Common use of For Operations Clause in Contracts

For Operations. Property Manager shall use commercially reasonable efforts to operate in accordance with the Budget and Plan unless otherwise specifically approved in writing by Owner and except in the case of emergencies: (A) Property Manager will investigate, hire, train, pay, supervise, establish policies for and discharge the On-Site Personnel necessary to maintain and operate the Properties including, without limitation, property managers and building and maintenance personnel who shall have experience and education satisfactory to Owner. Such personnel shall in every instance be agents or employees of Property Manager and not of Owner, but Owner shall have the right to approve, via the annual budget process, the compensation of Property Manager’s personnel for which Property Manager has the right to be reimbursed hereunder. Property Manager has the right to be reimbursed for: (i) On-Site Personnel that are employed at the Properties or at management field offices or corporate offices, should there be no office located on site. The management field office and corporate office employees shall be charged to the respective Property on the basis of the percentage of time spent attending to such Property based on actual wages and fringe benefits, unless Owner and Property Manager agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed at the Properties from time to time, and these employees shall be charged to the respective Properties at a reasonable hourly or monthly rate pre-approved by Owner and only for the actual and reasonably necessary time spent on such Property by such personnel. Owner shall have no right to supervise or direct such agents or employees. Property Manager, at Property Manager’s sole cost and expense, shall maintain during the term of this Agreement a bond or applicable insurance covering Property Manager and all persons who handle, have access to or are responsible for Owner’s monies, in an amount and form reasonably acceptable to Owner. Property Manager shall provide Owner with a certificate or other satisfactory documentation evidencing the existence and terms of such bond(s) upon execution of this Agreement. Property Manager shall supervise, and at Owner’s cost and expense, shall retain, to the extent such services are not sufficiently provided by On-Site Personnel, but in accordance with the Budget, independent contractors, subcontractors, and suppliers to provide for the management, maintenance, repair and operation of the Properties as well as security functions. (B) If commercially reasonable within the geographic area in which a Property is located, to obtain not fewer than three (3) competing bids for, contract with and supervise onsite management of, contractors. (C) Assist in coordinating the opening and closing of the businesses of tenants, including, but not limited to, obtaining of insurance and signage approval. (D) In accordance with the operating budget, purchase necessary supplies and equipment required for the proper operation, maintenance, repair and restoration of the Properties. (E) Supervise all maintenance activity at the Properties, and make or cause to be made repairs, replacements and renovations to Improvements. (F) Contract and pay charges for utilities used in the operation of the Properties, including, without limitation, water, electricity, gas, telephone and sewerage services unless carried or covered under the respective tenant’s name. (G) Contract for and maintain such policies of commercial general liability and bodily injury and property damage insurance with respect to the Properties as are acceptable to Owner. (H) Advertise the Properties by such means and media and at such costs as are in accordance with the Budget and Plan and as Property Manager shall deem appropriate (and at Property Manager’s expense, except as set forth in the last sentence of this subsection (H)) to implement an effective leasing program for the Properties on a local and regional basis. To the extent Owner shall request specific advertising that differs from or is in addition to Property Manager’s planned approach, the incremental cost of such specific advertising shall be borne by Owner. (I) Assist in securing leases with temporary tenants or licensees for use of the Properties. (J) Actively promote and market the Properties to potential tenants, current tenants and the general community. (K) Conduct complete inspections of the Properties as is prudent to determine that the same are in good order and repair, but no less frequently than once per calendar quarter, during the term of this Agreement. (L) Forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and make such recommendations regarding compliance with such notice as shall be appropriate. (M) Maintain business-like relations with the tenants of the Properties and respond promptly to tenant complaints in a prudent, businesslike manner. Property Manager shall maintain a record of all written tenant complaints and Property Manager’s response to such complaints for no less than one year, which record shall be available for review by Owner. (N) Analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, and pay all such bills and any other amount payable in respect to the Properties. Property Manager shall use commercially reasonable efforts to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that Property Manager forward certain bills to Owner promptly after receipt, and Property Manager shall comply with any such request. Property Manager will ensure timely 1099 reporting to the IRS, with 1099s filed under Property Manager’s name and Property Manager’s taxpayer identification number (TIN), listing Property Manager as the “payer.” Property Manager will provide annually a signed declaration indicating compliance with 1099 reporting; Property Manager will provide this declaration to Owner with the February monthly reporting package. Penalties for misfilings as a result of Property Manager’s negligence are not to be charged to the Property, but are payable by Property Manager.

