Termination of Property Manager. If (a) the amounts evidenced by the Note have been accelerated pursuant to Section 8.1(b) hereof, (b) the Property Manager shall become insolvent, (c) the Property Manager is in default under the terms of the Property Management Agreement beyond any applicable grace or cure period, or (d) Property Manager is not managing the Property in accordance with the management practices of nationally recognized management companies managing similar properties in locations comparable to those of the Property, then, in the case of (a), (b), (c) or (d), Borrower shall, at the request of Lender, terminate the Property Management Agreement and replace the Property Manager with a manager reasonably approved by Lender on terms and conditions reasonably satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the other Loan Documents, in the event that (i) the Property Management Agreement is terminated, (ii) the Property Manager no longer manages the Property, or (iii) a receiver, liquidator or trustee shall be appointed for Property Manager or if Property Manager shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Property Manager, or if any proceeding for the dissolution or liquidation of Property Manager shall be instituted, then Borrower (at Borrower's sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a depository satisfactory to Lender into which all Rents and other income from the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to Lender. Property Manager shall have the right to subcontract some or all of its responsibilities under the Property Management Agreement pursuant to an agreement on terms and conditions satisfactory to Lender in its reasonable discretion, it being understood and agreed that the management fee for such Property Manager shall not exceed then prevailing market rates, as determined by Lender, and in no event shall each agreement impair Lender's rights hereunder or under the other Loan Document...
Termination of Property Manager. Borrower agrees, that, if (i) irrespective of whether an Event of Default exists, Lender, in its reasonable discretion, determines that the Property is not being properly managed in accordance with management practices customarily employed for properties similar to the Property, (ii) an Event of Default exists, (iii) a default or event of default exists under the Property Management Contract, or (iv) Property Manager becomes insolvent, Lender may direct Borrower to terminate the Property Management Contract and to replace Property Manager with a management company acceptable to Lender, provided that, with respect to Section 9.14(b)(i) only, prior to requiring the termination of the Property Management Contract, Lender shall deliver written notice to Borrower and Property Manager, which notice shall specify in reasonable detail the grounds for Lender’s determination. If Lender reasonably determines that the conditions specified in Lender’s notice are not remedied to Lender’s reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has failed to diligently undertake correcting such conditions within such thirty (30) day period, Lender may direct Borrower to terminate the Property Management Contract and to replace Property Manager with a management company acceptable to Lender.
Termination of Property Manager. Following the occurrence of an Event of Default, Borrower agrees, that, Lender may deliver written notice to Borrower and Property Manager tem1inating the Property Management Contract, which notice shall specify in reasonable detail the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager has failed to diligently undertake correcting such conditions within such thirty (30) day period. Lender may direct Borrower to terminate the Property Management Contract and to replace Prope1iy Manager with a management company acceptable to Lender.
Termination of Property Manager. (a) The Borrower represents, warrants and covenants that the Property Management Agreement now provides, and that Borrower shall cause Property Manager not to enter into any Property Management Agreement hereafter that does not provide, the Property Owner the right to terminate such Property Management Agreement without any penalty or fee (other than accrued and unpaid fees thereunder) on thirty (30) days' notice, if there exists an Event of Default under this Agreement. Unless otherwise waived by the Lender, if an Event of Default exists, the Borrower shall cause the Property Owner, within five (5) Business Days after the Lender's written request, to issue a notice of termination with respect to the Property Management Agreement and replace the Property Manager with an Acceptable Property Manager, on commercially reasonable terms and conditions approved by the Lender. If the Property Owner fails to issue the notice of termination to the Property Manager in the manner required above within said five (5) Business Day period, then the Lender shall have the right, and each Borrower Party hereby irrevocably authorizes the Lender, at its sole option, to terminate on behalf and in the name of the Borrower and the Property Owner, the Property Management Agreement in accordance with the foregoing provisions of this Section 10.1(a); provided that the Lender shall not have any liability if the Agent shall not exercise such authority.
