Common use of Property Management Fee Clause in Contracts

Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.

Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.05.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. Notwithstanding the foregoing and in addition thereto, upon a sale of the Property, Company shall pay to Property Manager an amount equal to one monthly installment of the Property Management Fee as compensation for work to be performed in connection with the sale and/or completion of managing matters relating to each Tenant. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.

Property Management Fee. For The Property Manager shall receive, for its services in managing the day-to-day operations of the Property Project in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual a monthly property management fee (the “"Property Management Fee”") equal to 4.0% three percent (3%) of the Gross Revenue Revenues (as hereinafter defineddefined below). The , which Property Management Fee shall be prorated for in addition to the Asset Management Fee (defined in Section 9.2) and any partial year out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7. "Gross Revenues" shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections xxxxxxxx from the operations of the Property, including, without limitation, Project including rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, and reimbursements by Tenants tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenantstenants, but shall expressly exclude excluding (i) security deposits received from Tenants tenants and interest accrued thereon for the benefit of the Tenants tenant until such deposits or interest are included in the taxable income of the CompanyTenants in Common; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants tenants for work done for a that particular Tenant; tenant, (iv) proceeds from the sale or other disposition of all or any portion part of the Property; Project, (v) insurance proceeds received by the Company Tenants in Common as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); , (vi) condemnation proceeds not attributable to rent; , (vii) capital contributions made by the CompanyTenants in Common; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; Project, (ix) income derived from interest on investments or otherwise; , (x) abatement of taxes, awards arising out of takings by eminent domain and domain, discounts and dividends on insurance policies; , and (xi) rental concessions not paid by third parties. The Property Management Fee shall be payable monthly from the Operating Account or from other funds timely provided by the Tenants in Common. Upon termination of this Agreement, the parties will prorate the Management Fee on a daily basis to the effective date of such cancellation or termination. Upon a sale of the Project, the Property Manager shall receive additional compensation equal to the previous month's Property Management Fee as compensation for work to be performed in connection with the sale or completion of managing matters relating to each tenant.

Property Management Fee. For Property Manager, or an Affiliate, shall receive, for its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property a monthly management fee (the “"Property Management Fee”) "), equal to 4.0% five percent (5%) of the Gross Revenue Revenues (as hereinafter defineddefined below). The , which Property Management Fee shall be prorated for any partial year in addition to out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7, and the other fees provided in this Agreement. "Gross Revenues" shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections xxxxxxxx from the operations of the Property, including, without limitation, including rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, receipts and reimbursements by Tenants tenants for common area expenses, operating expenses and taxes and similar pass-through through, obligations paid by Tenantstenants, but shall expressly exclude excluding (ia) security deposits received from Tenants tenants and interest accrued thereon for the benefit of the Tenants tenant until such deposits or interest are included in the taxable income of the Company; Tenants in Common, (iib) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; , (iiic) reimbursements by Tenants tenant's for work done for a that particular Tenant; tenant, (iv) proceeds from the sale or other disposition of all or any portion of the Property; (vd) insurance proceeds received by the Company Tenants in Common as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairsinsurance); , (vie) condemnation proceeds not attributable to rent; , (viif) capital contributions made by the Company; Tenants in Common, (viiig) proceeds from capital, financing and any other transactions transaction not in the ordinary course of the operation of the Property; , (ixh) income derived from interest on investments or otherwise; , (xi) abatement of taxes, awards arising out of takings by eminent domain and domain, discounts and dividends on insurance policies; , and (xij) rental concessions not paid by third parties. The Management Fee shall be payable monthly, following calculation thereof, upon submission of a monthly statement from the Operating Account or from other funds timely provided by the Tenants in Common. Upon termination of this Agreement, the parties will prorate the Management Fee on a daily basis to the effective date of such cancellation or termination. If Property Manager engages local property managers or other parties to provide property management services in accordance with Section 2.14, Property Manager shall be obligated to pay such third parties, it being intended that the Property Management Fee shall be inclusive of such third party fees.

