RENTAL POOL Sample Clauses

RENTAL POOL. Starwood desires to acquire the benefits and burdens of certain Property that Starwood desires and intends to convert to or hold for rental property purposes. Notwithstanding anything herein to the contrary, Starwood shall have the exclusive right, exercisable in its sole and absolute discretion at or before the closing of the Partnership’s purchase of a pool of Loans and REO, to designate any of the REO and Loans being purchased by the Partnership as property that is, in good faith, contemplated to be converted to or held for rental property purposes (but without any obligation to do so) (all such designated Loans and REO, collectively, the “Rental Pool”, and individually, a “Rental Pool Asset”), provided Starwood delivers written notice to the other Partners of each such designation at or before such closing, or after such closing with the consent of JVP. Each designation of a Loan or REO as a Rental Pool Asset shall be irrevocable and may not thereafter be changed by Starwood. Except with respect to Excluded Rental Pool Cash, the Partners agree that with respect to any Rental Pool Asset: JVP and the General Partner will not participate in the profits or losses of such Rental Pool Asset; all of the profits or losses from such Rental Pool Asset will be allocated to Starwood only; all of the economic benefits and all direct and or allocable share of all indirect costs attributable to such Rental Pool Asset will be for Starwood’s account (including all Rental Pool Expenditures); and all capital requirements for such Rental Pool Asset must be provided by Starwood. Except with respect to Excluded Rental Pool Cash, the Partners further agree that: the capital requirements and profits and losses attributable to the Rental Pool will not be taken into account in determining the profits or losses and Distributions to be allocated or paid to JVP; and Starwood, subject to subsection (b) below, will be solely responsible for the management of the Rental Pool. To carry out the Partners’ intent with respect to this subject, the following provisions apply with respect to the Rental Pool: (a) At Starwood’s option only, any Rental Pool Asset may (i) continue to be owned by the Partnership in accordance with the provisions hereof, or (ii) be distributed to Starwood (or directly to SRP Sub, LLC if so directed by Starwood) in accordance with Section 6.5(b), or (iii) be sold by the Partnership, as directed by Starwood, to Starwood, an Affiliate of Starwood or any other Person...

RENTAL POOL. (1) The owner acknowledges and agrees that the Manager will manage the rental of the Unit and the other Strata Lots in accordance with the following: (a) Owner’s Unit shall be rented on a per unit basis. Manager in its sole discretion retains the absolute right to assign or reassign reservations, as Manager deems necessary. Renters referred by Owner will not be reassigned except by request of renter or for cause. It is expressly understood and agreed that all rental reservations procured by Manager are the property of and are controlled by Manager. (b) Manager will maintain a reservation system through which all reservations for Unit will be processed. Owner authorizes Manager to accept reservations up to one year in advance, except for excluded dates submitted in writing by Owner under Article 7 hereunder; (c) For the purposes of maintaining maximum occupancy, Manager may adjust rental rates. Owner agrees that Manager may offer a tenant discounts on rental rates in the event of a failure of a major appliance (stove, heating/ cooling systems, refrigerator, etc.) that cannot be repaired and made acceptable to the tenant in a timely manner, or for other repairs to major systems of the Unit. The tenant may be transferred to a comparable property and the Owner shall be credited his pro-rata share of the rents less discounts provided; (d) At all times rental status of unit will be classified as one of the following: a. GUEST OCCUPANCY: Unit is occupied and producing revenue b. RENT READY: Unit is available for Guest occupancy c. OWNER OCCUPANCY: Unit is occupied by Owner or Owner’s Guest d. OUT OF ORDER: Unit is not in rental condition (e) Advance reservations will require an appropriate reservation deposit or advanced payment before reservations are confirmed. This deposit or payment may be forfeited by the Manager should the reservation be cancelled. Any such deposit retained shall be divided between Owner (50%) and Manager (50%) for the term of this agreement. (f) Manager reserves the right to relocate any dissatisfied renters who, for good reason, demand to be moved to another Strata Lot. Owner shall be entitled only to rents earned during the period that the tenant occupied Owner’s property; (g) In order to promote the rental of Owner’s Unit and to maintain high quality standards, Manager agrees as needed, or upon Owner’s request, but in no case less than twice a year, to conduct a semi-annual inspection of Unit. Manager will inventory all major furnishing...

