Common use of Property Manager Clause in Contracts

Property Manager. Borrower shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his sole discretion. Related Management Company, L.P., a New York limited partnership (“Related Management”) is hereby approved to act as the Property Manager for the Apartment Complex. Except for Related Management, Borrower shall conduct due diligence and background evaluation of any potential outside property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his sole discretion. Related Management CompanyVPM Management, L.P., a New York limited partnership Inc. (“Related ManagementVPM”) is hereby approved to act as the Property Manager for the Apartment Complex. Except for Related ManagementVPM,, Borrower shall conduct due diligence and background evaluation of any potential outside property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his sole discretion. Related Management CompanyVPM Management, L.P., a New York limited partnership Inc. (“Related ManagementVPM”) is hereby approved to act as the Property Manager for the Apartment Complex. Except for Related ManagementVPM, Borrower shall conduct due diligence and background evaluation of any potential outside property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his sole discretion. Related Management Company, L.P., a New York limited partnership The Xxxx Xxxxxxx Company (“Related ManagementXxxxxxx”) is hereby approved to act as the Property Manager for the Apartment Complex. Except for Related ManagementXxxxxxx, Borrower shall conduct due diligence and background evaluation of any potential outside property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably conditioned, withheld or delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably conditioned, withheld or delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his sole discretion. The Related Management Company, L.P., a New York limited partnership L.P. (“Related ManagementRMC”) is hereby approved to act as the Property Manager for the Apartment Complex. Except for Related ManagementRMC, Borrower shall conduct due diligence and background evaluation of any potential outside property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably conditioned, withheld or delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably conditioned, withheld or delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower Developer shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”)each Project, and all appurtenances thereto that are a part of the applicable Project, to be managed in a prudent and business-like manner, consistent with good property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower Developer may contract with a property management company or property manager manager, to operate and maintain the Apartment Complex applicable Project in accordance with the terms of this Section 8 411 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) ), including any Affiliate, is and shall be subject to prior written approval of Authority’s Executive Director (or designee) in his her sole discretionand reasonable discretion and a single Property Manager shall be contracted with for both Projects. Related Management CompanyThe Property Manager shall manage both Projects in accordance with the definitions of Affordable Rent contained in Section 402 hereof, L.P.the tenant selection requirements contained in Section 404, a New York limited partnership (“Related Management”) is hereby approved and the definitions relating to act as income contained in Section 405. Any fee paid to the Property Manager for social services provided to the Apartment Complextenants shall be exclusive of the fee paid to the Property Manager relating to the management of both Projects. Except for Related Management, Borrower Developer shall conduct due diligence and background evaluation of any potential outside third party property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have significant and relevant prior experience with affordable housing projects and properties comparable to the Apartment Complex applicable Project and the references and credit record of such property manager/company shall be investigated (or caused to be investigated) by Borrower Developer prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Authority’s Executive Director shall not be unreasonably delayed but shall be in his her sole reasonable discretion, and Authority Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing property management of the Apartment Complexboth Projects by one qualified Property Manager. Furthermore, the identity and retention The replacement of any approved a Property Manager shall not be changed without by Developer and/or the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretion. The selection by Borrower Developer of any new or different Property Manager during the Term of the Ground Lease shall also shall be subject to the foregoing requirements. The To the greatest extent permitted by the terms of financing secured by Developer for the property management agreement entered into between Borrower two Projects and as a material part of the consideration exchanged and as to be disclosed to each Lender by Developer prior to and as a part of any Primary Loan, the same individuals or entity(ies) shall be retained as the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreementfor both Projects.

