of this Management Agreement. Any or all of the Compensation may be accrued until the sale of the Property. Notwithstanding the foregoing, Owner shall also be responsible for paying any construction management fees that Manager is obligated to pay to any sub-property mangers for the PropertyBI Policy/Rider.