Selection of Management Agent Sample Clauses

Selection of Management Agent. The Partnership, with the approval of the Lender and the Agency, if required, shall engage such person, firm or company as the General Partner may select, and as the Investment Partnership may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Substantial Completion for a period of one year, and thereafter such management contract may be extended on an annual basis unless terminated for cause. The Management Agent shall be paid a management fee subject to the approval of the Lender and the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Lender and the Agency, if required. Xxxxxxxxx Management Co. is hereby approved by the parties hereto as the initial Management Agent.
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Selection of Management Agent. The Partnership, with the approval of the Lender and the Agency, if required, shall engage such person, firm or company as the General Partner may select, and as the Investment Partnership may approve, which approval shall not be unreasonably withheld (hereinafter referred to as"Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Substantial Completion for a period of one year, and thereafter such management contract may be extended on an annual basis unless terminated for cause. The ManagementAgent shall be paid a management fee subject to the approval of the Lender and the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Lender and the Agency, if required. Carabetta Manaxxxxxx Xx. is hereby approved by the parties hereto as the initial Management Agent. 8.15. [Intentionally Omitted]. 8.16. [Intentionally Omitted] 8.17. Subordinated Loans to the Partnership. In the event that additional funds are required by the Partnership for any purpose relating to the business of the Partnership or for any of its obligations,expenses, costs or expenditures, the Partnership may borrow such funds as are needed from any Partners or other Person or organization, including the General Partner, for such period of time and on such terms as the General Partner, the Investment Partnership and the Lender, if so required, may agree and at the rate of interest then prevailing for comparable loans (except for Operating Deficit Loans made pursuant to Section 8.09(b), which shall bear interest only as provided in Section 8.09(b)); provided however, that no such additional loans shall be secured by any mortgage or other encumbrance on the property of the Partnership without the prior approval of the Investment Partnership and the approval of the Lender, if required; except that such approvals shall not be required in the case of the hypothecation of personal property purchased by the Partnership and not included in the security agreements executed by the Partnership at the time of Final Closing. Loans made under this Section shall be repaid as set forth in Section 11.01 of this Agreement, but any amount of any such loan that is outstanding at the time of the occurrence of any of the events described in Sections 11.04 or 12.01 shall be repaid as provided in Section 11.04A(c)(5). The General Partner is obligated...
Sample 1
Selection of Management Agent. The Partnership, with the approval of HUD, and of the Lender, if required, shall engage such person, firm or company as the General Partner may select, and as BCTC 94 may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex. The Management Agent shall be paid a management fee subject to the approval of HUD, and of the Lender, if required. Such management fee shall not exceed four per cent (4%) of the Gross Receipts derived from the operation of the Apartment Complex. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to HUD, and to the Lender, if required. Madison Park Village Associates (a joint venture of Madison Park Properties, Inc. and Malxxxx Xxoperties, Inc.), hereby is approved by the parties hereto as the Management Agent. In addition, the Management Agent shall be entitled to receive a data processing fee in the amount of three dollars ($3.00) per unit per month, which will be treated as an operating expense of the Partnership, and the Management Agent, in its capacity as construction manager will be entitled to receive a five percent (5%) construction management fee. 8.15.
Sample 1
Selection of Management Agent. The Partnership, with the approval of the Mortgage Lender(s), if required, shall engage such person, firm or company as the General Partner may select, and as BCTC 94 may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex. The Management Agent shall be paid a management fee subject to the approval of the Lender. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Lender. Madison Park village Associates (a joint venture of Madison Park Properties, Inc. and Xxxxxxx Properties, Inc.), hereby is approved by the parties hereto as the Management Agent.
Sample 1
Selection of Management Agent l2 . The Partnership, with the approval of the Lender and the Agency, if required, shall engage such person, firm or company as the General Partners may select, and as BCTC 94, Inc. may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Substantial Completion for a period of one year, and thereafter such management contract may be extended on an annual basis unless terminated for cause. The Management Agent shall be paid a management fee subject to Section 8.05(a) and to the approval of the Lender and the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Lender and the Agency, if required. Signature Management Corp. hereby is approved by the parties hereto as the initial Management Agent.
Sample 1
Selection of Management Agent. The Partnership, with the approval of the Lenders and the Agency, if required, shall engage such person, firm or company as the General Partner may select, and as the Investment Partnership may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Substantial Completion. The Management Agent shall be paid a management fee subject to the approval of the Lenders and the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Lenders and the Agency, if required. Jobco Management, Inc. hereby is approved by the parties hereto as the initial Management Agent.
Sample 1
Selection of Management Agent. The Partnership, with the approval of the Agency, if required, shall engage such person, firm or company as the General Partner may select, and as the Investment Partnership may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Final Closing. The Management Agent shall be paid a management fee subject to the approval of the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Agency, if required. The Housing Foundation, Inc. and Homeland, Inc. are hereby collectively approved by the parties hereto as the initial Management Agent. 8.15.
Sample 1
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Selection of Management Agent. The Partnership, with the approval of the Permanent Lender and the Agency, if required, shall engage such person, firm or company as the General Partner may select, and as the Investment Partnership may approve, which approval shall not be unreasonably withheld (hereinafter referred to as "Management Agent") to manage the operation of the Apartment Complex during the rent-up period and following Substantial Completion. The Management Agent shall be paid a management fee subject to the approval of the Permanent Lender and the Agency, if required. The contract between the Partnership and the Management Agent and the management plan for the Apartment Complex shall be in a form acceptable to the Permanent Lender and the Agency, if required. HAI Management, Inc. hereby is approved by the parties hereto as the initial Management Agent, and the parties acknowledge that HAI, Inc. and the Permanent Lender have entered into that certain Management Agreement dated January 1, 1996. The Management Agent hereunder shall file all necessary reports required by the Permanent Lender pursuant to the Management Agreement referred to above (or any subsequent management agreement approved by the Permanent Lender) and all reports required by any Agency and simultaneously shall send to the Investment Partnership a copy of any such report.
Sample 1

