Common use of Special Lender Provisions Clause in Contracts

Special Lender Provisions. 20.1 Company hereby grants to Property Manager, on behalf of Company, the power and authority to interface and communicate with, and Property Manager shall have responsibility for interfacing and communicating with, the holder of any deed of trust or mortgage now or hereafter encumbering the Property (whether one or more, and together with any successors or assigns, the “Lender”) securing any loan to Company (whether one or more, the “Loan”). With respect to interactions with the Lender, Property Manager shall (a) make all day-to-day business decisions customarily decided by a property manager; and (b) perform all services customarily performed by a property manager, including, without limitation, (i) designating changes in address; (ii) receiving any and all notices including, without limitation, default notices; (ii) requesting waivers of provisions in any documents executed by Company in conjunction with the Loan (collectively, the “Loan Documents”) and negotiating conditions to any such requested waivers; (iii) depositing rents or other revenues in any lockbox account maintained under such Loan Documents; (iv) receiving into the Operating Account all disbursements made out of any such lockbox to Company for the payment of operating expenses of the Property or otherwise to be made to or to the account of Company as such borrower under the Loan; and (v) requesting and receiving any amounts out of any reserve accounts or escrow accounts maintained by Lender on account of repairs, capital improvements, tenant improvements, leasing commissions, taxes and insurance proceeds or otherwise. Property Manager is expressly empowered and authorized to make disbursement requests from, and to receive draws or disbursements from, all reserve accounts and to receive disbursements from any lockboxes established under the Loan Documents. Company and any Successor Company by its execution or assumption hereof acknowledges and confirms the authorization hereby expressly given to the Lender to confer with Property Manager on all matters arising under the Loan Documents insofar as they relate to the management and operation of the Property and the obligations of Company to the Lender in connection therewith. Lender may rely upon the provisions of this Section 20.1, and the actions of the Property Manager taken pursuant thereto, without further inquiry, and Company shall be bound by any such action Property Manager may take; provided, however, that nothing set forth herein shall excuse the Property Manager from obtaining the consent of the Company if required hereunder.