Property Level Agreements Clause Samples
A Property Level Agreement clause sets out specific performance standards, responsibilities, or obligations that apply to individual properties within a broader contract, such as a portfolio management or real estate services agreement. This clause typically details metrics like maintenance requirements, service levels, or reporting duties for each property, ensuring that expectations are clear and tailored to the unique needs of each location. By establishing these property-specific terms, the clause helps prevent misunderstandings and ensures consistent management across multiple properties, thereby promoting accountability and operational efficiency.
POPULAR SAMPLE Copied 2 times
Property Level Agreements. The Parties agree to use their best efforts to cause the Company, subject to approval by the Company’s Board of Directors, to enter into a Master Property Management, Leasing, and Construction Management Agreement with an Affiliate of the Sub-advisor consistent with the description of the same in the Prospectus. Advisor shall have the right to review and comment upon such master agreement, and to approve such master agreement (such approval not to be unreasonably withheld), prior to submission to the Board. Advisor agrees that it shall have no right in the fees generated pursuant to such master agreement.
Property Level Agreements. As soon as practicable following the date that is six months after the initial closing of the Initial Public Offering, the Parties agree to use their best efforts to cause the Company, subject to approval by the Company’s Board of Directors, to enter into a Master Property Management and Leasing Agreement with an Affiliate of the Sub-Advisor consistent with the description of the same in the Prospectus. Advisor shall have the right to review and comment upon such master agreement, and to approve such master agreement (such approval not to be unreasonably withheld), prior to submission to the Board. Advisor agrees that it shall have no right in the fees generated pursuant to such master agreement.