Property Management. (a) Borrower shall (i) cause Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware, (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement, and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement in a commercially reasonable manner. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its Obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed. In no event shall the fee payable to Manager for any Interest Period exceed the Management Fee Cap for such Interest Period and in no event shall Borrower pay or become obligated to pay to Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the Transfer of a Property or the termination of the Management Agreement.
(b) If any one or more of the following events occurs: (i) the occurrence of an Event of Default, (ii) Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of any gross negligence, fraud, willful misconduct or misappropriation of funds), or (iii) Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace the Manager and enter into a Replacement Management Agreement with (x) a Qualified Manager selected by Borrower that is not an Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender; provided...
Property Management. Borrower will provide for professional management of the Mortgaged Property by the Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of Lender, which consent will not be unreasonably withheld.
(i) If at any time Lender consents to the appointment of a new Property Manager, such new Property Manager and Borrower will, as a condition of Lender’s consent, execute an Assignment of Management Agreement in a form acceptable to Lender.
(ii) If any such replacement Property Manager is an Affiliate of Borrower, and if a nonconsolidation opinion was delivered on the Closing Date, Borrower will deliver to Lender an updated nonconsolidation opinion in form and substance satisfactory to Lender with regard to nonconsolidation.
Property Management. In addition, Tenant agrees to pay Landlord along with the expenses to be reimbursed by Tenant a monthly fee for management services rendered by either Landlord or a third party manager engaged by Landlord (which may be a party affiliated with Landlord), in the amount of three percent (3%) of the Base Monthly Rent.
Property Management. Title to real property or equipment acquired under a grant or subgrant will vest upon acquisition in SUBRECIPIENT or subgrantee. SUBRECIPIENT or subgrantee will use, manage, and dispose of this property or equipment in accordance with the requirements set out in 2 CFR 200 and 24 CFR Part 570, Subpart J.
Property Management. Purchaser acknowledges and accepts that an affiliate of Seller shall act as property and association manager for the Project.
Property Management. All non-expendable personal property acquired for the Project with funds provided in whole or in part under this Contract shall:
a. become property of the City at the time of acquisition,
b. be marked by the Contractor with City property numbers obtained from City, and
c. be turned in to the City upon termination of the Project or at such time as the City makes a request for such property. Non-expendable personal property is defined as property which will not be consumed or lose its identity during the contract term, has a value of $100.00 or more at the time of purchase, and is expected to have a useful life of one year or more. Property records for non-expendable personal property shall be accurately maintained by the Contractor and shall reflect the following:
a. a description of the property;
b. acquisition date and costs;
c. vendor of the property; and
d. percentage of the cost of the property purchased with funds from this Contract. An inventory of non-expendable personal property shall be made by the Contractor for each calendar quarter and upon completion will be transmitted to OEWD. A final inventory is to be submitted by the Contractor to the City upon the termination of this Contract. Non-expendable personal property shall not be purchased by the Contractor from funds from this Contract unless OEWD has given its approval. The Contractor shall insure that adequate safeguards are provided to prevent loss, damage or theft of the property. In the case of all suspected thefts and if there is any possibility of a criminal cause of the loss or damage, the Contractor shall report the loss, damage, or theft to the Police of the City, unless the possible crime occurred in another jurisdiction, in which case the Contractor shall report it to the law enforcement authorities with jurisdiction and the Contractor shall provide a copy of the investigation report to OEWD. Real property shall not be purchased by the Contractor with Project funds unless OEWD had first made a specific, written authorization of such purchase. For the purpose of this Contract, real property means land, land improvements and interests in land, structures and appurtenances thereto.
Property Management. (1) The Contractor shall have a system to manage (control, use, preserve, protect, repair and maintain) City Property in its possession. The system shall be adequate to satisfy the requirements of this section. In doing so, the Contractor shall initiate and maintain the processes, systems, procedures, records, and methodologies necessary for effective control of City Property, consistent with voluntary consensus standards and/or industry-leading practices and standards for City Property management except where inconsistent with law or regulation. During the period of performance, the Contractor shall disclose any significant changes to its Property management system to the City Manager prior to implementation. For purposes of this provision, “system to manage” means defined procedures and methodology.
