Manager’s Subordination Agreement Sample Clauses
Manager’s Subordination Agreement. The Borrower shall cause the Manager to enter into an agreement with the Lender whereby the Manager:
1) consents to the termination of the Management Agreement without fee or penalty upon foreclosure against the Collateral,
2) consents to the removal and replacement of Manager upon foreclosure against the Collateral, and
3) if Manager is an Affiliate of Borrower or Mortgagor, subordinates its right to receive its management fee to the payment of amounts due Lender under the Loan Documents, subject to the prior rights of Senior Lender.
Manager’s Subordination Agreement. Lender shall have received the original of the Manager’s Subordination Agreement executed and acknowledged by each of Borrower, Tenant and Manager, together with a true and complete copy of the Management Agreement certified by an Officer’s Certificate.