Property Management Agreements. No changes to any existing property management agreements shall be made and no new property management agreements may be entered into without the prior written consent of Buyer.
Property Management Agreements. Except as disclosed on Schedule 5.24, Borrower is not a party or subject to any property management or leasing agreement with respect to the Property.
Property Management Agreements. If, in addition to or in lieu of any Borrower-Operator Agreement, Borrower enters into a property management agreement or other document outlining procedures for managing the Healthcare Facility (“Management Agreement”), such agreement or document must be approved by HUD must include HUD-92701-ORCF Management Agreement Addendum, and must be consistent with Program Obligations. Any management agent must be approved by HUD and must execute and deliver a Management Agent Certification – Residential Care Facilities (form HUD-9839-ORCF, or successor form) in such form as approved by HUD. Any Management Agreement shall contain the following provisions: (1) the Management Agreement shall terminate without penalty upon failure to comply with the provisions of Management Certification to HUD, or for other good cause, including without limitation for violations of the Borrower’s Regulatory Agreement, Operator’s Regulatory Agreement, and/or Master Tenant’s Regulatory Agreement, if any, thirty days after HUD has mailed to Borrower, or Operator, as applicable, a written notice of its desire to terminate the Management Agreement; (2) in the event that HUD determines that any of the Permits and Approvals reasonably necessary to operate the Healthcare Facility is at substantial and imminent risk of being terminated, suspended or otherwise restricted, if such termination, suspension or other restriction would have a materially adverse effect on the Project, the Management Agreement shall terminate immediately without penalty upon HUD’s issuance of a notice of termination to Borrower, or Operator, as applicable, and such management agent; and (3) the Management Agreement may not be assigned without the prior written approval of HUD. Upon HUD’s request for termination, Borrower, or Operator, as applicable, shall immediately arrange to terminate any such Management Agreement and shall make arrangements satisfactory to HUD for the continuing proper management of the Healthcare Facility and the Project. Any material amendment to the management agreement must be acceptable to HUD, in accordance with Program Obligations.
Property Management Agreements. Exhibit AA is hereby deleted in its entirety and replaced with the Exhibit AA attached to this Amendment.
Property Management Agreements. All of the property management agreements for the Property are listed in Section 2.2(s) of the Disclosure Schedule and are in full force and effect and neither the Entity or, to the knowledge of the Contributors, any other party to such management agreements is in default thereunder.
Property Management Agreements. All of the property management agreements for the Property are listed in Section 2.3(m) of the Disclosure Schedule and are as of the date hereof, and will be on the Closing Date, in full force and effect and to the knowledge of the Managing Member, no party to such management agreements is in default thereunder.
Property Management Agreements. If, in addition to or in lieu of any Borrower-Operator Agreement, Xxxxxxxx enters into a property management agreement or other document outlining procedures for managing the Healthcare Facility (“Management Agreement”), such agreement or document must be approved by HUD, must include HUD-92071-ORCF, Management Agreement Addendum, and must be consistent with Program Obligations. Any management agent must be approved by HUD and must execute and deliver a Management Agent Certification – Residential Care Facilities (form HUD-9839-ORCF, or successor form) in such form as approved by HUD.
Property Management Agreements. If, in addition to or in lieu of any Borrower-Operator Agreement, Xxxxxxxx enters into a property management agreement or other document outlining procedures for managing the Healthcare Facility, such agreement or document must be consistent with Program Obligations. Borrower and the management agent shall submit and maintain a current management certification meeting standards consistent with Program Obligations. Any agreement relating to management of the Project must contain a provision that it cannot be assigned without the prior written approval of HUD.
Property Management Agreements. In the event that any Existing Property Management Agreement or Future Property Management Agreement is terminated following the rejection thereof pursuant to Section 365 of the U.S. Bankruptcy Code (11 U.S.C. Section 101 et. seq., as amended) (the “Bankruptcy Code”) by the applicable Property Manager, Services Co. or its subsidiaries shall enter into a new property management agreement with respect to the property applicable to such Existing Property Management Agreement or Future Property Management Agreement on substantially similar terms to the applicable Existing Property Management Agreement or Future Property Management Agreement (such new property management agreement, the “New Property Management Agreement”).
Property Management Agreements. The Parties shall, at Seller’s sole cost and expense, take such actions as are reasonably required to cause each Property Management Agreement to be terminated in its entirety, effective as of the applicable Closing, and thereafter each such Property Management Agreement shall be deemed terminated in its entirety.
