Control Provisions. (a) Except with respect to Michigan 30, the MARC Principals control, directly or indirectly, and without the requirement for consent of any other Person, the management of each Property and Property Owner. (b) There are no provisions in any limited partnership agreement, operating agreement, certificate of incorporation, bylaws or any other agreement or instrument to which a MARC Principal or MARC Entity is party, under which any Person (other than a MARC Principal or a MARC Entity) has the right to exercise the management or control rights, powers or authority currently belonging to a MARC Principal or a MARC Entity, except for independent directors in connection with the Existing Senior Loans or as set forth in any mortgage, deed of trust or similar security agreement encumbering any Property upon exercise of the rights and remedies upon default set forth in any of the foregoing.
Appears in 2 contracts
Sources: Omnibus Agreement (First Union Real Estate Equity & Mortgage Investments), Omnibus Agreement (First Union Real Estate Equity & Mortgage Investments)