Common use of Termination by Property Manager Clause in Contracts

Termination by Property Manager. 15.2.1 The Property Manager shall have the right to terminate this Agreement “for cause”, provided that (i) the Company is in default in the performance of any of their obligations hereunder, and such default remains uncured for thirty (30) days following the Property Manager’s giving of written notice of such default to the Company, in which event termination shall be effective immediately upon written notice to Company, or (ii) any governmental law, regulation, or ruling requires the Property Manager to so terminate this Agreement, in which event termination shall be effective in accordance with such governmental law, regulation, or ruling. 15.2.2 In addition to the termination rights in Section 15.2.1 above, Property Manager shall have the right to terminate this Agreement for any reason or no reason upon sixty (60) days written notice to Company at any time after the end of the first year of the term of this Agreement. 15.2.3 In the event that an affiliate of Property Manager no longer serves as an outside advisor to the parent of the Company, TNP Strategic Retail Trust, under the terms of an executed Advisory Agreement, as the same may be amended and extended (the “Advisory Agreement), the Property Manager shall have a one-time right, exercisable within sixty (60) days of the termination of the Advisory Agreement, to terminate this Agreement on thirty (30) days written notice to the Company.

Termination by Property Manager. 15.2.1 The Property Manager shall have the right to terminate this Agreement “for cause”, provided that (i) the Company is in default in the performance of any of their obligations hereunder, and such default remains uncured for thirty (30) days following the Property Manager’s giving of written notice of such default to the Company, in which event termination shall be effective immediately upon written notice to Company, or (ii) any governmental law, regulation, or ruling requires the Property Manager to so terminate this Agreement, in which event termination shall be effective in accordance with such governmental law, regulation, or ruling. 15.2.2 In addition to the termination rights in Section 15.2.1 above, Property Manager shall have the right to terminate this Agreement for any reason or no reason upon sixty (60) days written notice to Company at any time after the end of the first year of the term of this Agreement. 15.2.3 In the event that an affiliate of Property Manager no longer serves as either (i) an outside advisor to the parent of the Company, TNP Strategic Retail Trust, under the terms of an executed Advisory Agreement, as the same may be amended and extended (the “Advisory Agreement)) or (ii) as the Managing Member of TNP SRT Secured Holdings, LLC, the Property Manager shall have a one-time right, exercisable within sixty (60) days of the termination of the Advisory AgreementAgreement or removal as Managing Member, as applicable, to terminate this Agreement on thirty (30) days written notice to the Company.