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EXHIBIT 10.12
PROPERTY MANAGEMENT AND LEASING TERMINATION AGREEMENT
This Property Management and Leasing Termination Agreement (the
"Agreement") is made as of December 31, 1996 by and between SUN COMMUNITIES
FINANCE LIMITED PARTNERSHIP, a Michigan limited partnership ("Owner"), and SUN
MANAGEMENT, INC., a Michigan corporation ("Agent").
RECITALS:
A. Owner and Agent entered into a Property Management and Leasing
Agreement, dated as of November 30, 1993 and amended as of January 1, 1994
(collectively, the "Management Agreement"), pursuant to which Owner engaged
Agent to perform property management work for its properties.
B. Owner is no longer subject to requirements in loan documents
that require Owner to have Agent manage its properties and Owner wishes to have
another entity manage its properties.
C. Owner and Agent desire to terminate the Management Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree that the
Management Agreement is terminated as of the date of this Agreement, and both
parties shall be released from all further obligations under the Management
Agreement
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.
"OWNER"
SUN COMMUNITIES FINANCE LIMITED
PARTNERSHIP, a Michigan limited
partnership
By: Sun QRS, Inc., a
Michigan corporation, General
Partner
By: /s/ Xxxxxxx X. Xxxxxxxx
---------------------------
Xxxxxxx X. Xxxxxxxx,
Chief Financial
Officer and Secretary
"AGENT"
SUN MANAGEMENT, INC., a
Michigan corporation
By: /s/ Xxxxxxx X. Xxxxxxxx
---------------------------
Xxxxxxx X. Xxxxxxxx,
Chief Financial
Officer and Secretary
