Common use of Management of the Property Clause in Contracts

Management of the Property. The Tenant hereby acknowledges to the Landlord that the Property may be managed by any party other than the Landlord, as the Landlord from time to time may in writing designate and, to all intents and purposes, any manager so designated shall be the party at the Property authorized to deal with the Tenant. All payments to Landlord in virtue of this Lease shall be made by cheque payable to the Landlord in full unless otherwise specified in writing by Landlord to Tenant. The Landlord shall have the right to amend and/or rescind the rules and regulations in Schedule "E" from time to time and to make any other reasonable rules and regulations not contrary to the spirit and intent of this Lease as, in its discretion, may from time to time be needful for the safety, care, cleanliness and proper administration of the Property including the Leased Premises, and for the preservation of good order therein, and the same shall be observed and performed by the Tenant and by its customers, and all such rules and regulations now or hereafter to be established by the Landlord as herein provided shall form part of this Lease as if recited at length herein and any such new rules and regulations shall be binding upon Tenant upon written notification from Landlord. Furthermore, in the event that Tenant does not comply with the rules and regulations, Landlord shall have the right, without notice, to enter the Leased Premises and execute any work necessary to rectify Tenant's noncompliance, the cost of which shall immediately, upon Landlord's request, be payable by Tenant as Additional Rental. It is agreed and understood that the terms and conditions of this Lease shall prevail over any of the terms of the rules and regulations.

Management of the Property. The Tenant hereby acknowledges parties hereto acknowledge and agree that the Improvements will be constructed and completed on a phased delivery schedule throughout the pendency of this Agreement as provided by Seller prior to the Landlord that expiration of the Property Initial Inspection Period (it being acknowledged such schedule shall be a good faith estimate for informational purposes only, and such schedule may be managed modified or extended by any party other than the Landlord, Seller as the Landlord from time result of Change Orders, Force Majeure or as Seller otherwise reasonably deems necessary or appropriate to time may complete the Work in writing designate and, to all intents and purposes, any manager so designated shall be the party at the Property authorized to deal accordance with the Tenant. All payments to Landlord in virtue terms of this Lease Agreement, the loan documents for Seller’s development financing, and applicable laws, regulations or governmental requirements). Upon the completion of any portion of the Improvements, Seller shall be made by cheque payable engage Greystar (the “Management Company”) to the Landlord in full unless otherwise specified in writing by Landlord to Tenant. The Landlord shall have the right to amend and/or rescind the rules and regulations in Schedule "E" from time to time and to make any other reasonable rules and regulations not contrary to the spirit and intent of this Lease as, in its discretion, may from time to time be needful for the safety, care, cleanliness and proper administration manage those completed portions of the Property including the Leased Premises(at Seller’s expense for all periods prior to Closing, and for the preservation of good order therein, and the same shall be observed and performed by the Tenant and by its customers, and all such rules and regulations now or hereafter to be established by the Landlord as herein provided shall form part of this Lease as if recited at length herein Buyer’s expense following Closing) and any such new rules and regulations shall be binding other Improvements until the date on which the Project is ninety percent (90%) occupied (“Occupancy”), pursuant to a management agreement upon Tenant upon written notification from Landlord. Furthermore, in the event that Tenant does not comply with the rules and regulations, Landlord shall have the right, without notice, to enter the Leased Premises and execute any work necessary to rectify Tenant's noncompliance, the cost of which shall immediately, upon Landlord's request, be payable by Tenant as Additional Rental. It is agreed and understood that the terms and conditions reasonably acceptable to Buyer (the “Management Agreement”) and in accordance with management practices consistent with Class A apartment industry standards; provided that the Management Agreement shall contain provisions (i) allowing Buyer to terminate the Management Agreement upon thirty days’ notice to Greystar at any time after Occupancy is achieved, and (ii) providing a thirty (30) day severance payment, to be paid by Buyer, to any members of this Lease the Management Company’s onsite staff that are not retained by any company replacing the Management Company following Buyer’s termination of the Management Agreement. Buyer shall prevail over any of assume the Management Agreement at Closing in accordance with the terms of this Agreement. The Management Company shall manage the rules Improvements solely for Seller’s benefit prior to Closing and regulationssolely for Buyer’s benefit after Closing.

