Common use of Stability of Management Team Clause in Contracts

Stability of Management Team. Owner and Property Manager recognize the benefits inherent in promoting stability in the management team engaged in the operation of the Property. (a) Property Manager shall, in the hiring of all employees and in retaining independent contractors, use reasonable care to select qualified, competent and trustworthy employees and independent contractors. Subject to the provisions of this Section 4.01, the selection, terms of employment (including rates of compensation) and termination thereof, and the supervision, training and assignment of duties of all employees of Property Manager engaged in the operation of the Property shall be the duty and responsibility of and shall be determined by Property Manager. All personnel at the Property shall be employees of Property Manager and/or contractors of Property Manager. (b) Property Manager shall employ at Property Manager's sole cost and expense (unless otherwise provided in the Approved Operating Budget) at least the following for the Property: (i) a manager who works from the Records Office and manages the Property and other properties (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated in light of the time spent managing the Property as opposed to other properties); and (ii) an accountant working on Property matters and other properties (who shall be part of Property Manager's in house staff) who works from a central location (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated in light of the time spent working on the Property as opposed to other properties).

Appears in 8 contracts

Samples: Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.), Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.), Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)

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Stability of Management Team. Owner and Property Manager recognize the benefits inherent in promoting stability in the management team engaged in the operation of the Property. (a) Property Manager shall, in the hiring of all employees and in retaining independent contractors, use reasonable care to select qualified, competent and trustworthy employees and independent contractors. Subject to the provisions of this Section 4.01, the selection, terms of employment (including rates of compensation) and termination thereof, and the supervision, training and assignment of duties of all employees of Property Manager engaged in the operation of the Property shall be the duty and responsibility of and shall be determined by Property Manager. All personnel at the Property shall be employees of Property Manager and/or contractors of Property Manager. (b) Property Manager shall employ at Property Manager's ’s sole cost and expense (unless otherwise provided in the Approved Operating Budget) at least the following for the Property: : (i) a manager who works from the Records Office and manages the Property and other properties (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated in light of the time spent managing the Property as opposed to other properties); and and (ii) an accountant working on Property matters and other properties (who shall be part of Property Manager's in ’s in-house staff) who works from a central location (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated in light of the time spent working on the Property as opposed to other properties).

Appears in 4 contracts

Samples: Property Management Agreement, Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.), Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)

Stability of Management Team. Owner and Property Manager recognize the benefits inherent in promoting stability in the management team engaged in the operation of the Property. (a) Property Manager shall, in the hiring of all employees and in retaining independent contractors, use reasonable care to select qualified, competent and trustworthy employees and independent contractors. Subject to the provisions of this Section 4.01, the selection, terms of employment (including rates of compensation) and termination thereof, and the supervision, training and assignment of duties of all employees of Property Manager engaged in the operation of the Property shall be the duty and responsibility of and shall be determined by Property Manager. All personnel at the Property shall be employees of Property Manager and/or contractors of Property Manager. (b) Property Manager shall employ at Property Manager's sole cost and expense (unless otherwise provided in the Approved Operating Budget) at least the following for the Property: : (i) a manager who works from the Records Office and manages the Property and other properties (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated prorated in light of the time spent managing the Property as opposed to other properties); and and (ii) an accountant working on Property matters and other properties (who shall be part of Property Manager's in house in‑house staff) who works from a central location (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated prorated in light of the time spent working on the Property as opposed to other properties).

Appears in 2 contracts

Samples: Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.), Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)

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Stability of Management Team. Owner and Property Manager recognize the benefits inherent in promoting stability in the management team engaged in the operation of the Property. (a) Property Manager shall, in the hiring of all employees and in retaining independent contractors, use reasonable care to select qualified, competent and trustworthy employees and independent contractors. Subject to the provisions of this Section 4.01, the selection, terms of employment (including rates of compensation) and termination thereof, and the supervision, training and assignment of duties of all employees of Property Manager engaged in the operation of the Property shall be the duty and responsibility of and shall be determined by Property Manager. All personnel at the Property shall be employees of Property Manager and/or contractors of Property Manager. (b) Property Manager shall employ at Property Manager's ’s sole cost and expense (unless otherwise provided in the Approved Operating Budget) at least the following for the Property: : (i) a manager who works from the Records Office and manages the Property and other properties (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated prorated in light of the time spent managing the Property as opposed to other properties); and and (ii) an accountant working on Property matters and other properties (who shall be part of Property Manager's in ’s in-house staff) who works from a central location (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated prorated in light of the time spent working on the Property as opposed to other properties).

Appears in 1 contract

Samples: Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)

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