Common use of Asset Management Duties Clause in Contracts

Asset Management Duties. A. The Asset Manager will provide the following services to the Project: (i) select and consult with the Construction Monitor ; (ii) review the use of the proceeds of the Sub-award to ensure such proceeds are being spent only in accordance with the requirements of this Agreement, in particular and without limitation, Article IV hereof, and with Program Requirements; (iii) review and report to CHFA no less than quarterly on the progress of construction of the Project, its compliance with the Draw Schedule, the Construction Schedule, the Plans and Specifications, and the Budget, and any Change Orders, changes to anticipated sources and uses, or other matters which, in the judgment of the Asset Manager, may adversely affect the ability of the Owner to complete construction of the Project (iv) review all financial status reports required to be delivered pursuant to Section 9.1 of this Agreement; (v) review all compliance monitoring reports required to be delivered pursuant to Section 9.2 of this Agreement; and (vi) advise CHFA as to such measures as may be necessary or desirable to remedy any unfavorable compliance or financial circumstances concerning the Project. B. The Asset Manager or CHFA, as the case may be, may take such of the following actions with respect to the Project as CHFA shall deem advisable: (i) declare that an Event of Default has occurred hereunder, specifying the nature of said Event of Default; (ii) exercise any of the remedies provided to CHFA pursuant to this Agreement with respect to an Event of Default; (iii) recommend to CHFA (I) that further disbursements of TCEP Funds be delayed, suspended or terminated, (II) that the Developer, the Property Manager, the Contractor or any other party providing services to the Owner be replaced, (III) any appropriate measures to assure that the Construction Completion Date can be achieved within the applicable time period and available resources, and (IV) such measures as may be needed to address instances of noncompliance with Program Requirements, the ▇▇▇▇, or the requirements of this Agreement; and (iv) advise CHFA that a Recapture Event has occurred or that circumstances exist which may give rise to a Recapture Event, together with making such suggestions for remediation as the Asset Manager deems appropriate.

Asset Management Duties. A. The Asset Manager will Servicer will, among other things, provide the following services to the ProjectDevelopment: (i) select and consult with the Construction Monitor Inspector; (ii) review the use of the proceeds of the Sub-award Subaward to ensure such proceeds are being spent only in accordance with the requirements of this Agreement, in particular and without limitation, Article IV hereof, and with Program Requirements; (iii) review and report to CHFA Florida Housing, no less than quarterly quarterly, on the progress of construction of the ProjectDevelopment, its compliance with the Construction Draw Schedule, the Construction Schedule, the Plans and Specifications, and the Budget, and any Change Orders, changes to anticipated sources and uses, or other matters which, in the judgment of the Asset ManagerServicer, may adversely affect the ability of the Owner Borrower to complete construction of the ProjectDevelopment; (iv) review all financial status reports required to be delivered pursuant to Section 9.1 of this the Compliance, Financial Monitoring and Servicing Agreement; (v) review all compliance monitoring reports required to be delivered pursuant to Section 9.2 of this the Compliance, Financial Monitoring and Servicing Agreement; and (vi) advise CHFA Florida Housing as to such measures as may be necessary or desirable to remedy any unfavorable compliance or financial circumstances concerning the ProjectDevelopment. B. The Asset Manager or CHFABorrower and the Servicer each covenant and warrant that Borrower and Servicer are not related parties, as nor are they affiliated in any way. C. The Servicer may, and upon the case may bedirection of and following consultation with Florida Housing shall, may take such of the following actions with respect to the Project Development as CHFA it and/or Florida Housing shall deem advisable: (i) declare that an Event of Default has occurred hereunder, specifying the nature of said Event of Default; (ii) exercise any of the remedies provided to CHFA Florida Housing pursuant to this Agreement with respect to an Event of Default; (iii) recommend to CHFA Florida Housing (I) that further disbursements of TCEP Exchange Program Funds be delayed, suspended or terminated, (II) that the Developer, the Property Manager, the Contractor or any other party providing services to the Owner Borrower be replaced, (III) any appropriate measures to assure that the Construction Completion Date can be achieved within the applicable time period and available resources, and (IV) such measures as may be needed to address instances of noncompliance with Program Requirements, the ▇▇▇▇Extended Use Agreement, or the requirements of this AgreementAgreement or the Loan Documents; and (iv) advise CHFA Florida Housing that a Recapture Event has occurred or that circumstances exist which may give rise to a Recapture Event, together with making such suggestions for remediation as the Asset Manager Servicer deems appropriate.

Asset Management Duties. A. The Development Owner will be subject to Asset Manager will provide Management oversight, which may include the following services to the Projectfollowing: (i) select and consult with the Construction Monitor ; (ii) review the use of the proceeds of the Sub-award Subaward to ensure such proceeds are being spent only in accordance with the requirements of this Agreement, in particular and without limitation, Article IV hereof, and with Program Requirements; (iiiii) review and report to CHFA the Department no less than quarterly on the progress of construction of the ProjectDevelopment, its compliance with the Draw Schedule, the Construction Schedule, the Plans and Specifications, and the Budget, and any Change Orders, changes to anticipated sources and uses, or other matters which, in the judgment of the Asset Manager, may adversely affect the ability of the Development Owner to complete construction of the ProjectDevelopment; (iviii) review all financial status reports required to be delivered pursuant to Section 9.1 Article IX of this Agreement; (viv) review all compliance monitoring reports required to be delivered pursuant to Section 9.2 of this Agreement; and (viv) advise CHFA review reports required to be delivered pursuant to Article IX of this Agreement and consult with the Development Owner as to such measures as may be necessary or desirable to remedy any unfavorable compliance or financial circumstances concerning the ProjectDevelopment. B. The Asset Manager or CHFAmay, as and upon the case may bedirection of and following consultation with the Department shall, may take such of the following actions with respect to the Project Development as CHFA it and/or the Department shall reasonably deem advisable: (i) declare that an Event of Default has occurred hereunder, specifying the nature of said Event of Default; (ii) exercise any of the remedies provided to CHFA the Department pursuant to this Agreement with respect to an Event of Default; (iii) recommend to CHFA (I) that further disbursements of TCEP Exchange Program Funds be delayed, suspended or terminated, (II) that the Developer, the Property Manager, the Contractor or any other party providing services to the Development Owner be replaced, (III) any appropriate measures to assure that the Construction Completion Date can be achieved within the applicable time period and available resources, and (IV) such measures as may be needed to address instances of noncompliance with Program Requirements, the ▇▇▇▇, or the requirements of this Agreement; and (iv) advise CHFA that a Recapture Event has occurred or that circumstances exist which may give rise to a Recapture Event, together with making such suggestions for remediation as the Asset Manager deems appropriate.,