RENTAL POOL. The Unit Owner hereby agrees to make the Unit available to Metsi Pepa Game Reserve Managers for purposes of letting to Guests as part of a rental pool and upon the further terms and conditions of this Agreement.

RENTAL POOL. 13.1. If the holder does not want to make use of his time-sharing interest, and wishes the managing agent to attempt to lease the same, (and in the case of MTSSB, should the member not comply with the provisions of clause 17.2) he shall notify the company to attempt to lease the same, provided that: 13.1.1. any rental actually received (i.e. less discounts, credit card and similar charges) shall be placed into a common pool; and 13.1.2. the funds comprising that common pool shall, after deduction of a commission equivalent to such percentage thereof as the company may from time to time determine, in favour of the company, be distributed amongst holders who have so notified the managing agent in the proportion such holder's time module bears to all other such time modules. 13.2. Payment from such common pool for such time module, shall be made as soon as possible thereafter to the holder thereof.

RENTAL POOL. 3.1 Subject to the Owner's right of use set out in clause 5 below, the Management Company shall, subject to the terms of this agreement, be entitled to utilise the Owner’s Periodical Property Right in the Holiday Unit during the currency of this agreement in order to rent it out. 3.2 The Management Company shall throughout the duration of this agreement have the right, in its sole discretion, to set the rental rates of the Holiday Unit and all other properties in the Rental Pool. The initial rack rate is set out in Annexure “A” hereto. Rate specials may be given from time to time to maximise occupancy in low seasons. 3.3 The Management Company shall receive the total revenue received from the letting of the Holiday Units in the Rental Pool and distribute it to the Owners in accordance with this agreement. 3.4 All operating costs and other necessary expenses of the Management Company’s business which are provided for in this agreement and/or in any operating budget and/or as required by Law and/or necessarily incidental to the running of its business, including the Management Company’s management fees and any operating loss shall be covered by the Owner’s Monthly Levy and the Daily Usage Levy. 3.5 The Management Company is entrusted with the control and management of the Holiday Units and is responsible for the maintenance of the Holiday Units and their interior. 3.6 The Management Company shall ensure the following, the cost of which shall be met by the Management Company (from Levy Revenue) as part of the operating costs of its business: 3.6.1 that the Holiday Units are supplied with guest supplies, cleaning supplies, daily cleaning service and a laundry service for the Holiday Unit linen; 3.6.2 that all furniture, fittings, fixtures, operating equipment and other contents of the Holiday Units are adequately insured both as to amount and risks covered; 3.6.3 that on due date, the electricity, water and telephone service charges and value added tax incurred in respect of the Rental Pool, are paid; 3.6.4 the Management Company shall itself be entitled to exercise its fullest discretion in the control of conduct of guests and other occupiers of the Holiday Unit and facilities in the development; 3.6.5 that there is adequate public liability insurance (taking into account any other public liability insurance which may already exist in respect of the development, Holiday Unit and/or the Rental Pool) cover for claims that may be brought against the Owner, the M...

