Management of Properties. Subject to the provisions of Section 5.5 hereof, Borrower or a Subsidiary of Borrower shall directly operate and manage the business of the Borrower at each of the Mortgaged Properties; provided, however, that with the prior written consent of all of the Lenders, which consent shall not be unreasonably withheld, the Borrower may hire another Person to operate and manage any Mortgaged Property.
Management of Properties. (a) Subject to the terms of the Encumbered Property Debt Documents, each Property, other than a Property that is entirely subject to a Lease under which the Tenant is responsible for the management of the Property and liable for all related costs thereunder, shall be managed at all times by an Approved Property Manager pursuant to an Approved Management Agreement. Pursuant to the Subordination of Property Management Agreement or Agreements, each Approved Property Manager shall agree that its Approved Management Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower may from time to time appoint an Approved Property Manager to manage the applicable Property pursuant to an Approved Management Agreement, and such successor manager shall execute for Lender’s benefit a Subordination of Property Management Agreement in form and substance reasonably satisfactory to Lender (and Lender hereby agrees that a Subordination of Property Management Agreement in substantially the same form as the Subordination of Property Management Agreement delivered to Lender by Borrower as of the date hereof is deemed to be reasonably satisfactory to Lender). The per annum fees of the Approved Property Manager (including any incentive fees) shall not, at any time, exceed 3.5% of the gross revenues of the relevant Property for the then most recently concluded Test Period.
Management of Properties. Seller agrees that it will continue to cause the Subject Properties to be managed and operated by Multicorp, Inc. through the Closing in a manner consistent with the manner currently being practiced, including the maintenance of the insurance coverage currently maintained by Seller on the Subject Properties. Seller makes no representations and assumes no responsibility with respect to continued occupancy of the Real Property and Improvements or any part thereof by any tenant or tenants now in possession. Prior to the Closing, Seller shall be entitled, but not obligated, to enforce the rights under any Lease or any tenancy by litigation in any court having jurisdiction over landlord and tenant matters. The removal by Seller of tenants that are in default under their leases shall not give rise to any claim on the part of Purchaser or affect this Contract in any manner whatsoever.
Management of Properties. The Borrower shall, or shall cause any of its Subsidiaries to, manage and operate the Atlanta Property and the Pool B Properties pursuant to Servicing Agreements in a commercially reasonable and prudent manner. No Person other than the Borrower or any Wholly Owned Subsidiary shall have substantial authority over the management and operation of any Property.
Management of Properties. Each Individual Property is self-managed by Borrower insofar as each Individual Property is leased to a Master Tenant which is required to perform typical property management functions (other than collection of rents under such Master Leases) pursuant to the related Master Lease and no third party property manager has been retained with respect to any Individual Property.
Management of Properties. Each Individual Property is self-managed by Borrower in so far as each Individual Property is leased to a Master Tenant which is required to perform typical property management functions (other than collection of rents under such Master Leases) pursuant to the related Master Lease and no third party property manager has been retained with respect to any Individual Property.
Management of Properties. Continue to secure and maintain Properties until they are acquired by the City or by homebuilders.
Management of Properties. (a) Each Property, other than a Property that is entirely subject to a Lease under which the Tenant is responsible for the management of the Property and liable for all related costs thereunder, shall be managed at all times by an Approved Property Manager pursuant to an Approved Management Agreement. Pursuant to the Subordination of Property Management Agreement or Agreements, each Approved Property Manager shall agree that its Approved Management Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower may from time to time appoint an Approved Property Manager to manage the applicable Property pursuant to an Approved Management Agreement, and such successor manager shall execute for Lender’s benefit a Subordination of Property Management Agreement in form and substance reasonably satisfactory to Lender (and Lender hereby agrees that a Subordination of Property Management Agreement in substantially the same form as the Subordination of Property Management Agreement delivered to Lender by Borrower as of the date hereof is deemed to be reasonably satisfactory to Lender). The per annum fees of the Approved Property Manager (including any incentive fees) shall not, at any time, exceed 3.5% of the gross revenues of the relevant Property for the then most recently concluded Test Period.
Management of Properties. (a) Borrower shall cause each Property to be operated, in all material respects, in accordance with the applicable Management Agreement. In the event that any Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of such Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a replacement Management Agreement with the applicable Manager or another Qualifying Manager, as applicable.
Management of Properties. Horizons 5 will retain operational responsibilities of the Florida real estate owned by it until transfer of ownership of the membership interests to PSLA or its designate pursuant to the Article 9 strict foreclosure Core FL will retain control of the Core FL Subsidiaries until the member interests are transferred pursuant to the Article 9 strict foreclosure. Core SC will retain operational responsibilities of the South Carolina real estate that comprises the collateral for the South Carolina Development Loans until transfer of ownership thereof to THH or its designee pursuant to the South Carolina Foreclosure. Prior to PSLA becoming owner and operator of collateral acquired through enforcement of the loan documents, Horizons 5, Core FL and Core SC shall continue to manage the properties, shall not sell or convey any interest in such real estate (except as authorized herein) without the prior written consent of PSLA, and they shall exercise reasonable and prudent judgment to take such action as is necessary and appropriate for their on-going operations. Core SC is not obligated to pay ad valorem real estate taxes.
