Property Management and Leasing. The exclusive manager of the Property shall be Borrower, or such other manager as may be first approved in writing by Lender. The exclusive leasing agent of the Property, if other than Borrower or the foregoing party, shall be first approved in writing by Lender. The management and leasing contracts (or in the absence of any such written contract, a letter so stating and further identifying the name of the person or entity charged with the responsibility for managing and/or leasing the Property) shall be subordinate to this Mortgage, and satisfactory to and subject to the prior written approval of Lender throughout the term of the Loan. Upon default in either of these requirements, then the whole of the Loan hereby secured shall, at the election of Lender, become immediately due and payable, together with any Prepayment Premium, late payment charges and all other sums required by the Note or the other Loan Documents, and Lender shall be entitled to exercise any or all remedies provided for or referenced in this Mortgage.
Property Management and Leasing. 1. A SSOCIATIONS. When property is governed by a CONDO OR HOMEOWNER’S A SSOCIATION, OWNER needs to provide BROKER with a copy of community regulations and rules as well as any rental application form which may be required at time of leasing as a an attachment to this contract so BROKER can avoid breaches of the Association regulations. If rental unit is a condominium or is governed by a Homeowner’s Association, any lease negotiated shall be subject to the Association Rules and Regulations.
Property Management and Leasing. (a) On the Funding Date, the management and leasing of the Property shall be conducted under the terms and conditions of the Management Agreement which has been approved by Lender prior to the Funding Date. Borrower acknowledges that Lender has examined and relied on the experience of the Property Manager with respect to properties such as the Property in agreeing to make the Loan, and that Lender will continue to rely on the management and leasing of the Property pursuant to the terms thereof as a means of maintaining the value of the Property as security for repayment of the Obligations.
Property Management and Leasing. The exclusive manager of the Property shall be Borrower, Xxxxx Southeast Realty Services LLC, or such other exclusive manager as may be first approved in writing by Lender, not to be unreasonably withheld, conditioned or delayed. The exclusive leasing agent of the Property, shall be Xxxxxxx X. Xxxxxxxx Real Estate, Inc., or Xxxxx Southeast Realty Services LLC, or such other leasing agent as may be first approved in writing by Lender, not to be unreasonably withheld, conditioned or delayed. The maximum property management fee shall be four percent (4%) of gross revenues from the Property. The management and leasing contracts (or in the absence of any such written contract, a letter so stating and further identifying the name of the person or entity charged with the responsibility for managing and/or leasing the Property) shall be subordinate to this Mortgage, and satisfactory to and subject to the prior written approval of Lender, not to be unreasonably withheld, conditioned or delayed, throughout the term of the Loan. The subordination of the management and/or leasing agreement(s) shall give Lender the right to terminate such management and/or leasing agreement(s) during the continuance of an Event of Default under the Loan Documents or for fraud or willful misconduct by the manager or leasing agent. Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing, any property manager or leasing agent approved by X.X. Xxxxxx Investment Management shall be deemed satisfactory to Lender.
Property Management and Leasing. The Company believes that on-site property managers can most effectively operate the Centers. Each Center's property manager is responsible for overseeing the operations, marketing, maintenance and security functions at the Center. Property managers focus special attention on controlling operating costs, a key element in the profitability of the Centers, and seek to develop strong relationships with and to be responsive to the needs of retailers. The Company believes strongly in decentralized leasing and accordingly, most of its leasing managers are located on-site to better understand the market and the community in which a Center is located. Leasing managers are charged with more than the responsibility of leasing space; they continually assess and fine tune each Center's tenant mix, identify and replace underperforming tenants and seek to optimize existing tenant sizes and configurations.
Property Management and Leasing. Inc., a California corporation (the “Property Manager/Leasing Agent”), which is an affiliate of , LLC, and the Buyers hereby approve the terms of that certain property management and leasing agreement (the “PMLA”) attached hereto as Exhibit N and incorporated herein by this reference. At the Closing, Buyers and Property Manager/Leasing Agent shall enter into the PMLA.
Property Management and Leasing. Any property management and leasing contracts for the Property shall be terminated prior to the Closing, except any leasing contract entered into by Buyer or Seller at Buyer’s request, which agreement shall remain in effect in accordance with its terms and conditions or any other agreement that Buyer, in its sole discretion, elects to remain in force and effect. All employees of Seller and Seller’s property managers and leasing agents shall have their employment at the Property terminated and shall be paid current by Seller through Closing, including accrued vacation and other benefits. Seller shall be responsible for, and indemnify, protect, hold harmless and defend Buyer with respect to, any Losses arising from any WARN Act claims. Buyer shall have the right to interview any employees of Seller or Seller’s property managers at the Property for employment at the Property.
Property Management and Leasing. Except as set forth in Schedule 4.02(g), there are no outstanding contracts or agreements with respect to the management, operation or leasing of the Controlled Properties. A true, correct and complete copy of each agreement set forth on Schedule 4.02(g), including all amendments thereto, if any, have been delivered to Lender.
Property Management and Leasing. (a) At all times Borrower will cause the Property to be managed (i) in accordance with all Laws; (ii) by a property management company reasonably satisfactory to Lender, it being understood that Xxxxxxxx Xxxxxx Property Manager, Principal, REIT and any REIT Subsidiary are each satisfactory to Lender, so long as they are Affiliates of Borrower; and (c) pursuant to a written property management agreement approved by Lender in writing (such approval not to be unreasonably withheld, conditioned or delayed), which may include the Leasing Agreement (as approved, the “Property Management Agreement”). The Property Management Agreement shall be terminable at will by Borrower upon thirty (30) days prior written notice and shall be subject and subordinate to the lien and terms of this Instrument and the other Loan Documents by execution of a subordination of management agreement on Lender’s then standard form with such changes as agreed between Lender and Borrower. In no event shall the property manager be removed or replaced (other than in connection with a Property Management Transfer) or the terms of the Property Management Agreement be modified or amended without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. Upon the occurrence of an Event of Default, Lender shall have the right to direct Borrower to terminate (and Borrower shall so terminate or cause to be terminated) the Property Management Agreement upon thirty (30) days’ notice. In the event that the property manager provides cause for termination as the result of gross negligence, willful misconduct, fraud, breach of fiduciary duty, bankruptcy, criminal liability or civil liability, Lender shall have the right to direct Borrower to immediately terminate (and Borrower shall so immediately terminate or cause to be immediately terminated) such Property Management Agreement.
Property Management and Leasing