Property Manager. Borrower Tenant shall manage or cause the apartment complex which is part Phase A of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of Phase A of the Project, to be managed in a prudent and business-like manner, consistent with good property management standards for other comparable first quality, well-managed affordable rental housing projects in the Orange County. Borrower Tenant may contract with a property management company or individual property manager to operate and maintain the Phase A of the Apartment Complex in accordance with the terms of this Section 8 8.3.10.1 (“Property Manager”―Property Manager‖); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his her sole discretion. reasonable discretion and a single Property Manager shall be contracted with for the management and operation of both Phases, Phase A and Phase B. Related Management Company, L.P., a New York limited partnership L.P. (“Related Management”―RMC‖) is hereby approved to act as the Property Manager, subject to Executive Director review of the scope of services, itemized fees, and fee contract for property management between RMC and Tenant. The Property Manager for shall manage Phase A of the Apartment ComplexProject in accordance with the definitions of Affordable Rent contained in Section 8.3.2, the subtenant selection requirements contained in Section 8.3.4, and the subtenant income requirements contained in Section 8.3. 1. Except for Related ManagementRMC, Borrower any fee paid to the Property Manager for social services provided to the subtenants shall be exclusive of the fee paid to the Property Manager relating to the management of Phase A of the Project. Tenant shall conduct due diligence and background evaluation of any potential outside third party property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have significant and relevant prior experience with affordable housing projects and properties comparable to the Apartment Complex and the references and credit record of such property manager/company shall be investigated (or caused to be investigated) by Borrower Tenant prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably delayed but shall be in his her sole reasonable discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing property management of both Phases of the Apartment Complex. Furthermore, the identity and retention of any approved Complex by one qualified Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretionManager. The replacement of RMC by Tenant and/or the selection by Borrower Tenant of any new or different Property Manager during the Term of this Ground Lease shall also shall be subject to the foregoing requirements. The To the greatest extent permitted by the terms of financing secured by Tenant for Phase A and as a material part of the property management agreement entered into between Borrower consideration exchanged and as to be disclosed to each Lender by Tenant prior to and as a part of any Primary Loan, the same individuals or entity(ies) shall be retained as the Property Manager shall include or incorporate by reference the Management Plan and shall require the management for both Phases of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory AgreementComplex.

Property Manager. Borrower Developer shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”)Phase I, and all appurtenances thereto that are a part of the ProjectPhase I, to be managed in a prudent and business-like manner, consistent with good property management standards for other comparable first high quality, well-managed affordable rental housing projects in the County. Borrower Developer may contract with a property management company or property manager manager, to operate and maintain the Apartment Complex Phase I in accordance with the terms of this Section 8 4.11 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) ), including any Affiliate, is and shall be subject to prior written approval of Authority’s Executive Director (or designee) in his her sole and reasonable discretion. Related Management Company, L.P., a New York limited partnership L.P. (“Related ManagementRMC”) ), is hereby approved to act as the Property Manager, subject to Executive Director review of the scope of services, itemized fees, and fee contract for property management between Developer and RMC. The Property Manager shall manage Phase I in accordance with the definitions of Affordable Rent contained in Section 4.2 hereof, the tenant selection requirements contained in Section 4.4, and the definitions relating to income contained in Section 4.5. Any fee paid to the Property Manager for social services provided to the Apartment Complex. tenants shall be exclusive of the fee paid to the Property Manager relating to the management of Phase I. Except for Related ManagementRMC, Borrower Developer shall conduct due diligence and background evaluation of any potential outside third party property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have significant and relevant prior experience with affordable housing projects and properties comparable to the Apartment Complex Phase I and the references and credit record of such property manager/company shall be investigated (or caused to be investigated) by Borrower Developer prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Authority’s Executive Director shall not be unreasonably delayed but shall be in his his/her sole reasonable discretion, and Authority Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing property management of the Apartment Complex. Furthermore, the identity and retention of any approved Phase I by one qualified Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretionManager. The replacement of RMC by Developer and/or the selection by Borrower Developer of any new or different Property Manager during the Term of the Ground Lease shall also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower Developer shall manage or cause the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with good property management standards for other comparable first high quality, well-managed affordable rental housing projects in the Orange County, California. Borrower Developer may contract with a property management company or property manager manager, who may be an Affiliate, to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 410 (“Property Manager”); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) ), including any Affiliate, is and shall be subject to prior written approval of Authority’s Executive Director (or designee) in his her sole reasonable discretion. Related Management CompanyThe Property Manager shall manage the Site in accordance with the definitions of Affordable Rent contained in Section 402, L.P.the tenant selection requirements contained in Section 404, a New York limited partnership (“Related Management”) is hereby approved and the definitions relating to act as income contained in Section 405. Any fee paid to the Property Manager for social services provided to the Apartment Complextenants shall be exclusive of the fee paid to the Property Manager relating to the management of the Site. Except for Related Management, Borrower Developer shall conduct due diligence and background evaluation of any potential outside third party property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have significant and relevant prior experience with affordable housing projects and properties comparable to the Apartment Complex and the references and credit record of such property manager/company shall be investigated (or caused to be investigated) by Borrower Developer prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Authority’s Executive Director shall not be unreasonably delayed but shall be in his her sole reasonable discretion, and Authority Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing property management of the Apartment Complex. Furthermore, the identity and retention of any approved Property Manager Manager, including an Affiliate, shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his her sole reasonable discretion. The selection by Borrower Developer of any new Property Manager Manager, including an Affiliate, also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreement.

