Common use of Payment of Management Fee Clause in Contracts

Payment of Management Fee. Following Stabilization, within fifteen (15) days after the end of each calendar month, Manager shall submit to Owner a written statement, certified as correct by Manager, which shall set forth the (a) Gross Rental Receipts, and (ii) Owner’s Operating Costs, each for the preceding calendar month (“Monthly Statement”). Upon receipt of each Monthly Statement, Owner shall authorize payment to Manager from the Operating Account an amount equal to the estimated Management Fee due for the preceding calendar month paid in advance for such preceding calendar month. If there is a period at the beginning or end of the Term, whether or not the end of the Term is due to an early termination of this Agreement in accordance with the terms herein, which is less than a full calendar month, then the Management Fee shall be determined pro rata based on the number of days in the month.

Payment of Management Fee. Following Stabilization, within fifteen (15) days after the end of each calendar month, Manager shall submit to Owner a written statement, certified as correct by Manager, which shall set forth the (a) Gross Rental Receipts, and (ii) Owner’s Operating Costs, each for the preceding calendar month (“Monthly Statement”). Upon receipt of each Monthly Statement, Owner shall authorize payment to Manager from the Operating Account an amount equal to the estimated Management Fee due for the preceding calendar month paid in advance for such preceding calendar month. If there is a period at the beginning or end of the Term, whether or not the end of the Term is due to an early termination of this Agreement in accordance with the terms herein, which is less than a full calendar month, then the Management Fee shall be determined pro rata based on the number of days in the month.. Annual Statement/