Receipt of Management Fees. Property Manager will not be obligated to return or refund to Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents; provided, however, that nothing herein shall prevent Property Manager from terminating the Management Agreement in the event Property Manager is not paid all fees due to it under the Management Agreement.
Appears in 31 contracts
Samples: Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT, Inc.)
Receipt of Management Fees. Property Manager will not be obligated to return or refund to Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents; provided, however, that nothing herein shall will prevent Property Manager from terminating the Management Agreement in the event Property Manager is not paid all fees due to it under the Management Agreement.
Appears in 8 contracts
Samples: Assignment of Management Agreement and Subordination of Management Fees, Assignment of Management Agreement and Subordination of Management Fees (Steadfast Income REIT, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Steadfast Income REIT, Inc.)
Receipt of Management Fees. Property Manager will not be obligated to return or refund to Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents; provided, however, that nothing herein shall prevent Property Manager from terminating the Management Agreement in the event Property Manager is not paid all fees due to it under the Management Agreement.
Appears in 4 contracts
Samples: Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT III, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT, Inc.), Assignment of Management Agreement and Subordination of Management Fees (Steadfast Apartment REIT, Inc.)