Property Management Fee. For Property Manager, or an affiliate, shall receive, for its services in managing the day-to-day operations of the Property in accordance with the terms of this the Agreement, Company shall pay to Property Manager an annual property a monthly management fee (the “Property Management Fee”), of up to five percent (5%) equal to 4.0% of the Gross Revenue Revenues (as hereinafter defineddefined below). The , which Property Management Fee shall be prorated for any partial year in addition to out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7, and the other fees provided in this agreement. “Gross Revenues” shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections bxxxxxxx from the operations of the Property, including, without limitation, including rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, receipts and reimbursements by Tenants tenants for common area expenses, operating expenses and taxes and similar pass-through through, obligations paid by Tenantstenants, but shall expressly exclude excluding (ia) security deposits received from Tenants tenants and interest accrued thereon for the benefit of the Tenants tenant until such deposits or interest are included in the taxable income of the Company; Tenants in Common, (iib) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; , (iiic) reimbursements by Tenants tenant’s for work done for a that particular Tenant; tenant, (iv) proceeds from the sale or other disposition of all or any portion of the Property; (vd) insurance proceeds received by the Company Tenants in Common as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairsinsurance); , (vie) condemnation proceeds not attributable to rent; , (viif) capital contributions made by the Company; Tenants in Common, (viiig) proceeds from capital, capital financing and any other transactions transaction not in the ordinary course of the operation of the Property; , (ixh) income derived from interest on investments or otherwise; , (xi) abatement of taxes, awards arising out of takings by eminent domain and domain, discounts and dividends on insurance policies; and , (xij) rental concessions not paid by third parties, and (k) proceeds form the sale or other disposition of all or any part of the Property. The Property Management Fee shall be payable monthly, following calculation thereof, upon submission of a monthly statement from the Operating Account or from other funds timely provided by the Tenants in Common. Upon termination of this Agreement, the parties will prorate the property Management Fee on a daily basis to the effective date of such cancellation or termination. If Property Manager engages local property managers or other parties to provide property management services in accordance with Section 2.14, Property Manager shall be obligated to pay such third parties, it being intended that the Property management Fee shall be inclusive of such third party fees.

Property Management Fee. For Property Manager, or an Affiliate, shall receive, for its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property a monthly management fee (the “"Property Management Fee”"), of up to six percent (6%) equal to 4.0% of the Gross Revenue Revenues (as hereinafter defineddefined below). The , which Property Management Fee shall be prorated for any partial year in addition to out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7, and the other fees provided in this Agreement. "Gross Revenues" shall be payable all gross xxxxxxxx from the operations of the Property, including rental receipts and reimbursements by tenants for common area expenses, operating expenses and taxes and similar pass-through, obligations paid by tenants, but excluding (a) security deposits received from tenants and interest accrued thereon for the benefit of the tenant until such deposits or interest are included in equal monthly installmentsthe taxable income of the Tenants in Common, (b) advance rents until the month in advancewhich payments are to apply as rental income, (c) reimbursements by tenant's for work done for that particular tenant, (d) insurance proceeds received by the Tenants in Common as a result of any insured loss (except proceeds from rent insurance), (e) condemnation proceeds not attributable to rent, (f) capital contributions made by the Tenants in Common, (g) proceeds from capital, financing and any other transaction not in the ordinary course of the operation of the Property, (h) income derived from interest on investments or otherwise, (i) abatement of taxes, awards arising out of takings by eminent domain, discounts and dividends on insurance policies, (j) rental concessions not paid by third parties, and (k) proceeds from the sale or other disposition of all or any part of the Property. The Property Management Fee shall be payable on the first day monthly, following calculation thereof, upon submission of each month a monthly statement from the Operating Account or from other funds timely provided by the Company. Tenants in Common Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration cancellation or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale If Property Manager engages local property managers or other disposition of all or any portion of parties to provide property management services in accordance with Section 2.14, Property Manager shall be obligated to pay such third parties, it being intended that the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs Property Management Fee shall be inclusive of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third partiesparty fees.

Property Management Fee. For its Owner shall pay to Manager as compensation for Xxxxxx's property management services during the Term a fee ("Property Management Fee") on a monthly basis in managing an amount of $2,500 per month, paid no later than the day-to-day operations 10th of the following month and paid to manager on or before the 10th of each consecutive month. The management fee will then be equal to the greater of (i) Five Percent (5%) of the monthly Gross Revenue on the basis of collected revenues derived from or connected with the Property or $2,500 , whichever is greater. The term "Gross Revenue" shall mean all receipts (excluding security deposits unless and until the Owner recognizes the same as income) of the Owner (whether received by Owner or by Manager on behalf or for the account of the Owner) arising from the Operation of the Property, including without limitation, rental payment for leases of space in the Property, (excluding excise taxes, refunds, and returned checks), vending machines or concessionaire revenues, revenue from lock and box and other merchandise sales, administrative and late fees, truck rental commissions, outdoor advertising billboards, cellular tower or antenna leases, tenant property insurance referral fees or commissions, maintenance charges, if any, paid by the tenants of the Property in accordance with addition to basic rent, parking fees, if any, proceeds of auctions or other sales of the terms contents of this Agreementstorage spaces as permitted by applicable law and all money whether or not otherwise described herein paid for the use of the Property, Company except awards in litigation or other proceedings (other than amounts which compensate Owner for income which Owner otherwise would have received from the Property), costs and fees recovered in litigation, refunds or returns of taxes paid, insurance proceeds (except for that portion of insurance proceeds attributable to rental incomes under business interruption insurance coverage), condemnation proceeds, or proceeds of partial or total sale of all or any part of the Property or any personal property located thereon or any interest therein, re-financings, loan proceeds (including refinancing of Property debt), and interest income derived from Property funds on deposit in financial institutions or governmental takings. Gross Revenue shall pay be determined on a cash basis for such prior month. The Management Fee for each month shall be paid within ten (10) days of the following month to Property Manager an annual property management fee (which it relates and shall be calculated on the “Property Management Fee”) equal to 4.0% basis of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated collected for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third partiesmonth.

