Compensation of Property Manager Clause Samples

The Compensation of Property Manager clause defines how and when the property manager will be paid for their services. Typically, this clause outlines the fee structure, such as a percentage of collected rents or a fixed monthly amount, and may specify additional compensation for services beyond standard management duties, like overseeing major repairs or leasing new units. Its core function is to ensure both parties have a clear understanding of payment expectations, reducing the risk of disputes over compensation and aligning incentives for effective property management.
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Compensation of Property Manager. The Property Manager shall receive the fees in the amounts and at the times provided for in the Management and Leasing Agreement, and such further amounts as agreed to as a Major Decision by the Executive Committee and provided in the Annual Plan and Budget. The Property Manager shall have the right, without the consent of the Partnership or any Partner, to assign its rights under the Management and Leasing Agreement to any Related Party of the Property Manager.
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Compensation of Property Manager. As compensation for his services rendered under this Agreement, Property Manager shall be entitled to keep for his own account any excess of revenues collected over expenses disbursed relating to the Premises after paying to Owner a monthly sum of $400.00 per month.
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Compensation of Property Manager. The compensation which Property Manager shall be entitled to receive for services performed as Property Manager under this Agreement shall be a monthly fee (the "Property Management Fee") of 0.01% of the Value of each Property as of the related Determination Date, payable on the related Payment Date in accordance with Section 3.02(b)
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Compensation of Property Manager. As full compensation and reimbursement for performing the services provided for herein, Owner agrees to pay Manager: a. As a Management Fee: A base monthly fee of $964.00 plus an amount equal to three percent (3%) of the Gross Revenues of the Project to also be paid monthly and based on collections. Gross Revenues of the Project as used herein shall mean all rentals and other fees received by or credited to Owner, from any source with respect to the Project, for each calendar year, including, but not limited to the following: (1) forfeited deposits of tenants; (2) lease cancellation fees payable only as said fees are collected by Owner; (3) late charges and interest on rentals; (4) increased rentals based upon a price index, sales volume or other escalation provisions; (5) rentals for, or reimbursement of, operating expenses, including but not limited to real estate taxes; (6) additional rentals based upon coverage, percentage or other similar rental provisions; (7) any other rental adjustments or consideration in the nature of rental; (8) rental value and business interruption insurance proceeds received by Borrower; and (9) parking revenues. b. As reimbursement: (1) An amount equal to the total cost of all other obligations and expenses incurred by Manager in the performance of the terms of this Agreement; and (2) Routine advertising and legal fees in connection with services performed under Paragraph 5 hereof. (3) Manager's signage costs as first approved by Owner. Reimbursement shall not be made for matters involving violations of laws, ordinances, orders, rules and/or regulations where failure to comply with the same is a direct result of Manager's negligence. c. Manager will use its good faith efforts to limit the cost to Owner of reimbursable expenditures described in Paragraph 8.c. above.
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Compensation of Property Manager. The Owner shall pay the Property Manager as full compensation for the services of the Property Manager the sum of % of the monthly rent for each property listed in paragraph
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Compensation of Property Manager. Section 6.01
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Compensation of Property Manager 
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Related to Compensation of Property Manager

  • Property Manager Any entity that has been retained to perform and carry out property rental, leasing, operation and management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property.

  • Property Management Fee For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid by third parties.

  • Property Management (a) Borrower shall (i) cause Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware, (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement, and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement in a commercially reasonable manner. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its Obligations hereunder or under the Management Agreement, 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 Borrower to be performed or observed. In no event shall the fee payable to Manager for any Interest Period exceed the Management Fee Cap for such Interest Period and in no event shall Borrower pay or become obligated to pay to Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the Transfer of a Property or the termination of the Management Agreement. (b) If any one or more of the following events occurs: (i) the occurrence of an Event of Default, (ii) Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of any gross negligence, fraud, willful misconduct or misappropriation of funds), or (iii) Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace the Manager and enter into a Replacement Management Agreement with (x) a Qualified Manager selected by Borrower that is not an Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender; provided, that such approval shall be conditioned upon Borrower delivering a Rating Agency Confirmation as to such property manager. If Borrower fails to select a new Qualified Manager or a replacement Manager that satisfies the conditions described in the foregoing clause (y) and enter into a Replacement Management Agreement with such Person within sixty (60) days of Lender’s demand to replace the Manager, then Lender may choose the replacement property manager provided that such replacement property manager is a Qualified Manager or satisfies the conditions set forth in the foregoing clause (y).

  • COMPENSATION OF SUBADVISER The Adviser will pay the Subadviser with respect to each Portfolio the compensation specified in Appendix A to this Agreement.

  • Compensation of the Manager For the services to be rendered by the Manager as provided in this Agreement, the Fund shall pay to the Manager a fee computed on the aggregate net asset value of the Portfolio as of the close of each business day and payable monthly at the annual rate of 0.20%. In the event that this Agreement is terminated at other than a month-end, the fee for such month shall be prorated, as applicable.