Definition of Accepted Property Management Practices


Accepted Property Management Practices means, with respect to any Rental Property, those property management, rental or sales practices of prudent institutions that (i) manage single family and 2-4 family residential homes for rent and sale of the same type as such Rental Property in the jurisdiction where the related Rental Property is located, (ii) employ procedures intended to produce the highest possible net present value on the Rental Properties for the related Borrower and Lender, and (iii) exercise the same care that it customarily employs and exercises in managing similar properties for its own account giving due consideration to clauses (i) and (ii) of this definition of Accepted Property Management Practices and Requirements of Law.


Accepted Property Management Practices means with respect to any Contributed Rental Property or Contributed REO Property, those property management, rental or sales practices of prudent institutions that manage real property, single family and 2-4 family residential homes for rent and sale of the same type as such Contributed Rental Property or Contributed REO Property, as applicable, in the jurisdiction where the related Contributed Rental Property or Contributed REO Property is located.

Examples of Accepted Property Management Practices in a sentence

Borrowers, on Lender’s behalf, shall contract with one or more Property Managers to manage each Rental Property consistent with the degree of skill and care that such Property Managers customarily require with respect to similar Rental Property owned or managed by such Property Managers and in accordance with Accepted Property Management Practices.
Pursuant to the Property Management Agreement, the Sellers shall contract with the Property Managers to manage the Contributed Rental Property and Contributed REO Property consistent with the degree of skill and care that the Property Manager customarily requires with respect to similar Rental Property and REO Property owned or managed by Property Manager and in accordance with Accepted Property Management Practices.
Pursuant to the Property Management Agreement, the Sellers, on Buyer’s behalf, shall contract with the Property Managers to manage the Rental Property consistent with the degree of skill and care that such Property Managers customarily require with respect to similar Rental Property owned or managed by such Property Managers and in accordance with Accepted Property Management Practices.
Pursuant to the Property Management Agreement, the Sellers, on Administrative Agent’s and Buyers’ behalf, shall contract with the Property Managers to manage the Rental Property consistent with the degree of skill and care that such Property Managers customarily require with respect to similar Rental Property owned or managed by such Property Managers and in accordance with Accepted Property Management Practices.