Common use of Termination of Property Manager Clause in Contracts

Termination of Property Manager. Following the occurrence of an Event of Default, Borrower agrees, that, Lender may deliver written notice to Borrower and Property Manager tem1inating the Property Management Contract, which notice shall specify in reasonable detail the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has failed to diligently undertake correcting such conditions within such thirty (30) day period. Lender may direct Borrower to terminate the Property Management Contract and to replace Prope1iy Manager with a management company acceptable to Lender.

Termination of Property Manager. Following the occurrence of an Event of Default, Borrower agrees, that, Lender may deliver written notice to Borrower and Property Manager tem1inating terminating the Property Management Contract, which notice shall specify in reasonable detail the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has failed to diligently undertake correcting such conditions within such thirty (30) day period. Lender may direct Borrower to terminate the Property Management Contract and to replace Prope1iy Property Manager with a management company acceptable to Lender.

Termination of Property Manager. Following the occurrence Irrespective of whether an Event of DefaultDefault has occurred, Borrower agreesagrees that, thatif Property Manager becomes insolvent, Lender may deliver written notice to Borrower and Property Manager tem1inating the Property Management ContractManager, which notice shall specify in reasonable detail the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has have failed to diligently undertake correcting such conditions within such thirty (30) day period. , Lender may direct Borrower to terminate the Property Management Contract and to replace Prope1iy Property Manager with a management company acceptable to Lender.

Termination of Property Manager. Following the occurrence of an Event of Default, Borrower agrees, that, if (a) an Event of Default has occurred and is continuing or (b) Property Manager becomes insolvent, Lender may deliver written notice to Borrower and Property Manager tem1inating the Property Management ContractManager, which notice shall specify in reasonable detail the grounds for Lender's ’s determination. If Lender reasonably determines that the conditions specified in Lender's ’s notice are not remedied to Lender's ’s reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has have failed to diligently undertake correcting such conditions within such thirty (30) day period. Lender may direct Borrower to terminate the Property Management Contract and to replace Prope1iy Property Manager with a management company acceptable to Lender.