Common use of Qualified Manager Clause in Contracts

Qualified Manager. The Property shall at all times be managed by a Qualified Manager. Mortgagee acknowledges that the Management Agreement has been approved. Any subsequent agreement for the management and operation of the Property shall also be subject to Mortgagee’s approval (other than amendments to the Management Agreement that do not increase the base management fee above 5% of the gross revenues of the Property or increase other fees or commissions payable to Manager, unless Mortgagor reasonably determines that the same would result in greater cost savings to Mortgagor than increases in such fees and or commissions or cause the Management Agreement to contain commercially unreasonable terms). Mortgagor shall provide copies of any amendments to the Management Agreement to Mortgagee promptly after execution thereof.

Qualified Manager. The Property shall at all times be managed by a Qualified Manager. Mortgagee acknowledges that the Management Agreement has been approved. Any subsequent agreement for the management and operation of the Property shall also be subject to Mortgagee’s approval (other than amendments to the Management Agreement that do not increase the base management fee above 5% of the gross revenues of the Property or increase other fees or commissions payable to Manager, unless Mortgagor reasonably determines that the same would result in greater cost savings to Mortgagor than increases in such fees and or commissions or cause the Management Agreement to contain commercially unreasonable terms). Mortgagor shall provide copies of any amendments to the Management Agreement to Mortgagee promptly after execution thereof.