(2) The Contractor’s responsibility extends from the initial acquisition and receipt of Property and Material, through stewardship, custody, and use until formally relieved of responsibility by authorized means, including delivery, consumption, expending, sale (as surplus Property), or other disposition, or via a completed investigation, evaluation, and final determination for lost, stolen, damaged, or destroyed Property and Material. This requirement applies to all City Property under the Contractor’s accountability, stewardship, possession or control, including its vendors or subcontractors (see paragraph (f) (1) (v) of this section).
(3) The Contractor shall include the requirements of this section in all subcontracts under which City Property is acquired or furnished for subcontract performance.
Property Management. The Owner agrees that at all times the Project shall be managed by a property manager (i) approved by the Issuer in its reasonable discretion and (ii) who has at least three years’ experience in the ownership, operation and management of similar size rental housing projects, and at least one year’s experience in the ownership, operation and management of rental housing projects containing below-market- rate units, without any record of material violations of discrimination restrictions or other state or federal laws or regulations or local governmental requirements applicable to such projects (the “Agent”). The Agent may enter property management agreements for management of the Project with other property managers (such other property managers, the “Managers”), provided, however, that any such Manager shall meet the requirements set forth in (i) and (ii) above. The Owner shall submit to the Issuer from time to time such information about the background, experience and financial condition of any existing or proposed Agent or Manager as the Issuer may reasonably require to determine whether such Agent or Manager meets the requirements set forth herein. The Issuer reserves the right to conduct periodic reviews of the management practices and of the Agent and Manager to determine if the Project is being operated and managed in accordance with the requirements and standards of this Agreement. The Owner agrees to cooperate with the Issuer in such reviews.
Property Management. The Borrower will not, without the prior written approval of the Administrative Agent, (i) enter into any new Property Management Agreement; (ii) terminate or make any material changes to the Property Management Agreement, either orally or in writing, in any respect; or (iii) consent to, approve or agree to any assignment or transfer by or with respect to the Property Manager (including transfers of beneficial interests in the Property Manager or assignments or transfers by the Property Manager of any or all of its rights under any Property Management Agreement) except as otherwise permitted by Section 9.03 or Section 14.31. Notwithstanding the foregoing, the Borrower may, on prior written notice to the Administrative Agent, subject to the limitations set forth herein with respect to the Administrative Agent’s approval of any new manager for any Project, terminate a Property Management Agreement in accordance with its terms as a result of a material default by a Property Manager thereunder, and the limited partners in the Borrower’s Member may remove any Property Manager or terminate any Property Management Agreement provided a replacement Property Manager satisfactory to the Administrative Agent is immediately appointed pursuant to a Property Management Agreement acceptable to the Administrative Agent which permits termination by the Borrower on thirty (30) days’ notice so long as the new property manager delivers a Property Manager’s Consent. Any change in ownership or control of the Property Manager other than as specifically set forth herein shall be cause for the Administrative Agent to re-approve such Property Manager and Property Management Agreement. If at any time the Administrative Agent consents to the appointment of a new Property Manager, such new Property Manager and the Borrower shall, as a condition of the Administrative Agent’s consent, execute a Property Manager’s Consent in the form then used by the Administrative Agent. Each Property Manager shall be required to hold and maintain all necessary licenses, certifications and permits required by Applicable Law. The Borrower may, on prior written notice to the Administrative Agent, transfer a Property Management Agreement to, or terminate and enter into a new Property Management Agreement on substantially the same terms with, another entity owned and controlled by, or under common control with, Xxxxxxx, Xxxxxx and Company or the Borrower’s Manager; provided that such new management entity is...
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