Property Manager. Borrower Tenant shall manage or cause the apartment complex which is part Phase B of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of Phase B of the Project, to be managed in a prudent and business-like manner, consistent with good property management standards for other comparable first quality, well-managed affordable rental housing projects in the Orange County. Borrower Tenant may contract with a property management company or individual property manager to operate and maintain the Phase B of the Apartment Complex in accordance with the terms of this Section 8 8.3.10.1 (“Property Manager”―Property Manager‖); provided, however, the selection and hiring of the Property Manager (and each successor or assignee) is and shall be subject to prior written approval of Executive Director (or designee) in his her sole discretion. reasonable discretion and a single Property Manager shall be contracted with for the management and operation of both Phases, Phase A and Phase B. Related Management Company, L.P., a New York limited partnership L.P. (“Related Management”―RMC‖) is hereby approved to act as the Property Manager, subject to Executive Director review of the scope of services, itemized fees, and fee contract for property management between RMC and Tenant. The Property Manager for shall manage Phase B of the Apartment ComplexProject in accordance with the definitions of Affordable Rent contained in Section 8.3.2, the subtenant selection requirements contained in Section 8.3.4, and the subtenant income requirements contained in Section 8.3. 1. Except for Related ManagementRMC, Borrower any fee paid to the Property Manager for social services provided to the subtenants shall be exclusive of the fee paid to the Property Manager relating to the management of Phase B of the Project. Tenant shall conduct due diligence and background evaluation of any potential outside third party property manager or property management company to evaluate experience, references, credit worthiness, and related qualifications as a property manager. Any proposed property manager shall have significant and relevant prior experience with affordable housing projects and properties comparable to the Apartment Complex and the references and credit record of such property manager/company shall be investigated (or caused to be investigated) by Borrower Tenant prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval of a Property Manager by Executive Director shall not be unreasonably delayed but shall be in his her sole reasonable discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing property management of both Phases of the Apartment Complex. Furthermore, the identity and retention of any approved Complex by one qualified Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretionManager. The replacement of RMC by Tenant and/or the selection by Borrower Tenant of any new or different Property Manager during the Term of this Ground Lease shall also shall be subject to the foregoing requirements. The To the greatest extent permitted by the terms of financing secured by Tenant for Phase B and as a material part of the property management agreement entered into between Borrower consideration exchanged and as to be disclosed to each Lender by Tenant prior to and as a part of any Primary Loan, the same individuals or entity(ies) shall be retained as the Property Manager shall include or incorporate by reference the Management Plan and shall require the management for both Phases of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory AgreementComplex.

