Common use of Rights of Certain Persons in Respect of the Property Manager and the Special Servicer Clause in Contracts

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, to each Issuer, the Indenture Trustee and the Back-Up Manager, upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Mortgage Loans, Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 6 contracts

Samples: Management and Servicing Agreement (Store Capital LLC), Management and Servicing Agreement (Store Capital LLC), Management and Servicing Agreement (STORE CAPITAL Corp)

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Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, also to each Issuer, the Issuers and the Indenture Trustee and the Back-Up ManagerTrustee, upon reasonable notice, during normal business hours hours, (a) access to all records maintained by it relating to the Mortgage Loans, Mortgaged Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, hereunder and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request; provided, that, in no event shall the Property Manager and the or Special Servicer shall each furnish the be required to take any action that violates applicable law, contract or regulation. The Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is are not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is are not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or or, in connection with any such defaulted obligation, exercise the related rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 5 contracts

Samples: Management and Servicing Agreement, Management and Servicing Agreement (Spirit MTA REIT), Limited Liability Company Agreement (Spirit MTA REIT)

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, to each Issuer, the Indenture Trustee and the Back-Up Manager, upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Mortgage Loans, Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or or, in connection with any such defaulted obligation, exercise the related rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 2 contracts

Samples: Management and Servicing Agreement (American Finance Trust, Inc), Management and Servicing Agreement (American Finance Trust, Inc)

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, to each the Issuer, the Indenture Trustee Insurer and the Back-Up ManagerIndenture Trustee, upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Mortgage Loans, Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, hereunder and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the Issuers Issuer, the Insurer and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each The Issuer may, but is not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, ; or exercise the rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither none of the Property Manager nor or the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such the Issuer or its designee. The Issuers Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 1 contract

Samples: Property Management Agreement (Trustreet Properties Inc)

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, also to each Issuerthe Issuers, the Indenture Trustee Insurers and the Back-Up ManagerIndenture Trustee, upon reasonable notice, during normal business hours hours, (a) access to all records maintained by it relating to the Mortgage Loans, Mortgaged Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, hereunder and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the The Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is are not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is are not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 1 contract

Samples: Management and Servicing Agreement (Spirit Finance Corp)

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Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. 82 US-DOCS\96557504.296557504.7 Each of the Property Manager and the Special Servicer shall afford to the other and, also, also to each Issuer, the Issuers and the Indenture Trustee and the Back-Up ManagerTrustee, upon reasonable notice, during normal business hours hours, (a) access to all records maintained by it relating to the Mortgage Loans, Mortgaged Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, hereunder and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request; provided, that, in no event shall the Property Manager and the or Special Servicer shall each furnish the be required to take any action that violates applicable law, contract or regulation. The Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is are not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is are not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or or, in connection with any such defaulted obligation, exercise the related rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.. Section 5.06 [Reserved]. Section 5.07

Appears in 1 contract

Samples: Management and Servicing Agreement (Spirit Realty, L.P.)

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, to each IssuerBorrower, the Indenture Trustee Administrative Agent and the Back-Up Manager, upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Mortgage Loans, Properties and Leases included in the Collateral Pool as a Financed Property and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the Issuers Borrowers and the Indenture Trustee Administrative Agent with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer Borrower may, but is not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer Borrower or its designee. The Issuers Borrowers shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 1 contract

Samples: Property Management Agreement (STORE CAPITAL Corp)

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer. Each of the Property Manager and the Special Servicer shall afford to the other and, also, to each Issuer, the Indenture Trustee and the Back-Up Manager, upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Mortgage Loans, Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by confidentiality (including attorney-client privilege), contract or applicable law, and (b) access to such of its officers as are responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is not obligated to, enforce the obligations of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuers shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Appears in 1 contract

Samples: Management and Servicing Agreement (Essential Properties Realty Trust, Inc.)

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