RENTAL POOL. The Operating Company shall design, establish and operate a rental pool scheme on such terms and conditions as it may deem fit in its sole discretion, subject however to the provisions of this Agreement. The following shall apply to the said rental pool scheme: 11.4.1. In the event that a Member places his Module or part thereof with the Rental Pool in terms of clause 2.2 above, then: 11.4.1.1. If the Operating Company hires out the relevant Unit for the whole or any part of the Module, the Member shall be entitled to 60% (or such other percentage as the Directors may determine from time to time) of the net charge levied and received by the Operating Company in respect of the Module or part thereof; 11.4.1.2. The Operating Company shall be entitled to deduct from the said 60% referred to in clause 11.4. 1.1 any amounts which are then due by the Member to the Company for any reason whatsoever, pay such deducted funds over to the Company, and the balance shall be paid to the Member; 11.4.1.3. The Operating Company shall be entitled to payment by the Member of a commission equal to 40% (or such other percentage as the Directors may determine from time to time) of the net charge levied and received by it in respect of the relevant Module or part thereof, and is hereby authorised to deduct the said commission as a first charge against any funds received in respect of the hiring out of any Module, or part thereof, booked by the Member; and 11.4.1.4. There shall be no obligation on the part of the Operating Company to ensure that the Module, or part thereof, as the case may be, is successfully hired out, or that the charges for such hire are actually paid or collected, and the Operating Company is indemnified by the Member in respect of any loss, liability, injury or damages directly or indirectly connected with the hiring of the Module, or part thereof, to any person. 11.4.2. Where any Days – 11.4.2.1. are surplus due to all existing members already having booked their Modules, or 11.4.2.2. remain un-booked less than 10 (Ten) Business Days before the commencement of the relevant Week, then: 11.4.2.3. the Company may place such Days with the Operating Company in terms of the Rental Pool scheme; and 11.4.2.4. any application by a member of the public to hire the relevant Week or part thereof shall be entered in the booking register as a Rental Pool booking and shall no longer be available to members; and 11.4.2.5. If the Operating Company hires out the relevant Un...

RENTAL POOL. Upon date of registration of transfer of the property into the name of the PURCHASER, at the option of the PURCHASER he/she/it may elect to enter into an agreement with the SELLER, in terms of which the PURCHASER will be entitled to include the PROPERTY in the rental pool with ROYAL VICTORIA HOLIDAY RESORT, on such standard terms and conditions as contained in the Rental Pool Agreement.

RENTAL POOL. 20.1 It is recorded that the Seller intends to build a hotel which will form part of the same sectional title scheme in which the Property falls. When the hotel shall have been erected the Purchaser shall be entitled, if satisfied with the terms and conditions on which the Seller intends to conduct a rental pool, to enter into a Rental Pool Agreement with a Rental Pool Operator nominated by the Seller and on terms and conditions to be negotiated at that time. 20.2 The Purchaser shall not be entitled to sell or otherwise alienate the Property unless it is a condition of such sale or alienation that the successor in title of the Purchaser shall be bound to sign a Rental Pool Agreement on exactly the same terms and conditions as those contained in the Rental Pool Agreement (if any) concluded by and between the Purchaser and the Rental Pool Operator nominated by the Seller.

RENTAL POOL a. The MOORING RIGHT HOLDER may elect to enter his/her DESIGNATED MOORING into the Rental Pool administered by the MARINA MANAGER provided that; i. The Rental Pool Form is completed in full and submitted to the MARINA MANAGER. Alternatively, an email may be sent to the Marina Manager at ▇▇▇▇▇▇@▇▇▇▇.▇▇.▇▇, stating in advance the start date of the rental pool participation and duration. No retrospective dates shall be permitted. ii. The Company Accounts Department shall collect all rentals. b. A % contribution to the Keelboat fund and a % Administration Fee shall be deducted by the Company from all mooring rentals collected. The total amount deducted shall not exceed 15%. The “Keel Boat” fund will be utilised as set out in the HBYC Marina rules and bye-laws. c. Where a DESIGNATED MOORING AREA has been in the pool for a period of less than twelve (12) months then the relevant MOORING RIGHT HOLDER shall receive a pro-rata credit. d. No private sub-letting of a DESIGNATED MOORING AREA shall be permitted. Where existing private letting agreements are in place, these will be honoured until such time as the mooring right is sold or the private letting agreement is terminated, whichever is earlier. e. Where the Mooring Rights Holder is in “Debit” to the Company (i.e. in arrears), the berth shall NOT receive any rental pool monies for the period that the account remains in arrears.