TERMS OF RENTAL PROGRAM Sample Clauses

TERMS OF RENTAL PROGRAM. The Rental Program shall initially be embodied by the terms and provisions set forth in the three forms of Condominium Unit Lease Agreement attached hereto as composite EXHIBIT "B" and the form agreement for the rental of the Cabanas to be prepared and mutually agreed upon by Owner and Operator prior to the Commencement Date (the "CABANA LEASE AGREEMENT"). The Cabana Lease Agreement shall be substantially similar to the Condominium Unit Lease Agreements. All Unit Owners acquiring title to residential Units within twelve (12) months from the Effective Date of this Agreement shall be entitled to enter into the Sold Units Lease Agreement with Operator on the exact terms as set
Sample 1
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TERMS OF RENTAL PROGRAM. The Rental Program shall initially be -------------------------- embodied in the terms and provisions set forth in a form of Rental Management Agreement to be mutually agreed upon by Master Manager and Operator and attached hereto as EXHIBIT "D-1". It is contemplated that the form Management Agreement ------------- will provide for certain costs, reserves and expenses of the Unit that can be charged to the Participating Owner to be so charged by deducting the costs and expenses from the rental revenues generated by use of the Unit including, without limitation, the following: - Management and Licensing Fee - 7% of Gross Rental Revenues ------------------------------- - Marketing reserve - 3% of Gross Rental Revenues - All travel agency and other third party commissions and reservations fees - All Credit and debit card costs; - A capital reserve for replacement of the FF&E for each Unit. The form Management Agreement may be modified at any time by Master Manager in its exclusive discretion. Operator shall have the right of reasonable approval regarding any change planned by Master Manager that could result in a change to the revenue forecasted from the Rental Program, and any such change shall be subject to Operator's prior approval if the Incentive Share (Section 6.1.2) is in effect. All Unit Owners that want to commence or renew participation in the Rental Program shall execute the form of Management Agreement then being offered to Unit Owners by Master Manager.
Sample 1

Related to TERMS OF RENTAL PROGRAM

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