For Operations. Property Manager PECO shall use commercially reasonable efforts to operate in accordance with the Budget and Plan unless otherwise specifically approved in writing by Owner and except in the case of emergencies: (A) Property Manager PECO will investigate, hire, train, pay, supervise, establish policies for supervise and discharge the On-Site Personnel necessary to maintain and operate the Properties including, without limitation, property managers and building and maintenance personnel who shall have experience and education satisfactory to the Owner. Such personnel shall in every instance be agents or employees of Property Manager PECO and not of the Owner, but Owner shall have the right to approve, approve via the annual budget process, the compensation of Property ManagerPECO’s personnel for which Property Manager PECO has the right to be reimbursed hereunder. Property Manager PECO has the right to be reimbursed for: for (i) On-Site Personnel that are employed at the Properties or at management field offices or corporate offices, should there be no office located on site. The management field office and corporate office employees shall be charged to the respective Property on the basis of the percentage of time spent attending to such Property based on actual wages and fringe benefits, unless the Owner and Property Manager PECO agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed at the Properties from time to time, and these employees shall be charged to the respective Properties at a reasonable hourly or monthly rate pre-approved by the Owner and only for the actual and reasonably necessary time spent on such Property by such personnel. The Owner shall have no right to supervise or direct such agents or employees. Property ManagerPECO, at Property ManagerPECO’s sole cost and expense, shall maintain during the term of this Agreement a bond or applicable insurance covering Property Manager PECO and all persons who handle, have access to or are responsible for the Owner’s monies, in an amount and form reasonably acceptable to the Owner. Property Manager PECO shall provide the Owner with a certificate or other satisfactory documentation evidencing the existence and terms of such bond(s) upon execution of this Agreement. Property Manager PECO, shall supervise, supervise and at Owner’s cost and expense, shall retain, to the extent such services are not sufficiently provided by On-Site Personnel, but in accordance with the Budget, independent contractors, subcontractors, and suppliers to provide for the management, maintenance, repair and operation of the Properties as well as security functions. (B) If commercially reasonable within the geographic area in which a Property is located, to obtain not fewer less than three (3) competing bids for, contract with and supervise onsite management of, contractors. (C) Assist in coordinating the opening and closing of the businesses of tenants, including, including but not limited to, to obtaining of insurance and signage approval. (D) In accordance with the operating budget, purchase necessary supplies and equipment required for the proper operation, maintenance, repair and restoration of the Properties. (E) Supervise all maintenance activity at the Properties, and make Make or cause to be made repairs, replacements replacements, renovations and renovations to Improvementscapital improvements on the Properties. (F) Contract and pay charges for utilities used in the operation of the Properties, including, including without limitation, limitation water, electricity, gas, telephone and sewerage services unless carried or covered under the respective tenant’s name. (G) Contract for and maintain such policies of commercial general liability and bodily injury and property damage insurance with respect to the Properties as are acceptable to Owner. (H) Advertise the Properties by such means and media and at such costs as are in accordance with the Budget and Plan and as Property Manager PECO shall deem appropriate (and at Property ManagerPECO’s expense, except as set forth in the last sentence of this subsection (H)) to implement an effective leasing program for the Properties on a local and regional national basis, with no less effort and professionalism than that used for the advertising programs employed by PECO with respect to its own portfolio of properties. To This advertising shall include attendance and facilities for ICSC and related leasing events. Notwithstanding the foregoing, to the extent Owner shall request specific advertising that differs from or is in addition to Property ManagerPECO’s planned approach, the incremental cost of such specific advertising shall be borne by Owner. (I) Assist in securing leases with temporary tenants or licensees for use of the Properties. (J) Actively promote and market the Properties to potential tenants, current tenants and the general community. (K) Conduct complete inspections of the Properties as is prudent to determine that the same are in good order and repair, but no less frequently than once per calendar quarter, quarter during the term of this Agreement. (L) Forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate. (M) Maintain business-like relations with the tenants of the Properties and respond promptly to tenant complaints in a prudent, businesslike manner. Property Manager PECO shall maintain a record of all written tenant complaints for no less than one year and Property ManagerPECO’s response to such complaints for no less than one year, which record shall be available for review by Owner. (N) Analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, and pay all such bills and any other amount payable in respect to the Properties. Property Manager PECO shall use commercially reasonable commercial efforts to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that Property Manager PECO forward certain bills to Owner promptly after receipt, and Property Manager PECO shall comply with any such request. Property Manager PECO will ensure timely 1099 reporting to the IRS, with 1099s 1099’s filed under Property ManagerPECO’s name and Property ManagerPECO’s taxpayer identification number (TIN), listing Property Manager PECO as the “payer.” Property Manager ”. PECO will provide annually a signed declaration indicating compliance with 1099 reporting; Property Manager PECO will provide this declaration to Owner with the February monthly reporting packageReporting Package. Penalties for misfilings as a result of Property ManagerPECO’s negligence are not to be charged to the Propertyproperty, but are payable by Property ManagerPECO.

