Common use of Management of Collateral Clause in Contracts

Management of Collateral. (a) Each Property 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 the form of the Subordination of Property Management Agreement in effect on the Closing Date or in such other form as shall be reasonably satisfactory to Lender. The aggregate per annum fees payable by Borrower to the Approved Property Manager (including any incentive fees), whether pursuant to the Approved Management Agreement or otherwise, shall not, at any time, exceed 4% of the gross Revenues of the Properties for the then most recently concluded Test Period. (b) Borrower shall cause each Approved Property Manager (including any successor Approved Property Manager) to maintain at all times worker’s compensation insurance as required by Governmental Authorities. (c) During the continuance of an Event of Default that has not been waived by Lender in writing, or a material default by an Approved Property Manager under an Approved Management Agreement after the expiration of any applicable cure period or upon the filing of a bankruptcy petition or the occurrence of a similar event with respect to an Approved Property Manager, Lender may, in its sole discretion, require Borrower to terminate the Approved Management Agreement and engage an Approved Property Manager selected by Lender in Lender’s sole discretion.

Management of Collateral. (a) Each The Property 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 Agreement, and all fees thereunder (including any incentive fees) ), are subject and subordinate to the IndebtednessIndebtedness in accordance with the Subordination of Property Management Agreement. Borrower may from time to time appoint a successor manager, which successor manager shall be an Approved Property Manager 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 the form of the Subordination of Property Management Agreement in effect on the Closing Date or in such other form as shall be reasonably satisfactory to for Lender’s benefit. The aggregate management agreement shall not provide for per annum management fees payable by Borrower to the Approved Property Manager (including any incentive fees), whether pursuant to the Approved Management Agreement or otherwise, shall not, at any time, exceed 4in excess of 2.5% of the gross Revenues of the Properties for the then most recently concluded Test Periodrevenues. (b) Borrower shall cause covenants and agrees that each Approved Property Manager (including any successor Approved Property Manager) to maintain shall at all times while the Loan is outstanding maintain worker’s compensation insurance as required by Governmental Authorities. (c) During Borrower shall notify Lender in writing of any “Event of Default” under and as defined in the Approved Management Agreement of which Borrower has actual knowledge. (d) Upon (i) the occurrence and during the continuance of an Event of Default that has not been waived by Lender in writing, or a material default by an Approved Property Manager under an Approved Management Agreement after the expiration of any applicable cure period or upon (ii) the filing of a bankruptcy petition or the occurrence of a similar event with respect to an the Approved Property Manager, Lender may, in its sole discretion, require Borrower to terminate the Approved Management Agreement and engage an Approved Property Manager selected by Lender (and in Lenderthe case of a termination resulting from (ii) above, subject to Borrower’s sole discretionreasonable approval) to serve as replacement Approved Property Manager pursuant to an Approved Management Agreement.

Management of Collateral. (a) Each The Property 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 Agreement, and all fees thereunder (including any incentive fees) are subject and subordinate to the IndebtednessIndebtedness and that during the continuance of a Cash Trap Period or Event of Default, its management fees may not exceed 1.5% of Operating Income. Borrower may from time to time appoint a successor manager, which successor manager shall be an Approved Property Manager 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 the form of the Subordination of Property Management Agreement in effect on the Closing Date or in such other form as shall be reasonably satisfactory to for Lender. The aggregate per annum fees payable by Borrower to the Approved Property Manager (including any incentive fees), whether pursuant to the Approved Management Agreement or otherwise, shall not, at any time, exceed 4% of the gross Revenues of the Properties for the then most recently concluded Test Period's benefit. (b) Borrower shall cause covenants and agrees that each Approved Property Manager (including any successor Approved Property Manager) to maintain shall at all times while the Loan is outstanding maintain worker’s 's compensation insurance as required by Governmental Authorities. (c) During Borrower shall notify Lender in writing of any "Event of Default" under and as defined in the Approved Management Agreement of which Borrower has actual knowledge. (d) Upon the occurrence and during the continuance of an Event of Default that has not been waived by Lender in writing, or a material default by an Approved Property Manager under an Approved Management Agreement after the expiration of any applicable cure period or upon the filing of a bankruptcy petition or the occurrence of a similar event with respect to an Approved Property ManagerDefault, Lender may, in its sole discretion, require Borrower to terminate any or all of the Approved Management Agreement Agreements and engage an Approved Property Manager Managers selected by Lender in Lender’s sole discretionto serve as replacement Approved Property Manager pursuant to an Approved Management Agreement.