Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.
Property Management Fee. No Property Management Fee shall be paid unless approved by a majority of the Independent Directors.
Property Management Fee. Tenant shall pay to Landlord on, or before, the first day of each calendar month of the Term, as Additional Rent, the Property Management Fee. The "Property Management Fee" shall equal one and one-half percent (1.5%) of the then-current Base Rent due from Tenant. Tenant shall pay the Property Management Fee with respect to the entire Term, including any extensions thereof or any holdover periods, regardless of whether Tenant is obligated to pay Base Rent or any other Rent with respect to any such period or portion thereof.
Property Management Fee. The Property Management Fee as defined in Section 8(d).
Property Management Fee. The Advisor may cause the Company to pay Property Management Fees for property management services rendered by the Advisor or its Affiliates in connection with Properties acquired directly or through foreclosure. The Advisor or an Affiliate will provide property management services only if a Property becomes vacant or requires more active management than contemplated at the time such Property is acquired. In either event, the Company, by approval of the Directors (including a majority of the Independent Directors), may engage the Advisor or an Affiliate, subject to such Advisor's or such Affiliate's qualifying as an "independent contractor" pursuant to Section 856(d)(3) of the Code, to provide property management services. If such services are rendered by the Advisor or an Affiliate, the maximum Property Management Fees which may be paid to the Advisor or an Affiliate will be six percent of gross revenues from commercial Properties and five percent of gross revenues from residential Properties, plus reimbursed expenses, paid monthly, where such entity performs property management and leasing, re-leasing and leasing related services, or three percent of the gross revenues of the Property if only property management services are performed by such entity. Property Management Fees payable to the Advisor or an Affiliate for an industrial or commercial Property leased on a long-term (defined as at least ten years, excluding renewals) triple net basis, may not exceed one percent of the gross revenues from such Property, except for a one-time initial leasing fee equal to three percent of total base rents payable for the first five years of the lease, payable in five equal annual installments. Such fees to the Advisor or its Affiliate cannot exceed the usual and customary amounts charged for similar services in the same geographic area.
Property Management Fee. The Property Management Fee payable to the Advisor, an Affiliate of the Advisor or a no-affiliated third party as the Property Manager as defined in Section 8(d).
Property Management Fee. The term “Property Management Fee” shall mean the fees payable to the Advisor pursuant to Section 9(f).
Property Management Fee. The Advisor or its Affiliate shall receive a Property Management Fee equal to 4.0% of the monthly gross revenues from any Real Property it manages, payable monthly. In the alternative, should the Company contract property management services for certain Real Properties to non-Affiliated third parties, the Advisor shall receive an Oversight Fee equal to 1.0% of monthly gross revenues of such Real Properties so managed.
Property Management Fee. If an Advisor or an Affiliate provides a substantial amount of the property management services (as determined by a majority of the Independent Directors) for the Company’s Properties, then the Advisor or Affiliate shall receive a property management fee equal to 1.5% of gross revenues from the properties managed.
Property Management Fee. As compensation for day-to-day management services provided, the Manager and/or an affiliated or third-party property managers will receive property management fees at Market Rate calculated on the monthly gross income from the Properties (“Property Management Fee”) in addition to the costs of all expenses related to the operation and maintenance of the Properties. These fees will be payable monthly, or at such later time as the Manager may determine in its sole discretion.