For Operations. Property Manager shall use commercially reasonable efforts to operate in accordance with the Budget and Plan unless otherwise specifically approved in writing by Owner and except in the case of emergencies: (A) Property Manager will investigate, hire, train, pay, supervise, establish policies for and discharge the On-Site Personnel necessary to maintain and operate the Properties including, without limitation, property managers and building and maintenance personnel who shall have experience and education satisfactory to the Owner. Such personnel shall in every instance be agents or employees of Property Manager and not of the Owner, but Owner shall have the right to approve, approve via the annual budget process, the compensation of Property Manager’s personnel for which Property Manager has the right to be reimbursed hereunder. Property Manager has the right to be reimbursed for: (i) On-Site Personnel that are employed at the Properties or at management field offices or corporate offices, should there be no office located on site. The management field office and corporate office employees shall be charged to the respective Property on the basis of the percentage of time spent attending to such Property based on actual wages and fringe benefits, unless the Owner and Property Manager agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed at the Properties from time to time, and these employees shall be charged to the respective Properties at a reasonable hourly or monthly rate pre-approved by the Owner and only for the actual and reasonably necessary time spent on such Property by such personnel. The Owner shall have no right to supervise or direct such agents or employees. Property Manager, at Property Manager’s sole cost and expense, shall maintain during the term of this Agreement a bond or applicable insurance covering Property Manager and all persons who handle, have access to or are responsible for Owner’s monies, in an amount and form reasonably acceptable to Owner. Property Manager shall provide Owner with a certificate or other satisfactory documentation evidencing the existence and terms of such bond(s) upon execution of this Agreement. Property Manager shall supervise, and at Owner’s cost and expense, shall retain, to the extent such services are not sufficiently provided by On-Site Personnel, but in accordance with the Budget, independent contractors, subcontractors, and suppliers to provide for the management, maintenance, repair and operation of the Properties as well as security functions. (B) If commercially reasonable within the geographic area in which a Property is located, to obtain not fewer than three (3) competing bids for, contract with and supervise onsite management of, contractors. (C) Assist in coordinating the opening and closing of the businesses of tenants, including, but not limited to, obtaining of insurance and signage approval. (D) In accordance with the operating budget, purchase necessary supplies and equipment required for the proper operation, maintenance, repair and restoration of the Properties. (E) Supervise all maintenance activity at the Properties, and make or cause to be made repairs, replacements replacements, renovations and renovations to Improvementscapital improvements on the Properties. (F) Contract and pay charges for utilities used in the operation of the Properties, including, without limitation, water, electricity, gas, telephone and sewerage services unless carried or covered under the respective tenant’s name. (G) Contract for and maintain such policies of commercial general liability and bodily injury and property damage insurance with respect to the Properties as are acceptable to Owner. (H) Advertise the Properties by such means and media and at such costs as are in accordance with the Budget and Plan and as Property Manager shall deem appropriate (and at Property Manager’s expense, except as set forth in the last sentence of this subsection (H)) to implement an effective leasing program for the Properties on a local and regional basis. To the extent Owner shall request specific advertising that differs from or is in addition to Property Manager’s planned approach, the incremental cost of such specific advertising shall be borne by Owner. (I) Assist in securing leases with temporary tenants or licensees for use of the Properties. (J) Actively promote and market the Properties to potential tenants, current tenants and the general community. (K) Conduct complete inspections of the Properties as is prudent to determine that the same are in good order and repair, but no less frequently than once per calendar quarter, during the term of this Agreement. (L) Forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and make such recommendations regarding compliance with such notice as shall be appropriate. (M) Maintain business-like relations with the tenants of the Properties and respond promptly to tenant complaints in a prudent, businesslike manner. Property Manager shall maintain a record of all written tenant complaints and Property Manager’s response to such complaints for no less than one year, which record shall be available for review by Owner. (N) Analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, and pay all such bills and any other amount payable in respect to the Properties. Property Manager shall use commercially reasonable efforts to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that Property Manager forward certain bills to Owner promptly after receipt, and Property Manager shall comply with any such request. Property Manager will ensure timely 1099 reporting to the IRS, with 1099s filed under Property Manager’s name and Property Manager’s taxpayer identification number (TIN), listing Property Manager as the “payer.” ”. Property Manager will provide annually a signed declaration indicating compliance with 1099 reporting; Property Manager will provide this declaration to Owner with the February monthly reporting packageReporting Package. Penalties for misfilings as a result of Property Manager’s negligence are not to be charged to the Propertyproperty, but are payable by Property Manager.