Related to Selection of Management Agent

  • Termination of Manager If (a) the amounts evidenced by the Note have been accelerated pursuant to Section 8.1(b) hereof, (b) the Manager shall become insolvent, (c) the Manager is in default under the terms of the Management Agreement beyond any applicable grace or cure period, or (d) Manager is not managing the Property in accordance with the management practices of nationally recognized management companies managing similar properties in locations comparable to those of the Property, then, in the case of (a), (b), (c) or (d), Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager reasonably approved by Lender on terms and conditions reasonably satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the other Loan Documents, in the event that (i) the Management Agreement is terminated, (ii) the Manager no longer manages the Property, or (iii) a receiver, liquidator or trustee shall be appointed for Manager or if Manager shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Manager, or if any proceeding for the dissolution or liquidation of Manager shall be instituted, then Borrower (at Borrower's sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a depository satisfactory to Lender into which all Rents and other income from the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to Lender.

  • Compensation of Manager For the services to be rendered and the facilities to be provided by the Manager hereunder, the Trust shall pay to the Manager from the assets of each Fund a management fee computed daily and paid monthly at an annual rate equal to the lesser of (i) that percentage of that Fund's average daily net assets for the Fund's then-current fiscal year set forth opposite the Fund's name on Schedule A annexed hereto (the "Aggregate Management Fee"), minus that Fund's Aggregate Subadviser Fee (as defined below), if any, and (ii) the difference between that Fund's Aggregate Management Fee for the Fund's then-current fiscal year and the aggregate management fees allocated to that Fund for the Fund's then-current fiscal year from the registered investment company portfolios in which it invests (for which the Manager or an affiliate serves as investment adviser). To the extent that any Fund's Aggregate Subadviser Fee exceeds that Fund's Aggregate Management Fee, the Manager shall pay such amount to the applicable subadvisers on the Fund's behalf. A Fund's Aggregate Subadviser Fee is the aggregate amount payable by that Fund to subadvisers pursuant to agreements between the Trust on behalf of the Fund and the subadvisers. If the Manager provides services hereunder for less than the whole of any period specified in this Section 3, the compensation to the Manager shall be accordingly adjusted and prorated.

  • Compensation of Managers Except as may be expressly provided for herein or hereafter approved by the Member, no payment will be made by the Company to any Manager for the services of such Manager or any partner or employee of the Manager.

  • RESIGNATION OF MANAGERS Any manager may resign at any time by giving written notice of such resignation to the Board of Managers, the Chairman of the Board or the President. Any such resignation shall take effect at the time specified therein or, if no time is specified, upon receipt thereof by the Board of Managers or one of the above named officers; and, unless specified therein, the acceptance of such resignation shall not be necessary to make it effective.

