Common use of Subordination of Management Agreement Clause in Contracts

Subordination of Management Agreement. A copy of the Management Agreement (certified by the Borrower to be true, complete and accurate), together with a subordination of the Management Agreement whereby the Management Agreement is subordinated to the Mortgage and Lender is given the right to terminate the Management Agreement or any replacement thereof upon the occurrence of an Event of Default, without payment of any termination or other fee or other liability on the part of Lender.

Subordination of Management Agreement. A certified copy of the Management Agreement (certified by the Borrower to be true, complete and accurate)Agreement, together with a subordination of the Management Agreement whereby the Management Agreement is subordinated to the Mortgage and Lender is given the right to terminate the Management Agreement or any replacement thereof upon the occurrence of an Event of Default, without payment of any termination or other fee or other liability on the part of Lender.