The Management Agreement. At all times during the term of the Loan, the Properties shall be managed by ARC Management Services, Inc. or another manager approved by Lender in its sole and absolute discretion ("PROPERTY MANAGER") pursuant to the Management Agreement. Borrower shall (i) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed and (ii) promptly notify Lender of any notice to Borrower of any default by Borrower beyond any applicable cure period in the performance or observance of any of the terms, covenants or conditions of the Management Agreement on the part of Borrower to be performed and observed. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender's other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed. Without the prior written consent of Lender, Borrower shall not (a) consent to the assignment by Property Manager of its interest under the Management Agreement, (b) terminate, modify, change, supplement, alter or amend the Management Agreement, (c) change, replace or terminate Property Manager as the manager of the Properties or (d) enter into a new management agreement with respect to the Properties. Notwithstanding the foregoing, in the event GMAC or a Qualified Transferee shall become the managing member of ARC, Borrower may replace ARC Management Services, Inc. with a Qualified Manager pursuant to a Management Agreement approved by Lender and provided that such Qualified Manager shall execute and deliver to Lender an Assignment of Management Agreement and Subordination of Management Fee in substantially the form delivered to Lender on the Closing Date with such changes as shall be reasonably approved by Lender.
The Management Agreement. Borrower shall cause Manager to manage the Property in accordance with the Management Agreement. Borrower shall (i) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (ii) promptly notify Lender of any notice to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Management Agreement on the part of Borrower to be performed and observed, and (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement; and (iv) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender's other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed. Section 7.2.
The Management Agreement. The Management Agreement has been duly authorized, executed and delivered by the Manager, and constitutes a valid and legally binding agreement of the Manager enforceable against the Manager in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability.
The Management Agreement. The Management Agreement has been duly authorized, executed and delivered by the Manager, and constitutes a valid and legally binding agreement of the Manager enforceable against the Manager in accordance with its terms, subject to the Enforceability Exceptions.
The Management Agreement. Borrower hereby agrees fees payable to any Qualified Manager, if applicable, in compensation for Qualified Manager’s services conducted in connection with the management of the Property shall not exceed three percent (3.0%)
The Management Agreement. Borrower hereby agrees that the fee paid to Manager in compensation for Manager’s services conducted in connection with the management of the Property pursuant to the Management Agreement shall not exceed three percent (3%)
The Management Agreement. The Management Agreement constitutes the legal, valid and binding obligation of the Owner as "Owner" thereunder and is in full force and effect in the form of Exhibit "A" attached hereto; there are no amendments, additions, addenda or modifications thereto; said Exhibit "A" represents the entirety of the management arrangements referred to therein; and neither of the parties thereto is in default thereunder.
The Management Agreement. The Management Agreement.
The Management Agreement the Landlord or any other company appointed by the Landlord for the purpose of managing the Project, whether by itself and whether by a subcontractor on its behalf.
The Management Agreement. The provisions of Section 7.1 of the Building Loan Agreement are incorporated herein by reference as if fully set forth herein.