Compensation of Manager definition

Compensation of Manager. As a monthly management fee hereunder, an amount no greater than four percent (4%) of Gross Income for the month for which the payment is made, which shall be deducted monthly by MANAGER and retained by MANAGER from Gross Income prior to payment to OWNER of Net Proceeds. Such Management Fee shall be compensation for those services specified herein. OWNER agrees to pay MANAGER a onetime setup fee of $2,000.00. Any services beyond those specified herein, such as sales brokerage, construction management, loan origination and servicing, property tax reduction and risk management services, shall be performed by MANAGER and compensated by OWNER only if the parties agree on the scope of such work and provided that the compensation to be paid therefor will not exceed 90% of that which would be paid to unrelated parties providing such services and provided further that all such compensation must be approved by a majority of the independent directors of OWNER.
View Source

Examples of Compensation of Manager in a sentence

  • Compensation of Manager and Affiliates Not Linked to Profitability ------------------------------------------------------------------ Pursuant to the LLC Agreement, the Manager will receive certain fees and reimbursement of expenses.

  • Compensation of Manager and Affiliates Not Linked to Profitability Pursuant to the LLC Agreement, the Manager will receive certain fees and reimbursement of expenses.

  • Compensation of Manager: Owner agrees to compensate Apartment Management Services, LLC as follows: Owner agrees to pay the Apartment Management Services, LLC an amount equal to two (3%) percent of the collected gross rents as a fee for managing the property.

  • Purchaser shall be responsible for and shall pay (i) all Compensation with respect to the operations of the Property on and after the date of Closing, (ii) all Compensation of Manager which is accrued but not payable as of the Closing and for which Purchaser is credited at Closing, and (iii) all Compensation which would be owing by virtue of Purchaser’s breach of its obligations under Section 13.3 hereof.