Common use of Termination; Modification Clause in Contracts

Termination; Modification. a. THE TERM OF THIS AGREEMENT SHALL BE FOR A TWELVE-MONTH PERIOD COMMENCING ON b. No amendment or modification to this Agreement shall be effective unless it is in writing and executed by Owner and Agent. This Agreement may be terminated on thirty (30) days prior written notice by the Agent or the Owner if either shall not promptly discharge its obligations faithfully in the manner herein provided. c. This Agreement shall also terminate under the following circumstances: (i) In the event that the Owner sells its interest in and to the Property, in its entirety, to a third party. Such termination shall be effective as of the date of the closing of such sale, provided that Owner shall have given Agent at least thirty (30) days prior written notice of such sale. (ii) In the event the holder of any mortgage, deed of trust, deed to secure debt or other similar instrument encumbering Owner's interest in the Property (“Lender”) gives written notice to Agent that the Lender elects to terminate this Agreement. Such termination shall be effective upon the succession by Agent to all right, title and interest of Owner and to the Property, provided that Lender shall have given Agent at least thirty (30) days prior written notice of Lender’s succession to title to the Property. In the event this Agreement is terminated by either Owner or Lender in accordance with this paragraph, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination, provided, however, that Agent shall be entitled to the compensation provided in paragraph 3 hereof for transition and sale assistance services. d. In the event this Agreement is terminated by either Owner or Agent in accordance with paragraph 4(a) or (b) above, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination. NOTWITHSTANDING THE ABOVE, IN THE EVENT THAT OWNER OR AGENT TERMINATES THIS AGREEMENT FOR ANY REASON, THEN OWNER SHALL PAY AGENT A TRANSITION FEE OF $ WITHIN THIRTY (30) DAYS OF THE EFFECTIVE DATE OF TERMINATION. e. Within forty-five (45) days of the effective date of any termination, Owner or Agent each shall take such steps as are necessary to settle all accounts between them, including the following: (1) Agent shall render to Owner all funds then on hand after having deducted therefrom any Agent’s fees then due and amounts sufficient to cover all other outstanding expenditures of Agent incurred in connection with operating the Property; (2) Agent shall render to Owner records showing all tenants who paid security deposits under leases affecting the Property; (3) Agent shall transfer to Owner any security deposits held by Agent;

Termination; Modification. a. THE TERM OF THIS AGREEMENT SHALL BE FOR A TWELVE-MONTH PERIOD COMMENCING ON b. No amendment or modification to this Agreement shall be effective unless it is in writing and executed by Owner and Agent. This Agreement may be terminated on thirty (30) days prior written notice by the Agent or the Owner if either shall not promptly discharge its obligations faithfully in the manner herein provided. c. This Agreement shall also terminate under the following circumstances: (i) In the event that the Owner sells its interest in and to the Property, in its entirety, to a third party. Such termination shall be effective as of the date of the closing of such sale, provided that Owner shall have given Agent at least thirty (30) days prior written notice of such sale. (ii) In the event the holder of any mortgage, deed of trust, deed to secure debt or other similar instrument encumbering Owner's interest in the Property (“Lender”) gives written notice to Agent that the Lender elects to terminate this Agreement. Such termination shall be effective upon the succession by Agent to all right, title and interest of Owner and to the Property, provided that Lender shall have given Agent at least thirty (30) days prior written notice of Lender’s succession to title to the Property. In the event this Agreement is terminated by either Owner or Lender in accordance with this paragraphSection Paragraph, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination, provided, however, that Agent shall be entitled to the compensation provided in paragraph Section Paragraph 3 hereof for transition and sale assistance services. d. In the event this Agreement is terminated by either Owner or Agent in accordance with paragraph Section Paragraph 4(a) or (b) above, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination. NOTWITHSTANDING THE ABOVE, IN THE EVENT THAT OWNER OR AGENT TERMINATES THIS AGREEMENT FOR ANY REASON, THEN OWNER SHALL PAY AGENT A TRANSITION FEE OF $ WITHIN THIRTY (30) DAYS OF THE EFFECTIVE DATE OF TERMINATION. e. Within forty-five (45) days of the effective date of any termination, Owner or Agent each shall take such steps as are necessary to settle all accounts between them, including the following: (1) Agent shall render to Owner all funds then on hand after having deducted therefrom any Agent’s fees then due and amounts sufficient to cover all other outstanding expenditures of Agent incurred in connection with operating the Property; (2) Agent shall render to Owner records showing all tenants who paid security deposits under leases affecting the Property; (3) Agent shall transfer to Owner any security deposits held by Agent;or

Termination; Modification. a. THE TERM OF THIS AGREEMENT SHALL BE FOR A TWELVE-MONTH PERIOD COMMENCING ON b. No amendment or modification to this Agreement shall be effective unless it is in writing and executed by Owner and Agent. This Agreement may be terminated on thirty (30) days prior written notice by the Agent or the Owner if either shall not promptly discharge its obligations faithfully in the manner herein provided. c. This Agreement shall also terminate under the following circumstances: (i) In the event that the Owner sells its interest in and to the Property, in its entirety, to a third party. Such termination shall be effective as of the date of the closing of such sale, provided that Owner shall have given Agent at least thirty (30) days prior written notice of such sale. (ii) In the event the holder of any mortgage, deed of trust, deed to secure debt or other similar instrument encumbering Owner's interest in the Property (“Lender”) gives written notice to Agent that the Lender elects to terminate this Agreement. Such termination shall be effective upon the succession by Agent to all right, title and interest of Owner and to the Property, provided that Lender Xxxxxx shall have given Agent at least thirty (30) days prior written notice of LenderXxxxxx’s succession to title to the Property. In the event this Agreement is terminated by either Owner or Lender in accordance with this paragraphSection, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination, provided, however, that Agent shall be entitled to the compensation provided in paragraph Section 3 hereof for transition and sale assistance services.. SAMPLE d. In the event this Agreement is terminated by either Owner or Agent in accordance with paragraph Section 4(a) or (b) above, Agent shall receive no management compensation beyond the date of termination and shall have no further obligations hereunder beyond the effective date of termination. NOTWITHSTANDING THE ABOVE, IN THE EVENT THAT OWNER OR AGENT TERMINATES THIS AGREEMENT FOR ANY REASON, THEN OWNER SHALL PAY AGENT A TRANSITION FEE OF $ WITHIN THIRTY (30) DAYS OF THE EFFECTIVE DATE OF TERMINATION. e. Within forty-five (45) days of the effective date of any termination, Owner or Agent each shall take such steps as are necessary to settle all accounts between them, including the following: (1) Agent shall render to Owner all funds then on hand after having deducted therefrom any Agent’s fees then due and amounts sufficient to cover all other outstanding expenditures of Agent incurred in connection with operating the Property; (2) Agent shall render to Owner records showing all tenants who paid security deposits under leases affecting the Property; (3) Agent shall transfer to Owner any security deposits held by Agent;