Change in Property Manager Sample Clauses

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Change in Property Manager. Borrower shall give Lender notice of any change in the identity of the property manager of each Mortgaged Property, and except with respect to property managers which are Affiliates of the applicable Borrower, no such change shall be made without the prior consent of Lender. Any management agreement must be in form and substance satisfactory to Lender. Borrower agrees to enter into and cause any property manager to enter into an assignment and subordination of property management agreement in form and substance satisfactory to Lender and any other documents or agreements Lender shall deem necessary in connection with the execution of any property management agreement.
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Change in Property Manager. No change in the Property Manager of each Mortgaged Property shall be made without the prior written consent of Lender, which approval shall be based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇. Lender acknowledges that the Mortgaged Properties are managed by a wholly owned subsidiary of Guarantor and do not possess a formal management agreement. If, with Lender’s prior written consent as provided in this Section 7.19, a third party manager is subsequently retained to manage the Mortgaged Properties, then such third party manager shall execute an Assignment of Management Agreement in form and substance acceptable to Lender. In the event Lender exercises its rights and remedies under the Loan Documents in connection with an Event of Default, then Lender shall also have the right, but not the obligation, to require and choose a third party manager to manage the Mortgaged Properties.
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Change in Property Manager. Collateral Pool Borrower shall give Lender notice of any change in the identity of the Property Manager of each Mortgaged Property in such Collateral Pool, and no such change shall be made without the prior consent of Lender, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, such Collateral Pool Borrower may change the Property Manager to an Affiliate of Borrower without prior consent of Lender, provided such Collateral Pool Borrower gives Lender prior written notice of such change. As of the date hereof, Archstone Property Management LLC, a Delaware limited liability company (“Manager LLC”) and Archstone Property Management (California) Incorporated, a Delaware corporation and Tishman, Speyer Properties, L.P. (or any Affiliate thereof) (“Manager Corporation”) are hereby approved as the Property Manager.
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Change in Property Manager. Borrower shall give ▇▇▇▇▇▇ Mae notice of any change in the identity of the Property Manager of the Mortgaged Property, and no such change shall be made without the prior consent of ▇▇▇▇▇▇ ▇▇▇, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by ▇▇▇▇▇▇ Mae for similar loans anticipated to be purchased by ▇▇▇▇▇▇ ▇▇▇. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower may change the Property Manager to an Affiliate of Borrower, or to any wholly-owned subsidiary of EQR, ERPOP, the Surviving REIT or the Surviving Operating Partnership, without prior consent of ▇▇▇▇▇▇ Mae, provided Borrower gives ▇▇▇▇▇▇ ▇▇▇ prior written notice of such change. As of the date hereof, Equity Residential Management, L.L.C., a Delaware limited liability company (“Manager LLC”) is hereby approved as the Property Manager.
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Change in Property Manager. Collateral Pool Borrower shall give ▇▇▇▇▇▇ ▇▇▇ notice of any change in the identity of the Property Manager of each Mortgaged Property in such Collateral Pool, and no such change shall be made without the prior consent of ▇▇▇▇▇▇ Mae, which shall not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by ▇▇▇▇▇▇ ▇▇▇ for similar loans anticipated to be purchased by ▇▇▇▇▇▇ Mae. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, such Collateral Pool Borrower may change the Property Manager to an Affiliate of Borrower without prior consent of ▇▇▇▇▇▇ ▇▇▇, provided such Collateral Pool Borrower gives ▇▇▇▇▇▇ Mae prior written notice of such change. As of the date hereof, AvalonBay is hereby approved as the Property Manager.
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Change in Property Manager. No change in the Property Manager of each Mortgaged Property shall be made without the prior written consent of Lender, which approval shall be based on the criteria for approval of Property Managers as required by Lender for similar loans anticipated to be sold to ▇▇▇▇▇▇ ▇▇▇.
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Change in Property Manager. (a) Subject to the provisions of this Section 8.19, ▇▇▇▇▇▇ Mae and Lender hereby waive the requirement of Section 17(a)(5) of each of the Security Instruments that Borrower enter a written contract for management of the Mortgaged Properties with a residential rental property manager. ▇▇▇▇▇▇ ▇▇▇ and Lender acknowledge that Borrower or an Affiliate of Borrower, as of the date hereof, manages the Mortgaged Properties and no management agreement is in effect with any third party management company with respect to the management of the Mortgaged Properties. Borrower agrees not to pay or allocate in any intercompany allocation to the Guarantor or any Affiliate of the Guarantor an amount greater than 5% of Gross Revenues from any Mortgaged Property on account of the management of the Mortgaged Properties (a “Management Intercompany Transfer”). In addition, any Management Intercompany Transfer in excess of 3% of Gross Revenues shall be subordinated to all amounts payable under the Borrower Documents. (b) Borrower shall have the right to elect in the future to employ an independent, third party management company for the management of any Mortgaged Property. Borrower’s selection of such management company and the written contract for the management of such Mortgaged Property shall each require the prior written consent of Lender, to be provided in the Lender’s sole and absolute discretion. Borrower and such new property manager shall enter into an Assignment and Subordination of Management Agreement on a form then-required by Lender and satisfying Lender’s then-existing requirements. Borrower agrees not to pay a management fee greater than 5% of Gross Revenues from any Mortgaged Property, unless otherwise approved by Lender, in its sole and absolute discretion, and any management fee in excess of 3% of Gross Revenues shall be subordinated to all amounts payable under the Borrower Documents. (c) Notwithstanding any provision herein to the contrary, if Lender determines in its reasonable discretion that current management of any Mortgaged Property is inadequate, or if an Event of Default or a Potential Event of Default shall have occurred and be continuing, Lender shall have the right, at any time and upon notice in writing to Borrower, (A) to revoke the waiver set forth in subsection (a) hereof and to direct Borrower to employ independent, third party management of any or all of the Mortgaged Properties; or (B) upon the occurrence and during the continuation of an E...
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Related to Change in Property Manager

  • Property Manager Any entity that has been retained to perform and carry out property rental, leasing, operation and management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property.

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or JLL, which consent may be withheld in the Owner’s sole discretion.

  • Property Management (a) Borrower shall (i) cause Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware, (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement, and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement in a commercially reasonable manner. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its Obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed. In no event shall the fee payable to Manager for any Interest Period exceed the Management Fee Cap for such Interest Period and in no event shall Borrower pay or become obligated to pay to Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the Transfer of a Property or the termination of the Management Agreement. (b) If any one or more of the following events occurs: (i) the occurrence of an Event of Default, (ii) Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of any gross negligence, fraud, willful misconduct or misappropriation of funds), or (iii) Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace the Manager and enter into a Replacement Management Agreement with (x) a Qualified Manager selected by Borrower that is not an Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender; provided, that such approval shall be conditioned upon Borrower delivering a Rating Agency Confirmation as to such property manager. If Borrower fails to select a new Qualified Manager or a replacement Manager that satisfies the conditions described in the foregoing clause (y) and enter into a Replacement Management Agreement with such Person within sixty (60) days of Lender’s demand to replace the Manager, then Lender may choose the replacement property manager provided that such replacement property manager is a Qualified Manager or satisfies the conditions set forth in the foregoing clause (y).

  • Property Management Fee For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.

  • Real Estate Taxes and Special Assessments The 2022 calendar year real estate taxes due and payable in 2023 shall be paid by Seller. Seller shall credit Buyer(s) at closing for said 2022 real estate taxes payable in 2023 based on the most recent ascertainable tax figures. ▇▇▇▇▇ is responsible for all subsequent real estate taxes.