Subordination of Management Fees. Property Manager within 30 days from receipt of such notice or that Borrower or Property Manager have failed to diligently undertake correcting such conditions within such 30‑day period, Lender may direct Borrower to terminate Property Manager as manager of the Mortgaged Property and terminate the Management Agreement without payment of any cancellation fee or penalty and to replace Property Manager with a management company acceptable to Lender in Lender’s sole discretion pursuant to a management agreement acceptable to Lender in Lender’s sole discretion.
Appears in 4 contracts
Samples: Assignment of Management Agreement (Steadfast Apartment REIT, Inc.), Assignment of Management Agreement (Steadfast Apartment REIT III, Inc.), Assignment of Management Agreement (Steadfast Apartment REIT, Inc.)
