Subordination of Property Management Agreement definition

Subordination of Property Management Agreement means that certain consent and agreement of manager and subordination of management agreement executed by Borrower and the Approved Property Manager as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

Subordination of Property Management Agreement means an Assignment of Management Agreement and Subordination of Management Fees among Borrower, an Approved Property Manager and Lender, substantially in the form delivered on the date hereof by Borrower, the initial Approved Property Manager and Lender.

Subordination of Property Management Agreement means the Subordination of Property Management Agreement executed by the Manager and Borrower in favor of Lender.

Examples of Subordination of Property Management Agreement in a sentence

• Pursuant to the Subordination of Property Management Agreement or Agreements, each Approved Property Manager shall agree that its Approved Management Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness.

• Borrower may from time to time appoint an Approved Property Manager to manage the Property pursuant to an Approved Management Agreement, and such successor manager shall execute for Lender’s benefit a Subordination of Property Management Agreement in form and substance reasonably satisfactory to Lender.

• Lender shall have the right, after reasonable notice to Borrower and in accordance with the Subordination of Property Management Agreement, to cure defaults of Borrower under the Approved Management Agreement.

• Borrower may from time to time appoint a replacement Approved Property Manager to manage the applicable Property pursuant to an Approved Property Management Agreement, provided that (i) no Event of Default is continuing, (ii) Lender receives at least sixty (60) days’ prior written notice of same and (iii) such successor manager shall execute and deliver to Lender for Lender’s benefit a Subordination of Property Management Agreement in form and substance reasonably satisfactory to Lender.

• All Management Agreements shall be terminable upon thirty (30) days’ written notice without penalty or charge (except for unpaid accrued management fees) and shall be subject to an Assignment and Subordination of Property Management Agreement.

More Definitions of Subordination of Property Management Agreement

Subordination of Property Management Agreement means a subordination of property management agreement in substantially the form of Exhibit C, with such changes as shall be approved by Lender (which approval shall not be unreasonably withheld with respect to changes that are consistent with the requirements of this Agreement).

Subordination of Property Management Agreement means that certain Consent and Agreement of Manager and Subordination of Management Agreement executed by New Borrower and Lincoln Retail REIT Services, LLC, a Delaware limited liability company, in connection with this Agreement, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance with the Loan Agreement.

Subordination of Property Management Agreement means that certain consent and agreement of manager and subordination of management agreement executed by Borrower and the Approved Property Manager as of the Closing Date, as the same may from time to time be modified or replaced in accordance herewith. Gxxxxxx Sachs Commercial Mortgage Capital, L.P. Loan Agreement Life Time Fitness Portfolio

Subordination of Property Management Agreement means that certain Consent, Subordination, Non-Disturbance and Attornment Agreement executed by Borrower, Operating Lessee, Lender and Hyatt as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith and any other subordination, non-disturbance and attornment agreement entered into by Borrower, Operating Lessee, Lender and an Approved Property Manager in accordance herewith , as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

Subordination of Property Management Agreement. [s]” shall mean that certain Subordination of Property Management Agreement[s] of even date herewith executed by Borrower and property manager, in form and content satisfactory to Lender.

Subordination of Property Management Agreement means (i) that certain Consent and Agreement of Manager and Subordination of Management Agreement, executed by Borrower and the Initial Approved Property Manager as of the Closing Date, and (ii) any consent and agreement of manager and subordination of management agreement, substantially in the form then used by Lender (or of such other form and substance reasonably acceptable to Lender), received by Lender in connection with the execution and delivery of any other property management agreement entered into by Borrower in accordance with the terms of the Loan Agreement following the Closing Date, in each case, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

Subordination of Property Management Agreement means that certain consent and agreement of manager and subordination of management agreement executed by Borrower and the Approved Property Manager as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. “Successor Borrower” means a then newly-formed Single-Purpose Entity that is Controlled by one or more Qualified Equityholders. “Survey” means, with respect to each Property, a current land title survey thereof, certified to Borrower, the title company issuing the applicable Title Insurance Policy and Lender and their respective successors and assigns, in form and substance reasonably satisfactory to Lender, provided all of the Properties may be covered by a single survey. “Taxes” means all real estate and personal property taxes, assessments, fees, taxes on rents or rentals, water rates or sewer rents, facilities and other governmental, municipal and utility district charges or other similar taxes or assessments now or hereafter levied or assessed or imposed against the Properties or Borrower with respect to the Properties or rents therefrom or that may become Liens upon any of the Properties, without deduction for any amounts reimbursable to Borrower by third parties. “Tenant” means any Person liable by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) pursuant to a Lease. “Tenant Improvements” means, collectively, (i) tenant improvements to be undertaken for any Tenant that are required to be completed by or on behalf of Borrower pursuant to the terms of such Tenant’s Lease, and (ii) tenant improvements paid or reimbursed through allowances to a Tenant pursuant to such Tenant’s Lease. “Tenant Notice” has the meaning set forth in Section 3.1(a). “Termination Proceeds” has the meaning set forth in Section 3.5(d). “Test Period” means each 12-month period ending on the last day of a Fiscal Quarter. 29