Common use of The Management Agreements Clause in Contracts

The Management Agreements. Each Borrower shall, or shall cause Operating Lessee to, (a) cause the applicable Manager to manage the Property owned by such Borrower in accordance with the applicable Management Agreement, (b) diligently perform and observe all of the material terms, covenants and conditions of such Management Agreement on the part of such Borrower or Operating Lessee to be performed and observed, (c) promptly notify Lender of any default under such Management Agreement 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 such Management Agreement, and (e) promptly enforce the performance and observance of all of the covenants required to be performed and observed by such Manager under such Management Agreement in all material respects. If any Borrower or Operating Lessee shall default in the performance or observance of any material term, covenant or condition of the applicable Management Agreement on the part of such Borrower or 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 such Borrower or Operating Lessee from any of its obligations hereunder or under such 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 such Management Agreement on the part of such Borrower or Operating Lessee to be performed or observed.