Common use of Matters Concerning Manager Clause in Contracts

Matters Concerning Manager. (a) Lender acknowledges that (i) a manager unaffiliated with Borrower may terminate or cause Mortgage Borrower or Baltimore Owner to terminate any applicable management agreement if it is not being paid the management fees due under such management agreement and (ii) an affiliated manager (A) shall not be entitled to a management fee but shall be entitled to reimbursement of reasonable out-of-pocket expenses spent by said manager for the operation of the Properties during the continuance of an Event of Default and (B) may terminate any applicable management agreement after Mortgage Lender takes title to the related Individual Property or Lender takes title to the Collateral in the event said manager is not being paid all fees due under such management agreement. (b) Subject to the rights of Mortgage Lender, Lender shall have the right to cause Borrower to cause Mortgage Borrower or Baltimore Owner to terminate any management agreement upon the occurrence of any one or more of the following: (i) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable management agreement to be terminated is then between Mortgage Borrower (and/or Baltimore Owner) and a Qualified Manager not an Affiliate of Mortgage Borrower), (ii) the Manager is subject to a Bankruptcy Action, (iii) the Manager defaults under such management agreement beyond all applicable notice and cure periods.

Matters Concerning Manager. (a) Lender acknowledges that (i) a manager unaffiliated with Borrower may terminate or cause Xxxxxx Mortgage Borrower or Baltimore Owner to terminate any applicable management agreement if it is not being paid the management fees due under such management agreement and (ii) an affiliated manager (A) shall not be entitled to a management fee but shall be entitled to reimbursement of reasonable out-of-pocket expenses spent by said manager for the operation of the Properties during the continuance of an Event of Default and (B) may terminate any applicable management agreement after Mortgage Lender takes title to the related Individual Property or Lender takes title to the Collateral in the event said manager is not being paid all fees due under such management agreement. (b) Subject to the rights terms and provisions of Mortgage Lenderthe Xxxxxx Loan Documents, Lender shall have the right to cause Borrower to cause Xxxxxx Mortgage Borrower or Baltimore Owner to terminate any management agreement upon the occurrence of any one or more of the following: (i) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable management agreement to be terminated is then between Xxxxxx Mortgage Borrower (and/or Baltimore Owner) and a Qualified Manager not an Affiliate of Xxxxxx Mortgage Borrower), (ii) the Manager applicable manager is subject to a Bankruptcy Action, (iii) the Manager applicable manager defaults under such management agreement beyond all applicable notice and cure periods.

Matters Concerning Manager. (a) Lender acknowledges that (i) a manager unaffiliated with Borrower may terminate or cause Mortgage Borrower or and Baltimore Owner to may terminate any applicable management agreement if it is not being paid the management fees due under such management agreement and (ii) an affiliated manager (A) shall not be entitled to a management fee but shall be entitled to reimbursement of reasonable out-of-pocket expenses spent by said manager for the operation of the Properties during the continuance of an Event of Default and (B) may terminate any applicable management agreement after Mortgage Lender takes title to the related Individual Property or Lender takes title to the Collateral in the event said manager is not being paid all fees due under such management agreement. (b) Subject to the rights of Mortgage Lender, Lender shall have the right to cause Borrower to cause Mortgage Borrower or and Baltimore Owner to terminate any management agreement upon the occurrence of any one or more of the following: (i) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable management agreement to be terminated is then between Mortgage Borrower (and/or Baltimore Owner) and a Qualified Manager not an Affiliate of Mortgage the Borrower), (ii) the Manager is subject to a Bankruptcy Action, (iii) the Manager defaults under such management agreement beyond all applicable notice and cure periodsperiods and (iv) Lender (or its designee) takes title to the related Individual Property.