Property Manager. Borrower Continuously throughout the Term, Lessee shall manage or cause employ a competent manager for the apartment complex which is part of the Project (the “Apartment Complex”), and all appurtenances thereto that are a part of the Project, to be managed in a prudent and business-like manner, consistent with property management standards for other comparable first quality, well-managed affordable rental housing projects in the County. Borrower may contract with a property management company or property manager to operate and maintain the Apartment Complex in accordance with the terms of this Section 8 Property (“Property Manager”); provided, howeverwho shall be responsible for the day to day full-time management, operation, maintenance, cleanliness, and general order thereof. The Property Manager shall: (i) have the selection requisite skill, experience and hiring expertise for the type of operation being conducted on the Property, (ii) be an experienced, professional management firm for the type of operation being conducted on the Property, and (iii) have executive management that has a minimum of ten (10) years’ experience in the successful management and operation of dry stack operations of comparable quality to that which is to be operated and maintained on the Property. Concurrently with submitting its request for approval of a Property Manager, Lessee shall submit to Chief Real Estate Officer all information needed to demonstrate compliance with the criteria set forth herein and thereafter, upon Chief Real Estate Officer’s request, Lessee shall cooperate with County and provide such additional information as Chief Real Estate Officer may reasonably request relating to such criteria or other factors bearing upon Chief Real Estate Officer’s approval of the Property Manager. If Chief Real Estate Officer disapproves a proposed Property Manager, he or she shall do so by written notice to Lessee stating the reasons for such disapproval. Each approved Property Manager (shall be vested with the authority of Lessee with respect to the supervision over the operation and each successor maintenance of the Property, including the authority to enforce compliance by Lessee’s agents, employees, concessionaires, or assignee) is licensees with the terms and conditions of this Lease and any and all rules and regulations adopted hereunder. Lessee shall provide County with the name and contact information for the Property Manager, and shall continuously throughout the Term update such information as changes occur.‌ Lessee expressly agrees that any notice herein required to be subject to prior written approval served upon Lessee may, at the option of Executive Director (County or designee) in his sole discretion. Related Management CompanyChief Real Estate Officer, L.P., a New York limited partnership (“Related Management”) is hereby approved to act as be personally served upon the Property Manager and that such service shall have the same force and effect as service upon Lessee. If during the Term in the reasonable judgment of Chief Real Estate Officer the then current Property Manager is performing in an unsatisfactory manner, then the Chief Real Estate Officer shall advise Lessee of the particular deficiencies in such operations and Lessee shall use commercially reasonable and diligent efforts to cause such manager to correct such behavior or shall replace such Property Manager with a new management firm with personnel experienced in managing institutional quality projects and which complies with the requirements above. If during the Term the then current Property Manager terminates its contract, then Lessee shall have the right to replace such Property Manager with another management firm which complies with the requirements above. Notwithstanding anything in this Lease to the contrary, and for the Apartment Complex. Except avoidance of doubt, Lessee shall be solely responsible to County for Related Management, Borrower shall conduct due diligence the continued operation of the Property in accordance with the terms and background evaluation conditions of any potential outside property manager or property management company to evaluate experience, references, credit worthinessthis Lease, and related qualifications as a property manager. Any proposed property manager shall have prior experience with projects and properties comparable to the Apartment Complex and the references and credit record of such manager/company shall be investigated (or caused to be investigated) by Borrower prior to submitting the name and qualifications of such proposed property manager to the Executive Director for review and approval. A complete and true copy of the results of such background evaluation shall be provided to the Executive Director. Approval Lessee’s employment of a Property Manager by Executive Director to assist Lessee with the same shall not be unreasonably delayed but shall be in his sole discretion, and Executive Director shall use good faith efforts to respond as promptly as practicable in order to facilitate effective and ongoing management relieve Lessee of the Apartment Complex. Furthermore, the identity and retention liability for any breach of any approved Property Manager shall not be changed without the prior written approval of the Executive Director (or designee), which approval shall not be unreasonably delayed, but shall be in his sole discretion. The selection by Borrower of any new Property Manager also shall be subject to the foregoing requirements. The terms of the property management agreement entered into between Borrower and the Property Manager shall include or incorporate by reference the Management Plan and shall require the management of the Apartment Complex to be conducted in accordance with all terms, conditions, and restrictions contained in this Regulatory Agreement, including the income and rent restrictions set forth this Regulatory Agreementsuch obligations.