Termination of a Project or Debt Investment. This Agreement shall automatically terminate as to any specific Project or Debt Investment upon its sale or other transfer of ownership to a person other than Owner or an affiliate of Owner. In the event that Owner forecloses or otherwise takes title to the real property underlying a Debt Investment, the underlying property will automatically become a Project under this Agreement, unless the property is excluded pursuant to Section 2.01 of this Agreement, and Manager will thereafter be entitled to receive a Management Fee instead of a Loan Servicing Fee with respect thereto.
Appears in 7 contracts
Samples: Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Apartment REIT III, Inc.)
Termination of a Project or Debt Investment. This Agreement shall automatically terminate as to any specific Project or Debt Investment upon its sale or other transfer of ownership to a person other than Owner or an affiliate of Owner. In the event that Owner forecloses or otherwise takes title to the real property underlying a Debt Investment, the underlying property will automatically become a Project under this Agreement, unless the property is excluded pursuant to Section 2.01 of this Agreement, Agreement and Manager will thereafter be entitled to receive a Management Fee instead of a Loan Servicing Fee with respect thereto.
Appears in 1 contract
Samples: Management Agreement (Resource Income Opportunity REIT, Inc.)
