Management of the Mortgaged Property Sample Clauses
The 'Management of the Mortgaged Property' clause defines the rights and responsibilities of the borrower regarding the upkeep, use, and operation of the property that serves as collateral for a loan. Typically, this clause requires the borrower to maintain the property in good condition, comply with all relevant laws, and avoid actions that could diminish its value or violate the terms of the mortgage. It may also restrict certain activities, such as making significant alterations or leasing the property without the lender's consent. The core function of this clause is to protect the lender's security interest by ensuring the property retains its value and remains in a condition suitable to satisfy the debt if foreclosure becomes necessary.
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Management of the Mortgaged Property. Borrower further covenants and agrees with Lender as follows:
(a) Borrower shall cause each hotel located on the Mortgaged Property to be operated pursuant to the applicable Franchise Agreement (other than the Non-Flagged Properties) and the Management Agreement. Borrower may, absent an Uncured Franchise Default, replace a franchisor with an Acceptable Franchisor in the same numbered or lower numbered tier as listed for such then current franchisor as set forth on Exhibit E hereto, provided, that (i) the proposed franchise agreement with such proposed Acceptable Franchisor is reasonably acceptable to Lender, (ii) Lender receives a fully executed comfort letter from such proposed Acceptable Franchisor reasonably acceptable to Lender and (iii) such proposed replacement franchise or license could not reasonably result in any downgrade, withdrawal or qualification of the current rating of any Securities (or if Securities have not yet been issued, would not reasonably result in any downgrade, withdrawal or qualification of the anticipated rating thereof).
(b) Borrower shall:
(i) pay all sums required to be paid by Borrower under each Franchise Agreement and the Management Agreement and promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under each Franchise Agreement and the Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder;
(ii) promptly notify Lender of any default under any Franchise Agreement of which it has received, or been given notice, or under the Management Agreement, and provide Lender with copies of any notices delivered in connection therewith;
(iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under any Franchise Agreement or the Management Agreement;
(iv) promptly enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by the franchisor under the applicable Franchise Agreement and the manager under the Management Agreement;
(v) assign to Lender any right, to the extent assignable, it may have to modify a Franchise Agreement or the Management Agreement;
(vi) grant Lender the right, to the extent assignable (but Lender shall be under no obligation) to pay any sums and to perform any act or take any action as may be appropriate to cause al...
Management of the Mortgaged Property. For purposes hereof, a "Qualifying Manager" shall mean Parkway Realty Services, LLC, a Delaware limited liability company, and any other property manager acceptable to Lender that, as of the date of such designation, manages not less than five million (5,000,000) rentable square feet of first-class office space in Chicago, Illinois and, if the Loan is the subject of a Securitization, which is approved pursuant to a Rating Agency Confirmation as hereinafter set forth. Borrower shall notify Lender and, if the Loan is the subject of a Securitization, the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager of the Property not less than thirty (30) days before such Qualifying Manager begins to manage the Property and, if the Loan is the subject of a Securitization, shall obtain prior to any appointment of a Qualifying Manager a Rating Agency Confirmation. Any modifications or amendments to the existing management agreement shall be subject to the prior written consent of the Lender, which consent shall not be unreasonably withheld or delayed. It is acknowledged and agreed that a Qualifying Manager may be retained at L▇▇▇▇▇'s direction at any time following the occurrence and during the continuance of an Event of Default. Upon the retention of a Qualifying Manager, L▇▇▇▇▇ shall have the right to approve (which approval shall not be unreasonably withheld or delayed) any new management agreement with such Qualifying Manager. If the Loan is the subject of a Securitization, Borrower shall provide a copy of such new management agreement to the Rating Agencies. It is acknowledged and agreed that, pursuant to the Manager's Consent, L▇▇▇▇▇ has certain rights to terminate the Management Agreement. ARTICLE
Management of the Mortgaged Property. (a) For purposes hereof, a "Qualifying Manager" shall mean any property manager of national standing reasonably acceptable to Lender, that, as of the date of such designation, manages not less than fifty (50) extended stay hotels in the region in which a Property is located. Notwithstanding the foregoing, Homestead Village Incorporated or an Affiliate of Homestead Village Incorporated shall be deemed a Qualifying Manager acceptable to Lender. Borrower shall notify Lender and the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager other than Homestead Village Incorporated or an Affiliate of Homestead Village Incorporated of all or any of the Properties no less than thirty (30) days before such Qualifying Manager begins to manage such Property or Properties and shall obtain prior to any appointment of a Qualifying Manager a written confirmation from the Rating Agencies that retention of such other Person as Manager shall not result in a downgrade, withdrawal or qualification of the then ratings of any securities backed in part by this Mortgage.
Management of the Mortgaged Property. Mortgagor covenants and agrees with Mortgagee that the Mortgaged Property will be operated at all times in a first-class manner by the
Management of the Mortgaged Property. (a) For purposes hereof, a "Qualifying Manager" shall mean any property manager of national standing reasonably acceptable to Mortgagee, that, as of the date of such designation, manages not less than ten (10) office buildings in the region in which a Property is located. Notwithstanding the foregoing, an Affiliates of Tower Realty Trust, Inc. shall be deemed an acceptable manager to Mortgagee. Mortgagor shall notify Mortgagee and the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager of all or any of the Properties no less than thirty (30) days before such Qualifying Manager begins to manage such Property or Properties and shall obtain prior to any appointment of a Qualifying Manager a written confirmation from the Rating Agencies that retention of such other Person as Manager shall not 61 67 result in a downgrade, withdrawal or qualification of the then ratings of any securities backed in part by this Mortgage.
Management of the Mortgaged Property. Mortgagor shall maintain the Management Agreement for the operation of the Mortgaged Property in full force and effect and timely perform all of Mortgagor's obligations thereunder and enforce performance of all obligations of the Manager thereunder, and not permit the termination or amendment of such Management Agreement unless the prior written consent of Mortgagee is first obtained. Mortgagor will enter into and cause the Manager to enter into an assignment and subordination of such Management Agreement in form satisfactory to Mortgagee, assigning and subordinating the Manager's interest in the Mortgaged Property and all fees and other rights of the manager pursuant to such Management Agreement to the rights of Mortgagee. Upon an Event of Default or upon a material default under the Management Agreement, Mortgagor at Mortgagee's request made at any time while such Event of Default continues, shall terminate the Management Agreement and replace the Manager with a Manager approved by Mortgagee.
Management of the Mortgaged Property. Mortgagor shall maintain the Management Agreement for the operation of the Mortgaged Property in full force and effect and timely perform all of Martgagor's obligations thereunder and enforce performance of all obligations of the Manager thereunder, and not permit the termination or amendment of such Management Agreement unless the prior written consent of Mortgagee is first obtained. Mortgagor will enter into and cause the Manager to enter into an assignment and subordination of such Management Agreement in form satisfactory to Mortgagee, assigning and subordinating the Manager's interest in the Mortgaged Property and all fees and other rights of the manager pursuant to such Management Agreement to the rights of Mortgagee. Upon an Event of Default, Mortgagor at Mortgagee's request made at any time while such Event of Default continues, shall terminate the Management Agreement and replace the Manager with a Manager approved by Mortgagee. In addition, if at the end of each calendar quarter the Mortgagor does not provide evidence of the achievement of a Debt Service Coverage Ratio of not less than 1.10:1.0 for the preceeding twelve (12) month period (the "REQUIRED DSCR") Mortgagor, at Mortgagee's request made at any time such Required DSCR is not maintained, shall terminate the Management Agreement and replace the Manager with Manager approved by Mortgagee.