Management of the Property. The Tenant hereby acknowledges (a) Contributor shall not enter into any agreement or arrangement with any Person who is not an Affiliate of Contributor pursuant to the Landlord that which such Person shall provide management services in respect of the Property may be managed by any party other unless the Partnership provides its prior written consent. (b) From and after the Effective Date through the Closing Date, Contributor agrees to (i) keep the Property insured under its current or comparable policies which shall include property insurance for the buildings and improvements forming a part of the Property on an “special form of loss” basis in an amount not less than the Landlordfull replacement cost of such buildings and improvements (provided that if the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) is not renewed or extended (or otherwise replaced by a substantially similar statute by December 31, as the Landlord from time to time may 2014, Contributor, in writing designate andits sole discretion, to all intents and purposes, any manager so designated shall be the party at the Property authorized to deal with the Tenant. All payments to Landlord in virtue of this Lease shall be made by cheque payable to the Landlord in full unless otherwise specified in writing by Landlord to Tenant. The Landlord shall have the right option as to amend and/or rescind whether coverage for terrorism events is provided for the rules Property), (ii) operate and regulations in Schedule "E" from time to time maintain (and to make any other use reasonable rules efforts to cause Tenants having an obligation to do so under the Leases to operate and regulations not contrary maintain) the Property substantially in accordance with past practices, normal wear and tear excepted (and to comply in all material respects with its obligations under the Ground Lease, the Leases and the Operating Agreement), (iii) consult with and keep the Partnership reasonably informed with respect to the spirit hiring of personnel and intent other operational decisions with respect to the Property, and consider in good faith any comments and requests of this Lease asthe Partnership with respect thereto, in its discretion, may from time (iv) consult with and keep the Partnership reasonably informed with respect to time be needful the plans for the safety“grand opening” of the Property, careincur expenses in accordance with the “grand opening” budget, cleanliness and proper administration obtain the Partnership’s prior written consent, not to be unreasonably withheld, delayed or conditioned, for any reduction of the “grand opening” budget amount (which, for the avoidance of doubt, is $1,000,000) and (v) otherwise cooperate with the Partnership and PREIT Newco to facilitate the transition of ownership of the Property including the Leased Premises, and for the preservation of good order therein, and the same shall be observed and performed by the Tenant and by its customers, and all such rules and regulations now or hereafter to be established by the Landlord as herein provided shall form part of this Lease as if recited at length herein and any such new rules and regulations shall be binding upon Tenant upon written notification from Landlord. Furthermore, in the event that Tenant does not comply with the rules and regulations, Landlord shall have the right, without notice, to enter the Leased Premises and execute any work necessary to rectify Tenant's noncompliance, the cost of which shall immediately, upon Landlord's request, be payable by Tenant as Additional Rental. It is agreed and understood that the terms and conditions of this Lease shall prevail over any of the terms of the rules and regulationsPREIT Newco.

Management of the Property. The Tenant hereby acknowledges From the Date of Agreement until the Closing Date, Seller shall manage and maintain the Property, ordinary wear and tear accepted, in substantially the same manner that Seller has maintained the Property prior to the Landlord that Date of Agreement, including, without limitation, (a) complying with all Tenant Leases, the REAs, the Contracts and any other agreements binding upon Seller or the Property, (b) maintaining all licenses and permits in full force and effect, (c) repair, replace and maintain the Property may be managed by any party other than the Landlordconsistent with Seller's past practice, as the Landlord from time to time may (d) promptly notify Buyer in writing designate andof any extraordinary repair or improvement required to maintain the Property in such condition, (e) not make any material alterations or additions to the Property without the prior written consent of Buyer, and (f) not remove any Tangible Personal Property from the Property without Buyer's prior written consent, unless such Tangible Personal Property is replaced with new Tangible Personal Property of similar or better quality and utility. Seller shall prepare or cause to be prepared all intents calculations and purposesTenant bill▇▇▇▇ ▇▇▇ annual adjustment items for 1996. If Seller fails to so maintain the Property, any manager so designated Buyer's sole and exclusive remedies under such circumstances shall be the party at either: (a) to accept the Property authorized "AS IS", in which event the obligations of the parties hereunder shall not be affected by reason of such matters and the sale contemplated hereunder shall be consummated without reduction of the Purchase Price; or, (b) to deal terminate this Agreement in accordance with the Tenant. All payments provisions of the Section hereof entitled "Non-Default Termination" by giving notice to Landlord in virtue of this Lease shall be made by cheque payable Seller no later than five (5) business days prior to the Landlord in full unless otherwise specified in writing by Landlord to Tenant. The Landlord shall have the right to amend and/or rescind the rules and regulations in Schedule "E" from time to time and to make any other reasonable rules and regulations not contrary to the spirit and intent of this Lease as, in its discretion, may from time to time be needful for the safety, care, cleanliness and proper administration Closing (Buyer acknowledging that management of the Property including for five (5) business days will not be material to Buyer's decision to close, absent a Casualty on the Leased PremisesProperty). If Seller shall not timely receive Buyer's election to terminate this Agreement, and for the preservation of good order therein, and the same Buyer shall be observed and performed by the Tenant and by its customers, and all such rules and regulations now or hereafter deemed conclusively to be established by the Landlord as herein provided shall form part of this Lease as if recited at length herein and any such new rules and regulations shall be binding upon Tenant upon written notification from Landlord. Furthermore, have elected to proceed to close in the event that Tenant does not comply accordance with the rules and regulations, Landlord shall have the right, without notice, to enter the Leased Premises and execute any work necessary to rectify Tenant's noncompliance, the cost of which shall immediately, upon Landlord's request, be payable by Tenant as Additional Rental. It is agreed and understood that the terms and conditions of this Lease shall prevail over any of the terms of the rules and regulationsSubsection (a) above.