Common use of Appointment of the Property Manager Clause in Contracts

Appointment of the Property Manager. The Managing Member exercises ultimate authority over the Series Assets. Pursuant to Section 5.3, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Assets. The Managing Member has agreed on behalf of the Company to appoint a Property Manager to manage each Series Asset on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of each Series Assets and the Managing Member on behalf of each Series will enter into an Property Management Agreement pursuant to which the Property Manager is formally appointed to manage the Series Assets. The consideration payable to the Property Manager for managing the Series Assets will be the Property Management Fee.

Appointment of the Property Manager. The Managing Member exercises ultimate authority over the Series Assets. Pursuant to Section 5.3, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Assets. The Managing Member has agreed agreed, on behalf of the Company Company, to appoint a Property Manager to manage each Series Asset on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of each Series Assets and the Managing Member Member, on behalf of each Series Series, will enter into an a Property Management Agreement pursuant to which the Property Manager is formally appointed to manage the Series Assets. The consideration payable to the Property Manager for managing the Series Assets will be the Property Management Fee.