Common use of Property Manager Clause in Contracts

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) years’ experience operating residential projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] or an Affiliate thereof is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party parties satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) years’ experience operating residential projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] Quantum Real Estate Management, LLC or an Affiliate thereof is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- third-party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) years’ experience operating residential projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant Xxxxxx shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] or an Affiliate thereof is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party parties satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) years’ experience operating residential projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant Xxxxxx shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] Quantum Real Estate Management, LLC or an Affiliate thereof is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- third-party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party parties satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) years’ experience operating residential projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] The Alexander Company, Inc. or an Affiliate thereof is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- third-party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party parties satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five ten (510) years’ experience operating residential low income/affordable senior living facility projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shall, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall so advise Tenant in writing within twenty (20) Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant shall submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall be carried out within twenty (20) Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) Business Day period, Landlord shall be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall be a “Management Agreement”. Notwithstanding the foregoing, [ ] X.X. Xxxxxxx Realty Co., or an an‌ Affiliate thereof of the Tenant is an Approved Property Manager under this Lease. Tenant shall not enter into a management agreement with a new third- third-party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.

Property Manager. Provided that no Event of Default exists, Tenant may select and enter into an agreement for the management and operation of the Premises with any party without the consent of Landlord if such party is an Affiliate of Tenant or such party parties satisfies the following requirements: (a) such proposed property manager, or the officer or manager having supervisory responsibility for the Project has at least five (5) ten years’ experience operating residential low income/affordable senior living facility projects similar in size to or larger than the Project, (b) such proposed property manager is not one against whom any action or proceeding is pending to enforce rights of the Commonwealth of Virginia or any agency, department, public authority or public benefit corporation thereof arising out of a mortgage obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation, and (c) such proposed property manager is not one with respect to whom any notice of default which remains uncured has been given by the Commonwealth of Virginia or any agency, department, public authority or any public benefit corporation thereof arising out of a contractual obligation to the Commonwealth of Virginia or to any such agency, department, public authority or public benefit corporation. Tenant shallwill, prior to the effective date of any such management agreement, notify Landlord of the proposed management agreement and submit to Landlord all information and documents Landlord may reasonably require for its review with respect to the criteria set forth above. If Landlord determines that the third-party manager does not comply with the foregoing criteria, Landlord shall will so advise Tenant in writing within twenty (20) 20 Business Days, specifying in what respect the proposed third-party manager does not conform to the requirements above. In such event, Tenant shall will submit a different third-party manager for Landlord’s review in accordance with the terms of this Section 26.01 or provide evidence reasonably satisfactory to Landlord that such third-party property manager has satisfied the criteria set forth above. Each review by Landlord shall will be carried out within twenty (20) 20 Business Days of the date of delivery of the information requested hereunder, and if Landlord does not notify Tenant of its determination within such twenty (20) 20 Business Day period, Landlord shall will be deemed to have determined that the third-party property manager is satisfactory. Each property manager that satisfies the requirements of this Section 26.01 shall will be an “Approved Property Manager” and any management agreement between Tenant and an Approved Property Manager with respect to the Project shall will be a “Management Agreement”. Notwithstanding the foregoing, [ ] or an Affiliate thereof Realty Management dba Michaels Management Affordable is an Approved Property Manager under this Lease. Tenant shall will not enter into a management agreement with a new third- third-party property manager or consent to the assignment by an Approved Property Manager of its interest under its Management Agreement, without first complying with the notification and verification requirements set forth in this Section 26.01.