Management of Properties Clause Samples
The 'Management of Properties' clause defines the responsibilities and authority for overseeing, maintaining, and operating the properties covered by the agreement. Typically, this clause outlines which party is in charge of day-to-day management tasks such as repairs, tenant relations, and compliance with relevant laws or regulations. It may also specify standards for upkeep and procedures for addressing issues that arise. The core function of this clause is to ensure clear allocation of management duties, thereby preventing disputes and ensuring the properties are properly cared for throughout the term of the agreement.
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.
(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) Borrower shall notify Lender in writing of any material default of any Borrower or an Approved Property Manager under any of the Approved Management Agreements, after the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable notice to Borrower and in accordance with such Subordination of Management Agreement, to cure defaults of Borrower under such Approved Management Agreement. Any reasonable out-of-pocket expenses incurred by Lender to cure any such default shall constitute a part of the Indebtedness and shall be due from Borrower upon demand by Lender.
(d) Subject in the case of Encumbered Properties to the Encumbered Property Debt Documents, and in the case of the Joint Venture Properties to their respective Qualified Joint Venture Agreements, upon the occurrence and ...
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. 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
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. 8.1. The Owner hereby irrevocably and unconditionally agree that LiveIn shall be at full liberty to do any or all of the following throughout the Term and/or any of the Renewed Term(s) without any further notice or reference to the Owner:
(a) to manage the Property and handle all administrative matters with the Tenants throughout the Term without having to obtain the consent of the Owner and without any interference from the Owner;
(b) to deal with the Tenants in the manner as it deems fit;
(c) to impose any terms and conditions on the Tenants including the rental of the Property and/or the rooms erected therein;
(d) to keep all the Collection Sum, utilities and other deposits collected from the Tenants for the purposes stated in the tenancy agreement(s);
(e) to keep the Collection Sum paid by the Tenants to LiveIn for distribution in accordance with clause 2.2;
(f) to arrange for the Tenants to execute the tenancy agreement if necessary based on the terms and conditions agreed by the Owner and Tenants;
(g) maintain the Property in good and tenantable repair where:
(i) if the damages are caused by the Tenants, LiveIn shall bear the costs of repairs;
(ii) if the damages are not caused by the Tenants, LiveIn shall bear the costs of repairs that are less than Ringgit Malaysia Eighty (RM80.00) only. Any costs of repairs that shall be more than Ringgit Malaysia Eighty (RM80.00) shall be paid by the Owner by deducting from the following month of Owner’s Entitlement from the date LiveIn shall be made notified; or
(iii) if there is normal wear and tear, any costs of repair or maintenance shall be paid by the Owner by deducting from the following month of Owner’s Entitlement from the date LiveIn shall be made notified; and
(h) (where the Property is an entire building) decide and execute on general upkeep and property management matters of the Property such as but not limited to management of security guards, landscaping, allocation of parking spaces and management of facilities in the Property;
(i) (where the Property is an entire building) allow LiveIn to exhibit any internal and external advertisement, announcement or signboards as LiveIn may deem fit and necessary;
(j) charge the Tenants on top of the Collection Sum(s) for any additional service(s) rendered by LiveIn or by any party contracted by ▇▇▇▇▇▇;
(k) allow LiveIn to issue invoice(s), receipt(s) and collect rental(s) from the Property; and
(l) yield up the Property at the expiration or sooner determinati...
Management of Properties. Each Individual Property is self-managed by the Obligor which owns it (or by a subsidiary of such Obligor) in so far as each Individual Property is leased to a tenant which is required to perform typical property management functions (other than collection of Rents under Qualified Leases) pursuant to the related Qualified 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. Guarantor currently manages the Properties pursuant to the leases, subleases or management agreements listed in Schedule 5 attached hereto (the "Existing Management Agreements"). The Existing Management Agreement for each Property shall remain in full force and effect, and Borrowers and Guarantor shall continue to own, operate and manage each Property as contemplated in and in accordance with the Existing Management Agreement for such Property, until the Recordation Date for such Property. Upon the Recordation Date for a Property for which there is an Existing Management Agreement, Borrowers and Guarantor shall cause such Existing Management Agreement to be terminated; provided, however, that, prior to the time at which either Borrower, Guarantor, or an Affiliate wholly owned by either Borrower or by Guarantor acquires all of the equity interests in tenants under the Facility Leases listed in Schedule 4.15, Borrowers and Guarantor shall not be obligated to terminate such Facility Leases or the Existing Management Agreements pursuant to which Guarantor manages the Properties subject to such Facility Leases.
Management of Properties. In the unlikely event that the General Partners or their Affiliates provide supervisory property management services for the Partnership's Properties, they will be enticed to receive a fee which is competitive for similar services in the same geographic area, but not exceeding SO of the annual Gross Revenues from the Properties.