Common use of Termination of Approved Property Manager Clause in Contracts

Termination of Approved Property Manager. The FCRHA shall have the right to require the replacement of an Approved Property Manager with a Person chosen by the FCRHA upon the earliest to occur of any one or more of the following events: (i) the occurrence and continuance of a Leasing Default or Bankruptcy Default, (ii) thirty (30) days after notice from the FCRHA to Tenant that such Approved Property Manager has engaged in fraud, gross negligence, malfeasance or willful misconduct arising from or in connection with its performance at the Project, or (iii) Tenant has entered into a new management agreement, or approved the assignment of an existing Management Agreement from an Approved Property Manager without first complying with the terms of Section 26.01 above. Without limitation of the foregoing, the FCRHA agrees that if the FCRHA shall require the appointment of a replacement property manager, the FCRHA shall request the consent of the then current Mortgagee (which consent shall not be unreasonably withheld, delayed or conditioned). If the Mortgagee shall fail to respond to the FCRHA within ten (10) Business Days after receipt of FCRHA’s request, or if the Mortgagee shall withhold its consent without specifying the reasons therefor in reasonable detail, then the Mortgagee shall be deemed to have consented to the proposed property manager.