Common use of Residence Quality - Furnishing of Residence and Smallwares Clause in Contracts

Residence Quality - Furnishing of Residence and Smallwares. Owner shall be responsible for furnishing and maintaining the Residence in a rentable, first-class manner and condition with complete furnishings, fixtures, and equipment (“FF&E”) as listed on Exhibit A attached hereto and responsible to purchase the Projects smallware requirements (“Hospitality Package”) as listed on Exhibit B attached hereto. The determination of what constitutes a rentable, first-class manner and condition shall be within the sole and exclusive discretion of Manager. Owner further recognizes that rental occupancy will accelerate normal wear and tear. If Manager replaces any items of FF&E or the Hospitality Package pursuant to this Agreement, then the Owner shall pay the actual cost of that item. In the event the Residence is not in a rentable condition, Manager shall have the right to (a) terminate this Agreement by giving Owner written notice thereof or (b) to notify Owner in writing and give Owner sixty (60) days from the date of such notice to bring the Residence up to Manager’s standards for the Project. During this sixty (60) day period, Manager may remove the Residence from the rental program. If Owner fails to bring the Residence into compliance with Manager’s standards, within the sixty (60) day period, then Manager shall have the right to terminate this Agreement, and Manager shall provide Owner with written notice of such termination.

Residence Quality - Furnishing of Residence and Smallwares. Owner shall be responsible for furnishing and maintaining the Residence in a rentable, first-class manner and condition with complete furnishings, fixtures, and equipment (“FF&E”) as listed on Exhibit A attached hereto and responsible to purchase the Projects smallware requirements (“Hospitality Package”) as listed on Exhibit B attached hereto. The determination of what constitutes a rentable, first-class manner and condition shall be within the sole and exclusive discretion of Subsidiary through Manager. Owner further recognizes that rental occupancy will accelerate normal wear and tear. If Manager replaces replace any items of FF&E or the Hospitality Package pursuant to this Agreement, then the Owner shall pay the actual cost of that item. In the event the Residence is not in a rentable condition, Manager shall have the right to (a) terminate this Agreement by giving Owner written notice thereof or (b) to notify Owner in writing and give Owner sixty (60) days from the date of such notice to bring the Residence up to Manager’s standards for the Project. During this sixty (60) day period, Manager may remove the Residence from the rental program. If Owner fails to bring the Residence into compliance with Manager’s standards, within the sixty (60) day period, then Manager shall have the right to terminate this Agreement, and Manager shall provide Owner with written notice of such termination.