New Management Agreement Sample Clauses
New Management Agreement. Seller shall cause Manager to execute and deliver the New Management Agreement.
New Management Agreement. At Closing, Buyer shall execute and deliver the New Management Agreement.
New Management Agreement. The New Management Agreement between Buyer and Manager.
New Management Agreement. A photocopy, certified as true, accurate and complete by a director or the secretary or the duly authorised attorney of the Borrower of the New Management Agreement.
New Management Agreement. As to each Hotel, Seller and Purchaser shall use commercially reasonable efforts to obtain the consent of GECC, any Franchisor, and/or any other third party (to the extent required) to the form of New Management Agreement; provided however that, notwithstanding anything in this Agreement to the contrary, (a) the obtaining of such consent(s) shall not be a condition to closing for either party, and (b) the failure to obtain any such consent(s) shall not be a default by either party under this Agreement. If the parties are unable to obtain any such consent(s) prior to Closing, then at Closing, in lieu of entering into the New Management Agreement for such Hotel, Seller shall assign the Existing Management Agreement for such Hotel to Purchaser.
New Management Agreement. Principal terms
New Management Agreement. Two (2) counterparts of the new management agreement with Cousins Services in the form attached hereto as Schedule 11;
New Management Agreement. Buyer and Hotel Manager shall have executed the New Management Agreement.
New Management Agreement. During the Contingency Period, Purchaser shall use good faith efforts, with the reasonable cooperation of Seller, to negotiate a management agreement (the “New Management Agreement”) pursuant to which Property Manager will continue to operate the Property after Closing. In the event that the parties are not able to agree upon the New Management Agreement prior to the expiration of the Contingency Period, then Purchaser may elect to terminate this Agreement at or prior to the expiration of the Contingency Period, in which event the Deposit shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement).
New Management Agreement. Purchaser agrees that prior to the expiration of the Inspection Period and as a condition precedent to Seller’s obligation to close under this Agreement, Purchaser will, in good faith, execute and deliver a mutually acceptable management and leasing agreement for the Property (the “New Management Agreement”) pursuant to which Seller, or an affiliate of Seller, shall, and after the Closing Date, be appointed as the exclusive manager and leasing agent for the Property, and pursuant to which Seller shall manage and administer the operations of and lease the Property on behalf of Purchaser, subject to the terms and conditions set forth in the New Management Agreement. The New Management Agreement shall provide for (i) a property management fee equal to four percent (4%) of the annual gross revenue from the Property to be paid to Seller as manager on a monthly basis, and (ii) a leasing fee to be paid to Seller as leasing agent in an amount equal to four percent (4%) of the gross rental amount of any new lease or extension of a lease for any portion of the Property at the time of the execution of such new lease or extension of the lease, in an amount equal to two percent (2%) of the gross rental amount of any renewal or extension of any lease at the end of the term of such lease to be paid to Seller at the time of execution of such renewal or extension. The New Management Agreement shall have a term which shall commence on the Closing Date and shall terminate on the earlier to occur of December 31, 2027, or the date upon which Purchaser closes on the sale of the Property to an unaffiliated third party purchaser (but not to any third party investor purchasing any tenants in common interest in any of the Properties); provided the manager under the New Management Agreement shall have the absolute right and power to terminate the New Management Agreement without cause upon sixty (60) days prior written notice to Purchaser. In addition, the manager, pursuant to the New Management Agreement, shall be entitled to be reimbursed for any out-of-pocket expenses incurred in connection with the management and leasing of the Property on behalf of Purchaser.