General Partner to Engage Management Agent Sample Clauses

General Partner to Engage Management Agent. The Administrative General Partner shall have responsibility for engaging a management agent (which may be an Affiliate of the General Partner) with the Consent of the Limited Partner and, to the extent required by the applicable Project Documents, the approval of any Mortgagee or governmental authority having jurisdiction over the Project. The Management Agent shall manage and operate the Partnership Property in accordance with this Agreement and in accordance with the applicable Project Documents. The Property Management Agreement attached as Exhibit F shall include the Average Income Test Addendum and provide that if the General Partner is removed pursuant to Section 9.02, or if the General Partner withdraws from the Partnership, and the Management Agent is an Affiliate of such removed or withdrawing General Partner, the Property Management Agreement will terminate upon written notice from the Limited Partner or from any designee General Partner designated under Section 9.02(b). Any removal of the Management Agent in accordance with Article IX hereof or hiring of a new Management Agent shall be made only upon obtaining the consents or approvals, if any, required by the Loan Documents, the Project Documents or this Agreement. If the General Partner shall at any time select a management agent other than the Management Agent, such successor to the Management Agent may (subject to the Consent of the Limited Partner and to any required consent or approval of the Mortgagees) be an Affiliate of a General Partner, but shall not be a General Partner. The Management Agent shall be entitled to receive such management fees as are included in the Budget and that comply with the applicable Project Documents. Any successor Management Agent shall be entitled to receive such management fees as may be agreed upon between the Administrative General Partner and such successor Management Agent consistent with the Budget, and that comply with the applicable Project Documents.
Sample 1
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Related to General Partner to Engage Management Agent

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