Common use of Management and Leasing Clause in Contracts

Management and Leasing. (A) Borrowers shall cause Manager to manage the each Individual Property in accordance with the Management Agreement. Each Borrower shall (i) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement to which it is a party on the part of such Borrower to be performed and observed and (ii) promptly notify Lender of any notice to any Borrower of any default under any of the Management Agreement of which it is aware. If any Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Borrower to be performed or observed beyond applicable notice and cure periods, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrowers from any of its obligations hereunder or under the Management Agreement upon five (5) Business Days’ 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 Management Agreement on the part of such Borrower to be performed or observed. Borrowers shall cause any new Manager to execute and deliver a subordination agreement reasonably satisfactory to Lender at the time of execution and delivery of any Management Agreement.

Management and Leasing. (A) Borrowers shall cause Manager to manage the each Individual Property Properties in accordance with the Management Agreement. Each Borrower Borrowers shall (i) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement to which it is a party on the part of such Borrower Borrowers to be performed and observed and (ii) promptly notify Lender of any notice to any Borrower Borrowers of any default under any of the Management Agreement of which it is aware. If any Borrower Borrowers shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Borrower Borrowers to be performed or observed beyond applicable notice and cure periods, then, without limiting Lender’s 's other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrowers from any of its obligations hereunder or under the Management Agreement upon five (5) Business Days’ ' 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 Management Agreement on the part of such Borrower Borrowers to be performed or observed. Borrowers shall use its best reasonable efforts to cause any new Manager to execute and deliver a subordination agreement reasonably satisfactory to Lender at the time of execution and delivery of any Management Agreement.

Management and Leasing. (A) Borrowers Borrower shall cause Manager to manage the each Individual Property in accordance with the Management Agreement. Each Borrower shall (i) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement to which it is a party on the part of such Borrower to be performed and observed and (ii) promptly notify Lender of any notice to any Borrower of any default under any of the Management Agreement of which it is aware. If any Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Borrower to be performed or observed beyond applicable notice and cure periods, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrowers Borrower from any of its obligations hereunder or under the Management Agreement upon five (5) Business Days’ notice to BorrowersBorrower, 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 such Borrower to be performed or observed. Borrowers Borrower shall cause any new Manager to execute and deliver a subordination agreement reasonably satisfactory to Lender at the time of execution and delivery of any Management Agreement.