Property Management Generally Sample Clauses
The "Property Management Generally" clause defines the overall responsibilities and authority of the property manager in overseeing the day-to-day operations of a property. It typically outlines the manager's duties, such as collecting rent, handling maintenance requests, and ensuring compliance with relevant laws and regulations. By clearly delineating the scope of the manager's role, this clause helps prevent misunderstandings between the property owner and manager, ensuring efficient and consistent property management.
Property Management Generally. (a) Manager shall, at the expense of Owner (except as set forth herein), manage, operate and care for the Property in a first class manner, in accordance with the Budget (to the extent Owner provides the funds required therefor), and the Property’s condition and the terms of any Financing (provided Manager is notified in writing of the requirements of such Financing) and do all things necessary, desirable or appropriate therefor or customarily performed by managing agents of properties similar to the Property. Without limiting the generality of the foregoing, Manager shall:
(i) implement the Budget;
(ii) make and renew all Contracts for water, sanitary and storm sewer, drainage, electricity, steam, gas, telephone, fuel, cleaning, garbage removal, pest control, security and other utilities and all other services necessary or appropriate for the management and operation of the Property in accordance with the Budget unless otherwise provided herein;
(iii) purchase all supplies, inventories, provisions and equipment necessary or appropriate for the maintenance, management and operation of the Property in accordance with the Budget unless otherwise provided herein;
(iv) monitor the real estate tax assessments of the Property and the reasonableness thereof in comparison with the assessments of similar properties; advise Owner of any material increase in real estate taxes; consult with, and make recommendations to, Owner concerning the real estate tax assessments of the Property and, at the expense of Owner, take such action (or assist Owner’s tax consultant in taking such action) with respect thereto as Owner may direct in writing;
(v) provide regular, systematic inspections of the Property, consult with, and make recommendations to, Owner concerning the condition of the Property and the necessity for maintenance, repair, alteration or Restoration thereof; at the expense of Owner, provide through Manager’s (or its Affiliates’) employees or third party contractors all work, labor and services necessary or appropriate to maintain and repair the Property in a first class condition in accordance with the Budget and the requirements of any Financing, Contract, Lease, Legal Requirement or Insurance Requirement unless otherwise provided herein; promptly notify Owner upon learning that the condition of the Property fails to meet said first class standard of maintenance and repair or any standard of maintenance and repair required under any Financing, Contract, Lease, Le...
Property Management Generally. (A) Manager shall, at the expense of Owner, use its diligent and commercially reasonable, good faith efforts to manage, operate and care for the Property in a first class manner, consistent with the Budget, and the Property's condition and the terms of any Financing. Specifically, Manager will perform its duties in a diligent, careful and professional manner to maximize all potential revenues to Owner and to minimize expenses and losses to Owner, including using commercially reasonable efforts to keep all spaces in the property rented by marketing the Property and procuring tenants therefor subject to the terms and conditions of this Agreement. The services of Manager are to be of a scope and quality at least equal to those generally performed by first class, professional managers of properties similar in type and quality to the Property and located in similar areas. Manager will make available to Owner the full benefit of the judgment, experience and advice of the members of Manager's organization. Manager will at all times act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection of and accounting for Owner's assets.
(B) All Contracts and purchases made hereunder at the expense of Owner shall be made either in the name of Owner and executed directly by Owner or, at Owner's request, with Manager executing same solely as Owner's agent, and Owner shall retain title to all property purchased hereunder at the expense of Owner. Manager shall use its diligent and commercially reasonable efforts to ensure that all Contracts made hereunder contain a provision satisfactory to Owner limiting the liability of Owner thereunder to the Property.
(C) Manager shall have the right to enter into Contracts on behalf of Owner and without Owner's prior consent so long as such Contracts are terminable without penalty upon not more than thirty (30) days notice and the financial terms are consistent with the Budget. Manager shall contract for water, gas, electricity, telephone, fuel vermin extermination, and other services and commodities for the Property as a Reimbursable Expense as contemplated by the Budget.
(D) Manager may elect to have the maintenance, repair, cleaning, landscaping and other services with respect to the Property performed by employees of Manager and the reasonable, actual costs of performing such services shall be at the expense of Owner; provided, that such costs are incurred pursuant to an app...
Property Management Generally. (A) Manager shall, at the expense of Owner, manage, operate and care for the Property in a manner consistent with the standard of maintenance and repair of Comparable Properties, in accordance with the approved Budgets and the terms of any Financing, to the extent that Owner has communicated such terms in writing to Manager, and do all things necessary, desirable or appropriate therefore or customarily performed by managing agents of Comparable Properties. Without limiting the generality of the foregoing, Manager shall:
(i) advertise the Property, displaying signs thereon, and rent the Property including the authority to negotiate, execute, extend, and renew leases in the Owner’s name;
(ii) implement approved Budgets;
(iii) make and renew all Contracts for water, sanitary and storm sewer, drainage, electricity, steam, gas, telephone, fuel, cleaning, garbage removal, pest control and other utilities and all other services necessary or appropriate for the management and operation of the Property in accordance with the Budgets unless otherwise provided herein;
(iv) purchase all supplies and equipment necessary or appropriate for the management and operation of the Property in accordance with the Budgets unless otherwise provided herein;
(v) contract a professional real estate property tax consultant of the Manager’s choice to monitor the real estate tax assessments of the Property and the reasonableness thereof in comparison with the assessments of similar properties; consult with, and make recommendations to, Owner concerning the real estate tax assessments of the Property and, at the expense of Owner, authorize the designated real estate tax consultant to take such action with respect thereto as Owner may direct;
(vi) make or cause to be made all ordinary and extraordinary repairs, decorations and alterations of the Property at Owner’s expense, subject to the limits of the Budget as set forth in Section 2.6(F).
Property Management Generally. Initially, Inland Management shall provide property management services with respect to each Existing Portfolio Project pursuant to an existing Property Management Agreement. In addition to any rights in favor of any existing mortgage lender to terminate Inland Management as Property Manager, Inland Member shall have a right to cause the Company to replace Inland Management as Property Manager upon a default (after notice and opportunity to cure) under the Property Management Agreement, provided, however, the lender under the existing mortgage indebtedness releases Western (and any entity owned or controlled by, or under common ownership or control with, Western) from any and all payment and/or performance guarantees, non-recourse carveout guarantees, environmental indemnities and similar obligations. In the event of a termination, Western agrees to cooperate with Inland Member and the Company to secure a replacement property manager and leasing agent affiliated with Inland Member and acceptable to the lender, and if unsuccessful after thirty (30) days, with an unaffiliated third party property manager and leasing agent satisfactory to the Board of Directors, and otherwise in compliance with the terms and provisions of any documents evidencing or securing the existing mortgage financing, including the Contemplated New Debt.