Replacement of Management Agent. If, as a result of a periodic review, the County determines in its reasonable judgment that the Development is not being operated and managed in accordance with any of the material requirements and standards of this HOME Regulatory Agreement, the County shall deliver notice to Borrower of its intention to cause replacement of the Management Agent, including the reasons therefor. Within fifteen (15) days after receipt by Borrower of such written notice, the County staff and Borrower shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. If, after such meeting, County staff recommends in writing the replacement of the Management Agent, Borrower shall promptly dismiss the then-current Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a management agent set forth in Section 5.2 above and approved by the County pursuant to Section 5.2 above. Any contract for the operation or management of the Development entered into by Borrower shall provide that the Management Agent may be dismissed and the contract terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section constitutes a default under this HOME Regulatory Agreement, and the County may enforce this provision through legal proceedings as specified in Section 6.5 below.
Replacement of Management Agent. If, as a result of a periodic review, Lessor determines, in its reasonable judgment, that: (i) the Management Agent has materially failed to operate the Development in accordance with the HUD Requirements, or (ii) the Development is not being operated and managed in accordance with any of the other material requirements and standards of this Lease as a result of acts or omissions of Management Agent (each, a “Material Management Violation”), Lessor shall deliver notice to Lessee and the Limited Partner of its intention to cause replacement of Management Agent, including the reasons therefor specified in reasonable detail. After receipt by Xxxxxx of such written notice, Xxxxxx and Lessee shall meet in good faith to consider methods for remedying the Material Management Violation. If after a reasonable period not to exceed thirty (30) days from the date of Lessor's initial notice, Lessor determines that Lessee and Management Agent have not remedied the Material Management Violation, then subject to any required approval of the Limited Partner and Leasehold Mortgagees, Lessor may require replacement of Management Agent. If, after the above procedure, Lessor delivers a written notice to Lessee and the Limited Partner requiring the replacement of Management Agent, then subject to applicable notice and cure provisions provided in the Management Agreement, Lessee shall promptly dismiss Management Agent and shall appoint as the replacement management agent a Person meeting the standards and requirements for a management agent set forth above and approved by Lessor and HUD (if required pursuant to the HUD Requirements) in accordance with this Lease. To the extent applicable, such replacement management agent shall also be subject to approval by Leasehold Mortgagees and the Limited Partner, and Lessor shall cooperate with such entities in connection with the selection of a new management agent. Xxxxxx's failure to remove the Management Agent in accordance with the provisions of this Section shall constitute an Event of Default by Lessee under this Lease. Notwithstanding the foregoing, Lessor shall have no direct, or indirect, responsibility over management of the Development.
Replacement of Management Agent. If as a result of the annual review, City determines in its reasonable judgment that the Project is not being operated and managed in accordance with any of the requirements and standards of this Agreement, City shall deliver notice to the Developer of its intention to cause replacement of the Management Agent with a list of the requirements and standards that are not met. Within fifteen (15) days of receipt by the Developer of such written notice, City and the Developer shall meet in good faith to consider methods for improving the financial and operating status of the Project, including, without limitation, replacement of the Management Agent. If, after such meeting, City elects to proceed with the replacement of the Management Agent, City shall so notify the Developer in writing within fifteen (15) days following the meeting. Thereupon, the Developer shall promptly dismiss the then Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in this Section and approved by City pursuant to this Section. If after such a meeting, City and Developer cannot agree on a replacement Management Agent, the Developer shall promptly dismiss the Management Agent and City shall designate three (3) replacement Management Agents acceptable to the City, from which Developer shall appoint the Management Agent. City acknowledges that the Developer may be required to obtain the consent of its investor and lender prior to dismissing or hiring a Management Agent. Any contract for the operation or management of the Project entered into by the Developer shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section shall constitute an Event of Default under this Agreement, and City may enforce this provision through legal proceedings as specified in Article X hereof.
Replacement of Management Agent. If, as a result of a periodic review, the County determines in its reasonable judgment that the Development is not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the County shall deliver notice to Developer of its intention to cause replacement of the Management Agent, including the reasons therefor. Within fifteen (15) days of receipt by Developer of such written notice, County staff and the Developer shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. If, after such meeting, County staff recommends in writing the replacement of the Management Agent, Developer shall promptly dismiss the then Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in Section 5.2 above and approved by the County pursuant to Section 5.2 above. Any contract for the operation or management of the Development entered into by Developer shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section shall constitute Default under this Agreement, and the County may enforce this provision through legal proceedings as specified in Section 6.8 below.
