Common use of Control; Management Clause in Contracts

Control; Management. There shall be no change in the day-to-day control and management of Borrower or Borrower’s general partner or managing member without the prior written consent of Lender. Borrower shall not terminate, replace or appoint any manager or terminate or amend the management agreement for the Project without Lender’s prior written approval, which approval shall not be unreasonably withheld. Any change in ownership or control of the manager shall be cause for Lender to re-approve such manager and management agreement. Each manager shall hold and maintain all necessary licenses, certifications and permits required by law. Borrower shall fully perform all of its covenants, agreements and obligations under the management agreement. The property management fee payable under the management agreement shall not exceed three and one-half percent (3.5%) of rental collections; provided, however, that an additional asset management fee not to exceed two and one-half percent (2.5%) of rental collections may be paid so long as all Debt Service payments and all property management fees and expenses have been paid when due, and further provided that payment of any property management fee or asset management fee shall in all events be subordinate to the payment of the Loan, and no accrual or deferral of my asset management fee shall be permitted.