Agent or Manager definition
Examples of Agent or Manager in a sentence
The Borrower shall obtain the written approval of the Significant Bondholder, if any, and the Servicer prior to the employment of a new Agent or Manager which approval shall not be unreasonably withheld, conditioned or delayed.
The Owner shall submit to the Issuer from time to time such information about the background, experience and financial condition of any existing or proposed Agent or Manager as the Issuer may reasonably require to determine whether such Agent or Manager meets the requirements set forth herein.
Notwithstanding any other provision of this Section 28 to the contrary, the Lender may at any time by written instruction to the Issuer, the Trustee and the Owner deny the Issuer’s request for a replacement Agent or Manager and direct that the existing Agent or Manager be retained.
Upon receipt of such consent or deemed consent, the Owner shall within 60 days terminate, or cause to be terminated, the existing Agent or Manager engagement and engage, or cause to be engaged, the new Agent or Manager.
The Borrower will at all times cause the Project to be managed and operated by the Agent, Manager or another independent property manager and it will give written notice to the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative and the Servicer prior to changing the Agent or Manager and prior to making any material changes or modifications to the Property Management Agreement.
If the Issuer determines in its reasonable judgment that the Project is not being operated and managed in accordance with one or more of the material requirements or standards of this Agreement, the Issuer may deliver notice to the Owner, the Trustee and the Lender requesting replacement of the Agent or Manager, which notice shall state clearly the reasons for such request.
The Issuer does not employ and is not responsible for any actions or non-actions of the Agent or Manager.
The Significant Bondholder and the Servicer shall have the right to remove the Agent or cause removal of the Manager in the event an uncured event of default by the Agent or Manager has occurred under the Property Management Agreement and the Borrower has failed to remove the defaulting Agent, or cause to be removed the defaulting Manager, as applicable, in a reasonable time after the occurrence of the uncured event of default.
That the source of any commission or payment made to Agent or Manager is from Lessor and that information given to Agent or Manager by Lessee may be disclosed to Lessor.
Lessee further acknowledges that Agent or Manager made disclosure of the agency status prior to or at the time personal or financial information was taken from the Lessee by Agent or Manager, and in all other instances, Agent or Manager made disclosure of this status to Lessee no later than the first showing of the rental property.