Common use of The Management Agreement Clause in Contracts

The Management Agreement. Borrower shall cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by Lender. 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 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, beyond the expiration of any applicable notice and cure period, 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.

Appears in 2 contracts

Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)

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The Management Agreement. Borrower shall, and shall cause each Borrower Subsidiary to, (i) cause each applicable Manager to manage the each such Individual Property substantially in accordance with the applicable Management Agreement and Lender acknowledges that the Management Agreement has been approved by Lender. Borrower shall Agreement, (iii) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of Borrower Entity to be performed and observed and observed, (iiiii) 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 under the Management Agreement on of which it is aware, (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the part Management Agreement, and (v) promptly enforce the performance and observance of Borrower all of the covenants required to be performed and observedobserved by Manager under the Management Agreement. If any Borrower Entity shall default, beyond the expiration of any applicable notice and cure period, default in the performance or observance of any material term, covenant or material condition of the Management Agreement on the part of any such Borrower Entity 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 any Borrower Entity from any of its obligations 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 reasonably appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of such Borrower Entity to be materially performed or materially observed.

Appears in 2 contracts

Samples: Loan Agreement (IMH Financial Corp), Loan Agreement (IMH Financial Corp)

The Management Agreement. Borrower shall cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (i) diligently perform and observe in all of material respects the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed observed, and (ii) promptly notify Lender of any notice from Manager 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. If Borrower shall default, default beyond the expiration of any applicable notice and cure period, periods 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 '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, upon notice to Borrower, 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.

Appears in 1 contract

Samples: Loan Agreement (Beacon Capital Partners Inc)

The Management Agreement. Borrower shall use diligent efforts to cause Manager to manage the Property in all material respects in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (i) diligently perform and observe all of the material 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 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, beyond the expiration of any applicable notice and cure period, defaults 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, the Environmental Indemnity or the Guaranty, if any, and without waiving or releasing Borrower from any of its obligations hereunder or under the Management Agreement, Lender shall have the rightright upon prior written notice to Borrower and Borrower failing to cure such default, 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.

Appears in 1 contract

Samples: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)

The Management Agreement. Borrower shall cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (ia) 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 observed, (iib) promptly notify Lender of any notice to Borrower of any default that has occurred and is continuing beyond expiration of applicable cure periods 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 (c) 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. If Borrower shall default, default beyond the expiration of any applicable notice and cure period, periods 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.

Appears in 1 contract

Samples: Loan Agreement (Cedar Shopping Centers Inc)

The Management Agreement. Borrower shall cause the Manager of the Individual Properties to manage the applicable Individual Property substantially in accordance with the its Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (i) diligently perform and observe all of the material terms, covenants and conditions of the its Management Agreement on the part of Borrower to be performed and observed 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 its Management Agreement on the part of Borrower to be performed and observed, and (iii) upon request of Lender, promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under each Management Agreement. If Borrower shall default, beyond the expiration of any applicable notice and cure period, default in the performance or observance of any material term, covenant or condition of the any 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 such Management Agreement, upon five (5) Business Days’ prior notice to Borrower, 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 such Management Agreement on the part of the Borrower to be performed or observed.

Appears in 1 contract

Samples: Loan Agreement (Wells Real Estate Investment Trust Inc)

The Management Agreement. Borrower Operating Lessee shall cause Manager to manage the each Individual Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower Operating Lessee shall (i) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower Operating Lessee to be performed and observed and observed, in all material respects, (ii) promptly notify Lender of any notice to Borrower Operating Lessee 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 Operating Lessee to be performed and observed, and (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, material report and material estimate received by it under the Management Agreement; and (iv) promptly enforce, in a commercially reasonable manner, the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement. If Borrower Operating Lessee shall default, beyond the expiration of any applicable notice and cure period, default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower Operating Lessee 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 Operating Lessee 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 Operating Lessee to be performed or observed.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Supertel Hospitality Inc)

The Management Agreement. Borrower hereby agrees that the fee paid to Manager, inclusive of any fees paid to CBRE and/or any other third party property manager or submanager engaged to provide property management services to the Property shall not exceed five percent (5%) of Gross Revenue in the aggregate (the “Management Fee”),. Borrower shall (a) cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by Lender. Borrower shall Agreement, (ib) 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 observed, (iic) 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 under the Management Agreement on of which it is aware, (d) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the part Management Agreement, and (e) promptly enforce the performance and observance of Borrower all of the covenants required to be performed and observedobserved by Manager under the Management Agreement. If Borrower shall default, beyond the expiration of any applicable notice and cure period, 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 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.

Appears in 1 contract

Samples: Loan Agreement (TNP Strategic Retail Trust, Inc.)

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The Management Agreement. Borrower shall cause the Manager of the Individual Property to manage the Individual Property substantially in accordance with the its Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (i) diligently perform and observe all of the material terms, covenants and conditions of the its Management Agreement on the part of Borrower to be performed and observed 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 its Management Agreement on the part of Borrower to be performed and observed, and (iii) upon request of Lender, promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under each Management Agreement. If Borrower shall default, beyond the expiration of any applicable notice and cure period, default in the performance or observance of any material term, covenant or condition of the any 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 such Management Agreement, upon five (5) Business Days’ prior notice to Borrower, 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 such Management Agreement on the part of the Borrower to be performed or observed.

Appears in 1 contract

Samples: Loan Agreement (Wells Real Estate Investment Trust Inc)

The Management Agreement. Borrower shall cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Borrower shall (ia) 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 observed, (iib) promptly notify Lender of any notice to Borrower of any default that has occurred and is continuing beyond expiration of applicable cure periods 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 (c) 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. If Borrower shall default, default beyond the expiration of any applicable notice and cure period, periods 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 '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.

Appears in 1 contract

Samples: Loan Agreement (Cedar Shopping Centers Inc)

The Management Agreement. Each Borrower shall cause the Manager of the Individual Property(ies) that it owns to manage the applicable Individual Property substantially in accordance with the its Management Agreement and Lender acknowledges that the Management Agreement has been approved by LenderAgreement. Each Borrower shall (i) diligently perform and observe all of the material terms, covenants and conditions of the its Management Agreement on the part of such Borrower to be performed and observed and observed, (ii) promptly notify Lender of any notice to such Borrower of any default by such Borrower in the performance or observance of any of the terms, covenants or conditions of the its Management Agreement on the part of such Borrower to be performed and observed, and (iii) upon request of Lender, promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under each Management Agreement. If any Borrower shall default, beyond the expiration of any applicable notice and cure period, default in the performance or observance of any material term, covenant or condition of the any Management Agreement on the part of such 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 such Borrower from any of its obligations hereunder or under the such Management Agreement, upon five (5) Business Days’ prior notice to Borrowers, 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 such Management Agreement on the part of the Borrower to be performed or observed.

Appears in 1 contract

Samples: Loan Agreement (Wells Real Estate Investment Trust Inc)

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 shall not exceed three percent (3.00%) of Gross Revenue. Borrower shall (a) cause Manager to manage the Property in accordance with the Management Agreement and Lender acknowledges that the Management Agreement has been approved by Lender. Borrower shall Agreement, (ib) 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 observed, (iic) 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. If Borrower shall default, beyond the expiration of (after any applicable notice and cure periodperiod set forth in the Management Agreement) under the Management Agreement of which it is aware, (d) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, estimate, report and each material notice received by it under the Management Agreement, and (e) 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 observedobserved (after any applicable notice and cure period set forth in the Management Agreement), 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 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.

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital New York City REIT, Inc.)

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