Property Managers. Each Loan Party shall use commercially reasonable efforts to replace any resigning Property Manager prior to the effective date of such Property Manager’s resignation. In the event a replacement Property Manager is not appointed prior to such resignation, the Loan Parties shall take reasonable steps to assume the obligations of such resigning Property Manager until a replacement Property Manager is appointed.
Property Managers. Following the Contribution Date, Triad and Park shall jointly agree to the selection and/or replacement of property managers who will act as the facilities managers for Triad and the development mangers for Park as described in SCHEDULE 9.4 (the "PROPERTY MANAGERS"). On the Contribution Date, the Property Managers shall be actively employed by Triad for fifty percent (50%) of their time and by Park for fifty percent (50%) of their time. Park shall reimburse Triad for fifty percent (50%) of the Property Managers' salary and benefits listed on SCHEDULE 9.4. Triad shall have no liability to Park whatsoever arising out of the provision of services by its employees pursuant to this Section 9.4.
Property Managers. Notwithstanding the provisions of articles 15:02 & 15:03, the Property Managers receive a payment of twenty (20) hours pay at their regular rate for each week of standby. It is understood that such payment is inclusive of Standby, all call-outs, wages, premiums, overtime and any Employment Standards Act requirements for Public Holidays and Overtime. There shall be no other payment for Standby and Callout duties. An employee may request to take the Standby hours in equivalent time off with pay at a time mutually agreeable to the employee and the Supervisor. A week of standby is understood as: Tuesday to Friday 4:30pm to 8:30 am Friday 4:30pm to Monday 8:30am Monday 4:30pm to Tuesday 8:30am It is understood that Xxxxxxx and Callout functions will continue to be carried out by both persons within and outside the scope of this collective agreement. With this resolution for Standby & Callout for Social Housing Property Managers, the grievances 2002 – 02 (Xxxxxxxxxxx); 2002-03 (Xxxxxxx); 2002-04 (Xxxxxxxxxxx) & 2000-05 (West) are resolved on the basis of applying the above noted provisions effective from February 1, 2002.
Property Managers. In the event a Property Manager/Real Estate Agent requests Services on behalf or for a Tenant or Owner the Manager/Agent becomes sole Customer. In the event of the 3rd party failure to arrange payment the Manager/Agent accepts sole responsibility for any and all outstanding amounts.
Property Managers. Purchaser and the agents and employees of Purchaser shall have the right, at any reasonable time and upon reasonable prior notice to Seller, to contact the on-site managers of each Property to discuss the Property and each manager's employment at the Property. Seller shall direct the on-site manager of each Property to answer the reasonable questions of Purchaser regarding the operation of each Property.
Property Managers. Although property managers are permitted to file eviction complaints and proceed to acquire uncontested default judgments, a non-lawyer property manager is not permitted to represent LL at a contest eviction trial. The Florida Bar re: Advisory Opinion-Nonlawyer Preparation of and Representation of Landlord in Uncontested Residential Evictions, 605 So. 2d 868 (Fla.1992), Fla. Stat. § 83.59 (2).
Property Managers. Property managers will have responsibility for the following:
Property Managers. All agents or other persons or entities providing third party management services (hereinafter “Property Managers”) for Licensee must submit an application to ICP to provide third party management services. The application fee for each Property Manager shall be $50 plus GET. If Licensee is seeking a License for multiple units at the Project and Licensee will be using the same Property Manager, Licensee will only need to submit one application and fee for that Property Manager. Any Property Manager must be first approved before providing any services. ICP shall have sole discretion to approve any applications, however, such approval shall not be unreasonably withheld provided that the Property Manager must have and maintain the following:
(a) Proper licenses, if applicable, including valid real estate broker’s licenses;
(b) Acquire and maintain commercial general liability insurance coverage with a minimum limit of $1 million per occurrence, Worker’s Compensation Insurance, if applicable, in amount not less than $500,000 each accident;
(c) Be in good standing with all governmental bodies or other agencies or authorities with regulatory or oversight of short term rentals, including without limitation any applicable licensing boards, city, state, and federal tax authorities, and the Board of Directors of the AOAO, and provide a certificate of good standing as may be requested by ICP;
(d) Comply with all laws, rules and regulations concerning short term rentals;
(e) Follow any requirements as may be established by the Standards Committee;
(f) Do not have a significant history of customer or client complaints and do not engage in any activity detrimental to the reputation of the Project or ICP/APH or its suitability for hotel operations.
Property Managers. (a) No Obligor may:
(i) other than the appointment made pursuant to, or, permitted in accordance with the terms of, the MP Property Management Agreement, appoint any other Property Managers;
(ii) amend, supplement, extend or waive the terms of appointment of any Property Managers, save for any which are minor or technical or which would not reasonably be expected to be materially adverse to the interests of the Finance Parties; or
(iii) terminate the appointment of any Property Managers, without the prior consent of, and on terms approved by, the Mezzanine Agent, provided that neither this paragraph (a) nor any other provision of this Agreement shall be breached by the Company and/or the Senior Borrower having entered into the DB Service Agreement on the date thereof.
(b) Each Obligor must ensure that each Property Manager of any Property:
(i) enters into a Duty of Care Agreement in form and substance satisfactory to the Lenders;
(ii) acknowledges to the Mezzanine Security Agent that it has notice of the Security created by the Finance Documents; and
(iii) agrees to pay all Net Rental Income received by it into the Rent Account without any withholding, set-off or counterclaim.
(c) If a Property Manager is in default of its obligations under its management agreement and, as a result, an Obligor is entitled to terminate that management agreement, then, if the Mezzanine Agent so requires, that Obligor must promptly use all reasonable endeavours to:
(i) terminate the management agreement; and
(ii) appoint a new Property Manager in accordance with this Clause 22.8.
Property Managers. (a) Within five (5) business days after the date hereof, the Company agrees to deliver the conditional notices set forth in Section 6.18(a) of the Company Disclosure Letter.
(b) The Company agrees to use commercially reasonable efforts to obtain the consents and enter into those agreements (as applicable) more particularly set forth on Section 6.18(b) of the Company Disclosure Letter with a target date for obtaining such consents and entering into such agreements of prior to June 30, 2017. For the avoidance of doubt, failure of the Company to obtain such consents and enter into those agreements by June 30, 2017 shall not affect any of the conditions set forth in Article VII.
(c) The Company agrees that it will cause the Property Management Agreements listed on Section 6.18(c) of the Company Disclosure Letter to be terminated as of the Effective Time.
(d) Parent agrees that Parent shall be responsible for any and all costs related to the termination of any Property Management Agreements pursuant to this Section 6.18 (for the avoidance of doubt, no such costs shall be taken into account in calculating the Aggregate Cash Merger Consideration).