Property Management Fee. For The Property Manager shall receive, for its services in managing the day-to-day operations of the Property Project in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual a monthly property management fee (the “"Property Management Fee”") equal to 4.0% four percent (4%) of the Gross Revenue Revenues (as hereinafter defineddefined below). The , which Property Management Fee shall be prorated for in addition to the Asset Management Fee (defined in Section 9.2) and any partial year out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7. "Gross Revenues" shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections xxxxxxxx from the operations of the Property, including, without limitation, Project including rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, and reimbursements by Tenants tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenantstenants, but shall expressly exclude excluding (i) security deposits received from Tenants tenants and interest accrued thereon for the benefit of the Tenants tenant until such deposits or interest are included in the taxable income of the CompanyTenants in Common; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants tenants for work done for a that particular Tenant; tenant, (iv) proceeds from the sale or other disposition of all or any portion part of the Property; Project, (v) insurance proceeds received by the Company Tenants in Common as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); , (vi) condemnation proceeds not attributable to rent; , (vii) capital contributions made by the CompanyTenants in Common; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; Project, (ix) income derived from interest on investments or otherwise; , (x) abatement of taxes, awards arising out of takings by eminent domain and domain, discounts and dividends on insurance policies; , and (xi) rental concessions not paid by third parties. The Property Management Fee shall be payable monthly from the Operating Account or from other funds timely provided by the Tenants in Common. Upon termination of this Agreement, the parties will prorate the Management Fee on a daily basis to the effective date of such cancellation or termination. Upon a sale of the Project, the Property Manager shall receive additional compensation equal to the previous month's Property Management Fee as compensation for work to be performed in connection with the sale or completion of managing matters relating to each tenant.

Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. Notwithstanding the foregoing and in addition thereto, upon a sale of the Property, Company shall pay to Property Manager an amount equal to one monthly installment of the Property Management Fee as compensation for work to be performed in connection with the sale and/or completion of managing matters relating to each Tenant. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.

Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.05.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. Notwithstanding the foregoing and in addition thereto, upon a sale of the Property, Company shall pay to Property Manager an amount equal to one monthly installment of the Property Management Fee as compensation for work to be performed in connection with the sale and/or completion of managing matters relating to each Tenant. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.parties and (xii) and any rent payments made under the Master Lease Agreement, dated as of October 11, 2011 by and between the Company, TNP SRT Osceola Village Master Lessee, LLC and TNP Strategic Retail Trust, Inc.

Property Management Fee. For its services in managing the dayCo-to-day operations of the Property in accordance with the terms of this Agreement, Company shall Owners agree to pay to and Property Manager an annual shall receive for its Services, a monthly property management fee (the “Property Management Fee”) equal to 4.0% of the monthly Gross Revenue Revenues (as hereinafter defined)defined below) generated from the Project, but in no event shall the Property Management Fee be less than $8,000.00 per month. The Property Management Fee shall be prorated for in addition to any partial year out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7 and any other compensation due pursuant to other provisions of this Article 9. “Gross Revenues” shall be payable in equal all monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections xxxxxxxx from the operations of the PropertyProject, including, without limitation, including rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, and reimbursements by Tenants tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenantstenants, but shall expressly exclude excluding (i) security deposits received from Tenants tenants and interest accrued thereon for the benefit of the Tenants tenant until such deposits or interest are included in the taxable income of the CompanyTenants in Common; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants tenants for work done for a that particular Tenant; tenant, (iv) proceeds from the sale or other disposition of all or any portion part of the Property; Project (which compensation therefrom shall be governed by Section 9.4), (v) insurance proceeds received by the Company Tenants in Common as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); , (vi) condemnation proceeds not attributable to rent; , (vii) capital contributions made by the CompanyTenants in Common; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; Project, (ix) income derived from interest on investments or otherwise; , (x) abatement of taxes, awards arising out of takings by eminent domain and domain, discounts and dividends on insurance policies; , and (xi) rental concessions not paid by third parties. The Property Management Fee shall be payable monthly from the Operating Account or from other funds timely provided by the Tenants in Common. Upon termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such cancellation or termination. The Property Management Fee shall be paid monthly in arrears, no later than the date that is five (5) days after the last day of each calendar month.