Parking Management Agreement. The Owner shall develop a parking management agreement that will, support and achieve overall objectives of the Transportation Plan through the on-site parking operations plan for the Lansdowne Site and address matters set out in Motion 92-18 approved by Council on June 28, 2010. In this regard, the Parking Management Agreement shall include but not be limited to provisions related to the following matters:
Parking Management Agreement. Borrower shall (i) cause the parking facilities at the Property to be managed pursuant to the Management Agreement or a Parking Management Agreement reasonably acceptable to Lender; (ii) promptly perform and observe all of the covenants required to be performed and observed by it under the Parking Management Agreement and do all things necessary to preserve and to keep unimpaired its rights thereunder; (iii) promptly notify Lender of any default under the Parking Management Agreement of which it is aware; (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditure plan, and property improvement plan and any other notice, report and estimate received by Borrower under the Parking Management Agreement; and (v) promptly enforce the performance and observance of all of the covenants and agreements required to be performed and observed by the parking operator under the Management Agreement. In the event that the Parking Management Agreement expires or is terminated, Borrower shall promptly cause the parking operations to be operated by Manager, or enter into a replacement Parking Management Agreement which shall not require Lender’s consent except as set forth in Section 5.2.13.
Parking Management Agreement. Without Lender’s prior written consent, Borrower shall not enter into any Replacement Parking Management which is not terminable on 90 days notice or less.
Parking Management Agreement. Borrower shall promptly notify Lender of any default under the Parking Management Agreement of which it is aware.
Parking Management Agreement. As of the Closing Date, the Parking Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. The Parking Manager is not an Affiliate of Borrower or Operating Lessee.
Parking Management Agreement. Borrower shall not enter into the Parking Management Agreement without the prior consent of Lender (not to be unreasonably withheld, conditioned or delayed), provided that such consent may be conditioned upon the parking manager under such parking management agreement and Borrower or Mortgage Borrower, as applicable, executing an assignment of parking management agreement and a subordination of parking management fees, substantially in the form then used by Lender. If Borrower enters into a Parking Management Agreement, Borrower, or allows Mortgage Borrower to enter, into a Parking Management Agreement, Borrower or Mortgage Borrower, as applicable, shall (i) diligently perform and observe in all material respects all of the terms, covenants and conditions of such Parking Management Agreement on the part of Borrower or Mortgage Borrower, as applicable, to be performed and observed, and (ii) promptly notify Lender of any notice to Borrower or Mortgage Borrower, as applicable, of any default by Borrower or Mortgage Borrower, as applicable, in the performance or observance of any of the terms, covenants or conditions of such Parking Management Agreement on the part of Borrower to be performed and observed. The Parking Management Agreement shall be in compliance with all applicable Legal Requirements.
Parking Management Agreement. Seller shall cause LAZ Parking to deliver to the Escrow Agent the Parking Management Agreement in the form attached hereto as Exhibit H, or the lease; if and as applicable;
Parking Management Agreement. (i) Senior Lender shall concurrently notify each Junior Lender and provide copies of any notices of default (or notices of events that with the passage of time and failure to cure, would result in the occurrence of a default) received by Senior Lender in connection with any Parking Management Agreement.
