Common use of Rental Program Clause in Contracts

Rental Program. 5.3.1 Operator shall, subject to Legal Requirements, prepare and determine the terms and conditions of the rental program pursuant to which all Unit Owners may rent their Residential Units in accordance with the Rental Program Agreement (the “Rental Program”); provided, however, that (i) Operator shall act reasonably and exercise prudent business judgment in preparing the Rental Program, all in accordance with the standard of care as set forth in Section 3.3; (ii) the Rental Program must (a) be for a term equal to or less than five (5) years, (b) be prepared in good faith in such a manner so as to optimize Gross Revenue and the rental split thereof, and (c) comply with the terms of Section 5.2.3(a)-5.2.3(d); and (iii) DW Member shall have the right to review the proposed Rental Program and shall advise Operator in writing of any objections to the Rental Program within ten (10) Business Days after Operator provides DW Member with such proposed Rental Program. Operator agrees to meet with DW Member, if requested by DW Member, during such ten (10) Business Day period to review and discuss the proposed Rental Program. Within ten (10) days after receiving DW Member’s written objection(s) to the proposed Rental Program, DW Member and Operator shall meet at the Condo-Hotel (or such other location as they may mutually agree) and endeavor in good faith to resolve such objections and arrive at an approved Rental Program. If they are unable to do so within ten (10) days after Operator receives DW Member’s written objection(s), Operator shall have the right to proceed forward and implement such proposed Rental Program, so long as it does not violate any terms regarding the Rental Program as set forth in this Agreement (specifically in this Section 5.2.3) and/or the Condominium Documents. Operator shall have the right to amend and/or modify the Rental Program in its sole but reasonable discretion; provided, however, that such revised Rental Program complies with the aforementioned provisions as set forth in this Section 5.3.1; and provided further, however, that Owner shall have the right to review and approve of such revised Rental Program, in its sole but reasonable discretion, to the extent that any such modifications are deemed to be material, but in no event shall Owner’s right to review and approve in this clause be greater than its right to review and approve the initial Rental Program as set forth above in this Section 5.3.1. 5.3.2 Pursuant to the terms of the Rental Program Agreement, Operator shall be obligated to perform all duties of Owner under the Rental Program Agreement. 5.3.3 Neither Owner nor Operator shall, under any circumstances, permit any Unit Owner to participate in the Rental Program, unless such Unit Owner has entered into a Rental Program Agreement. 5.3.4 The rental operation and interior maintenance of each Participating Unit shall be governed by the Rental Program Agreement.