Termination of Property Manager. At any time during the Term, Owner may serve written notice to Agent of its intention to cause Agent to replace the “Property Manager” (defined in Addendum A hereto) due to such person’s failure to perform in a reasonable, professional manner in accordance with industry standards, as reasonably determined by Owner. [To the extent required under that certain <INSERT NAME OF APPLICABLE DOCUMENT>, Owner shall first obtain the consent of <INSERT NAME OF HOSPITAL IF APPLICABLE>. If <INSERT NAME OF HOSPITAL IF APPLICABLE> so consents, Agent shall contact <INSERT NAME OF HOSPITAL IF APPLICABLE>, to the extent required under that certain <INSERT NAME OF APPLICABLE DOCUMENT>, to request its consent to such replacement within thirty (30) days of receipt of such consent and Owner’s notice.] Agent must replace the Property Manager within sixty (60) days of receiving each such required consent.
Termination of Property Manager. At any time during the Term, Owner may serve written notice to Agent of its intention to cause Agent to replace the “Property Manager” (defined in Addendum A hereto) due to such person’s failure to perform in a reasonable, professional manner in accordance with industry standards, as reasonably determined by Owner. [[[[***To the extent required under the Ground Lease, Owner shall first obtain Ground Lessor’s consent. If Ground Lessor so consents, Agent shall contact Ground Lessor, to the extent required under the Ground Lease, to request its consent to such replacement within thirty (30) days of receipt of such consent and Owner’s notice.***]]]] Agent must replace the Property Manager within sixty (60) days of receiving each such required consent.
Termination of Property Manager. Irrespective of whether an Event of Default has occurred, Borrower agrees, that if (a) Lender, in its reasonable discretion, determines that the Property is not being properly managed in accordance with management practices customarily employed for properties similar to the Property, or (b) Property Manager becomes insolvent, then Lender may deliver written notice to Borrower and Property Manager, which notice shall specify in reasonable detail the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice, or if Borrower or Property Manager have failed to diligently undertake correcting such conditions within such thirty (30) day period, Lender may direct Borrower to terminate the Property Management Contract and/or cease self-management and replace Property Manager with a management company acceptable to Lender.
Termination of Property Manager. (i) If (A) a default has occurred under any Property Management Contract and has continued beyond any applicable notice and/or grace period, (B) Property Manager becomes insolvent (and provided in the case of either of the foregoing clauses (A) or (B) that Borrower or Mortgage Borrower shall have the right to terminate any Property Management Contract), or (C) any other act, omission, event or condition shall occur or exist which results in Borrower or Mortgage Borrower having the right to terminate any Property Management Contract, then, if an Event of Default shall exist, Borrower shall, at the request of Lender, cause Mortgage Borrower to terminate any or all applicable Property Management Contacts and require Property Manager to transfer its responsibilities for the management of the Property or applicable portion thereof to a management company acceptable to Lender.
Termination of Property Manager. (i) If Lender, in its reasonable discretion, determines that the Property is not being properly managed in accordance with management practices customarily employed for properties similar to the Property, Lender may deliver written notice to Borrower and Property Manager, which notice shall specify in reasonable detail the grounds for Lender’s determination. If Lender reasonably determines that the conditions specified in Lender’s notice are not remedied to Lender’s reasonable satisfaction by Borrower or Property Manager within thirty (30) days from receipt of such notice or if Borrower or Property Manager have failed to diligently undertake correcting such conditions within such thirty (30) day period, Lender may direct Borrower, at Borrower’s option, to either (A) terminate the Property Management Contract and replace Property Manager with a management company acceptable to Lender or (B) cause the Property Manager to terminate the sub-property management agreement and to replace such sub-property manager with a management company acceptable to Lender.
Termination of Property Manager. Each Borrower represents, warrants and covenants that each Property Management Agreement hereafter entered into with respect to any of the Properties shall (a) be in form and substance reasonably satisfactory to Agent, (b) be collaterally assigned to Agent on behalf of Lenders, (c) be the subject of a consent, reasonably acceptable to Agent, and executed and delivered to Agent by the applicable Property Manager and (d) be with a Property Manager approved by Agent in accordance with this Agreement, which approval shall not be unreasonably withheld, conditioned or delayed so long as such Property Manager satisfies the Property Management Criteria. Unless otherwise waived by Agent, such consent shall provide that upon the occurrence and during the continuance of an Event of Default, each Borrower shall, or shall cause the applicable Borrower Affiliate to, within