Replacement of Management Agent. If, as a result of a periodic review, the County determines in its reasonable judgment that the Units are not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the County shall deliver notice to Grantee of its intention to require the Management Agent to be replaced, or, if the Grantee is managing the Units, to require Grantee to retain an independent Management Agent, and the reasons therefor. Within fifteen (15) days of receipt by Grantee of such written notice, County staff and Grantee shall meet in good faith to consider methods for improving the financial and operating status of the Units, including, without limitation, replacing the Management Agent. If, after such meeting, County staff recommends in writing the Management Agent be replaced, Grantee shall promptly dismiss the current Management Agent or cease self- management if the Units are managed by Grantee, and appoint as the Management Agent a person or entity meeting the standards for a management agent set forth in Section 5.2 above and approved by the County pursuant to Section 5.2 above. Any contract for the operation or management of the Units as rental housing entered into by Grantee must include a provision to the effect that the contract can be terminated as set forth above. Failure to remove the Management Agent or to appoint a Management Agent instead of self-managing, in accordance with the provisions of this Section will constitute default under this Agreement, and the County may enforce this provision through legal proceedings as specified in Section 6.7, below.
Replacement of Management Agent. The Lender acknowledges that Borrower’s Investor Member has the right, under the Borrower’s Operating Agreement, to direct the managing member to remove the Project property management agent. Borrower agrees to give Lender notice of the proposed replacement management agent, and the Lender agrees to consent to same, assuming that such replacement property manager is acceptable to Borrower’s Investor Member and has experience in managing projects occupied by low-income households pursuant to Section 42 of the Internal Revenue Code.
Replacement of Management Agent. (a) If, as a result of a periodic review, the County determines in its reasonable judgment that the Development is not being operated and managed in accordance with any of the requirements and standards of this Agreement, the County shall first deliver notice to the Borrower of such operational issues which notice shall describe the County's findings with specificity and the County may, in the same notice, notify the Borrower its intention to cause replacement of the Management Agent, subject to the rights of partners of the Borrower. Within thirty (30) days of receipt by the Borrower of such written notice, the County staff and Borrower, and any partners of the Borrower, shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent.
(b) If, after such meeting, County staff recommends in writing the replacement of the Management Agent, with the reasonable concurrence of the partners of the Borrower, Borrower will promptly dismiss the then-current Management Agent, and must appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in subsection (a) above and approved by the County pursuant to Section 5.2 above. The replacement Management Agent or on-site resident manager shall be approved the County pursuant to Section 5.2 above and shall be subject to the concurrent approval of the Investor Limited Partner and Senior Lenders.
(c) Any contract for the operation or management of the Development entered into by Borrower must provide that the Management Agent may be dismissed and the contract terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section constitutes a default under this Agreement, and the County may enforce this provision through legal proceedings as specified in Section 6.7 below.
Replacement of Management Agent. If the Development is not being operated and managed in accordance with any of the material requirements and standards of this Agreement or, if applicable, the Management Agreement, County shall deliver notice to Borrower of its intention to cause replacement of the Management Agent, including the reasons therefor. Within fifteen (15) days of receipt by Borrower of such written notice, County staff and the Borrower shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. If, after such meeting, County staff recommends in writing the replacement of the Management Agent, Borrower shall promptly dismiss the current Management Agent (subject to any applicable notice and cure periods in the Management Agreement or this Agreement), and shall appoint as the Management Agent a person or entity meeting the standards for a management agent set forth in Section 5.2 above and approved by County pursuant to Section 5.2 above. Any contract for the operation or management of the Development entered into by Borrower shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section shall constitute default under this Agreement, and County may enforce this provision through legal proceedings as specified in Section 6.8 below.
Replacement of Management Agent. If, as a result of a periodic review, County determines in its reasonable judgement that the Development is not being operated and managed in accordance with any of the material requirements and standards of this County Regulatory Agreement, County shall deliver notice to Grantee of its intention to cause replacement of the Management Agent, including the reasons therefor. Within fifteen (15) days of receipt by Grantee of such written notice, County staff and the Grantee shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. If, after such meeting, County staff recommends in writing the replacement of the Management Agent, Grantee shall promptly dismiss the then Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in Section 5.2 above and approved by County pursuant to Section 5.2 above. Any contract for the operation or management of the Development entered into by Grantee shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section shall constitute default under this County Regulatory Agreement, and County may enforce this provision through legal proceedings as specified in Section 6.6 below.
Replacement of Management Agent. If, as a result of a periodic review, the Authority determines in its reasonable judgment that the Development is not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the Authority shall deliver notice to Owner of its intention to cause replacement of the Management Agent, including the reasons therefore. Within fifteen (15) days after receipt by Owner of such written notice, Authority staff and Owner shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. Any replacement of the Management Agent is subject to the rights of HUD and PNC Bank, N.A., the FHA mortgage lender. If, after such meeting, Authority staff recommends in writing the replacement of the Management Agent, Owner shall promptly dismiss the then-current Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a management agent set forth in Section 3.4 above and approved by the Authority pursuant to Section 3.4 above. Any contract for the operation or management of the Development entered into by Owner shall provide that the Management Agent may be dismissed and the contract terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section constitutes a default under this Agreement, and the Authority may enforce this provision through legal proceedings as specified in Section 4.4 below.
