Performance Termination. Commencing with the expiration of Fiscal Year 2014, in the event that Adjusted NOI does not equal or exceed the Performance Threshold, then the Tenant shall have the option to terminate this Agreement by providing a ninety (90) day written notice to the Management Company. To terminate this Agreement, Tenant must deliver written notice of such election to Management Company no later than sixty (60) days following Tenant’s receipt of the annual financial reports for such Fiscal Year.
Appears in 8 contracts
Samples: Management Services Agreement (CNL Healthcare Properties, Inc.), Management Services Agreement (CNL Healthcare Properties, Inc.), Management Services Agreement (CNL Healthcare Properties, Inc.)
Performance Termination. Commencing with the expiration of Fiscal Year 20142017, in the event that Adjusted NOI does not equal or exceed 90% of the Minimum Performance ThresholdThreshold on a rolling twelve (12) month basis, then the Tenant shall have the option to terminate this Agreement by providing a ninety sixty (9060) day written notice to the Management CompanyCompany (a “Performance Termination”). To terminate this AgreementIn such event, Tenant must deliver written notice shall not be obligated to pay any fee or penalty as a result of such election to Management Company no later than sixty (60) days following Tenant’s receipt of the annual financial reports for such Fiscal Yeartermination.
Appears in 1 contract
Samples: Management Services Agreement (CNL Healthcare Properties II, Inc.)