  • Resignation of Manager A Manager other than an Independent Manager may resign as a Manager at any time by thirty (30) days’ prior notice to the Member. An Independent Manager may not withdraw or resign as a Manager of the Company without the consent of the Member. No resignation or removal of an Independent Manager, and no appointment of a successor Independent Manager, shall be effective until such successor (i) shall have accepted his or her appointment as an Independent Manager by a written instrument, which may be a counterpart signature page to the Management Agreement in the form attached hereto as Exhibit A, and (ii) shall have executed a counterpart to this Agreement.

  • Termination of Management Agreement Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager.

  • Replacement of Manager If at any time after any Action is brought the Manager settles the Action on a basis that results in the settlement of such Action against it and fewer than all the Underwriters (whether or not such settlement complies with Section 9.7 hereof), the Manager will, at such time, for purposes of Sections 9.3, 9.4, 9.5, 9.6, and 9.7 hereof, cease to be the Manager. The non-settling Underwriters will, by vote of holders of a majority of the Underwriting Percentage of such non-settling Underwriters, select a new Manager, which will become the new “Manager” for all purposes of Sections 9.3, 9.4., 9.5, 9.6, and 9.7 hereof as well as this section; provided that the non-settling Underwriter(s) with the largest Underwriting Percentage will act as Manager until such vote occurs and a new Manager is selected. 4 Notwithstanding such a settlement, the Manager and the other settling Underwriters will remain obligated to the non-settling Underwriters to assist and cooperate fully, in good faith, and at their own expense, in the defense of any Actions, including, without limitation, by providing, upon reasonable request of any non-settling Underwriter, and without the necessity of court process, access to or copies of all relevant records, and reasonable access to all witnesses under control of the Manager or the other settling Underwriters, for the purpose of interviews, depositions, and testimony at trial, subject in each case to the applicable legal and procedural obligations of such Manager and such other settling Underwriter. In addition, if at any time, the Manager is unwilling or unable for any reason to assume or discharge its duties as Manager under the applicable AAU, whether resulting from its insolvency (voluntary or involuntary), resignation or otherwise, to the extent permitted by applicable law, the remaining Underwriters will, by vote of holders of a majority of the Underwriting Percentage of such Underwriters, be entitled to select a new Manager, which will become the new Manager for all purposes under this Agreement. 5 Notwithstanding the foregoing, a Manager replaced pursuant to this Section 9.9 shall continue to benefit from and be subject to all other terms and conditions of this Agreement applicable to an Underwriter.

  • Appointment of Manager Owner hereby engages and retains Manager as the manager and as tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth; it being understood that this Management Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein.

  • Delegation of Portfolio Management Services Subject to the prior approval of a majority of the members of the Fund's Board of Trustees, including a majority of the Trustees who are not "interested persons," as defined in the 1940 Act, you may, through a sub-advisory agreement or other arrangement, delegate to any other company that you control, are controlled by, or are under common control with, or to specified employees of any such companies, or to more than one such company, to the extent permitted by applicable law, certain of your duties enumerated in section 2 hereof; provided, that you shall continue to supervise the services provided by such company or employees and any such delegation shall not relieve you of any of your obligations hereunder. Subject to the provisions of this Agreement, the duties of any sub-adviser or delegate, the portion of portfolio assets of the Fund that the sub-adviser or delegate shall manage and the fees to be paid to the sub-adviser or delegate by you under and pursuant to any sub-advisory agreement or other arrangement entered into in accordance with this Agreement may be adjusted from time to time by you, subject to the prior approval of a majority of the members of the Fund's Board of Trustees, including a majority of the Trustees who are not "interested persons," as defined in the 1940 Act.

  • Indemnification of Manager The Principal shall indemnify the Manager and hold the Manager harmless from and against all actions, claims, demands, liabilities, losses, damages or expenses of whatever kind, including without limitation, attorneys’ fees, sustained or incurred by the Manager or any of its nominees in carrying out its authority or duties under this Agreement, unless resulting from its gross negligence or willful misconduct, provided, however, that nothing contained herein shall constitute a waiver or limitation of any rights which the Principal may have under applicable securities or other laws.

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