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 shall be converted to or held for rental property purposes (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. In connection with the closing of the Initial Acquisition, the initial Rental Pool and list of designated Rental Pool Assets (with the BPO for each such asset) is set forth on Exhibit E attached hereto and made a part hereof. 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 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 in accordance with Section 6.5(b), or (iii) be sold by the Partnership, as directed by Starwood, to Starwood, an Affiliate of Starwoo...
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RENTAL POOL. The client hereby agrees to make the UNIT available to the COMPANY for the purposes of letting the UNIT to GUESTS as part of the RENTAL POOL under the supervision and management of the COMPANY subject to the terms and conditions contained herein for each UNIT OF TIME allocated to the client.
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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...
Sample 1
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...
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
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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.
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RENTAL POOL 
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Related to RENTAL POOL

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Specially Serviced Mortgage Loans (a) The Master Servicer shall send a written notice to the Special Servicer, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the 17g-5 Information Provider (who shall promptly post such notice on the 17g-5 Information Provider’s Website), the Certificate Administrator (who shall promptly post such notice on the Certificate Administrator’s Website), the Trustee, the Custodian, the related Seller and solely as it relates to any A/B Whole Loan, to the holder of the related B Note and solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, within five (5) Business Days after becoming aware of a Servicing Transfer Event with respect to a Mortgage Loan, which notice shall identify the related Mortgage Loan and set forth in reasonable detail the nature and relevant facts of such Servicing Transfer Event and whether such Mortgage Loan is covered by an Environmental Insurance Policy (and for purposes of stating whether such Mortgage Loan is covered by an Environmental Insurance Policy the Master Servicer may rely on Schedule IX attached hereto) and, in the case of the Special Servicer, shall be accompanied by a copy of the Servicer Mortgage File. (b) Prior to or concurrently with the transfer of the servicing of any Specially Serviced Mortgage Loan to the Special Servicer, the Master Servicer shall notify the related Mortgagor of such transfer in accordance with the Servicing Standard (and shall send a copy of such notice to the Special Servicer). (c) Any calculations or reports prepared by the Master Servicer to the extent they relate to Specially Serviced Mortgage Loans shall be based on information supplied to the Master Servicer in writing by the Special Servicer as provided hereby. The Master Servicer shall have no duty to investigate or confirm the accuracy of any information provided to it by the Special Servicer and shall have no liability for the inaccuracy of any of its reports due to the inaccuracy of the information provided by the Special Servicer. (d) Subject to Section 5.4(e), on or prior to each Distribution Date, the Master Servicer shall provide to the Special Servicer, in order for the Special Servicer to comply with its obligations under this Agreement, such information (and in the form and medium) as the Special Servicer may reasonably request in writing from time to time.

  • Tax Service Contract; Flood Certification Contract Each Mortgage Loan is covered by a paid in full, life of loan, tax service contract and a paid in full, life of loan, flood certification contract and each of these contracts is assignable to the Purchaser;

  • Location of Real Property and Leased Premises (a) Schedule 3.20(a) lists completely and correctly as of the Closing Date all real property owned by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries own in fee all the real property set forth on Schedule 3.20(a). (b) Schedule 3.20(b) lists completely and correctly as of the Closing Date all real property leased by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries have valid leases in all the real property set forth on Schedule 3.20(b).

  • LEASE TYPE This Agreement shall be considered a: (check one)

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Mortgage Loan The appraisal was conducted by an appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Mortgagor Selection No Mortgagor was encouraged or required to select a Mortgage Loan product offered by the Originator which is a higher cost product designed for less creditworthy mortgagors, unless at the time of the Mortgage Loan's origination, such Mortgagor did not qualify taking into account credit history and debt-to-income ratios for a lower-cost credit product then offered by the Originator or any Affiliate of the Originator. If, at the time of loan application, the Mortgagor may have qualified for a lower-cost credit product then offered by any mortgage lending Affiliate of the Originator, the Originator referred the related Mortgagor's application to such Affiliate for underwriting consideration;

  • Monthly Payment City shall make monthly payments, based on invoices received, for services satisfactorily performed, and for authorized reimbursable costs incurred. City shall have 30 days from the receipt of an invoice that complies with all of the requirements above to pay Consultant.

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