Remedies of Manager. Upon the occurrence of an event of default by Owner as specified in Section 7.03 hereof, Manager shall be entitled to terminate this Agreement, and upon any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any remedy it may have at law or in equity (provided that in no event shall Owner ever be liable to Manager for, and Manager hereby waives all rights to receive, punitive, consequential or exemplary damages), except that Owner shall continue to be obligated to pay and perform all of its obligations which have accrued as of the date of termination and provided further that the Management Fee payable under Section 3.01 shall continue to be paid.
Appears in 2 contracts
Sources: Limited Liability Company/Joint Venture Agreement (Bluerock Residential Growth REIT, Inc.), Property Management Agreement (Bluerock Residential Growth REIT, Inc.)
Remedies of Manager. Upon the occurrence of an event of default by Owner as specified in Section 7.03 hereof, Manager shall be entitled to terminate this Agreement, and upon any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any remedy it may have at law or in equity (provided that in no event shall Owner ever be liable to Manager for, and Manager hereby waives all rights to receive, punitive, consequential or exemplary damages)equity, except that Owner shall continue to be obligated to pay and perform all of its obligations which have accrued as of the date of termination and provided further that the Management Fee payable under Section 3.01 shall continue to be paidpaid through the date of termination.
Appears in 2 contracts
Sources: Management Agreement (Lexford Residential Trust /Md/), Management Agreement (Lexreit Properties Inc)
Remedies of Manager. Upon the occurrence of an event Event of default Default by Owner as specified in Section 7.03 hereof, Manager Manager, as its sole and exclusive remedy, shall be entitled to terminate this Agreement. Following such termination, and upon any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any remedy it may have at law or in equity (provided that in no event shall Owner ever be liable to Manager for, and Manager hereby waives all rights to receive, punitive, consequential or exemplary damages), except that Owner shall continue to be obligated to pay and perform all of its obligations which have accrued with respect to the Project as of the date of termination and provided further that Owner shall pay Manager or Manager may retain, within three Business Days following such termination, all amounts payable to Manager or earned by Manager (including Net Operating Income) under this Agreement up to the Management Fee payable under Section 3.01 shall continue to be paiddate of such termination.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Essex Property Trust Inc), Purchase and Sale Agreement (United Dominion Realty Trust Inc)
Remedies of Manager. Upon the occurrence of an event of default by Owner as specified in Section 7.03 hereof, Manager shall be entitled to terminate this Agreement, and upon any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any remedy it may have at law or in equity (provided that in no event shall Owner ever be liable to Manager for, and Manager hereby waives all rights to receive, punitive, consequential or exemplary damages), except that Owner shall continue to be obligated to pay and perform all of its obligations which have accrued as of the date of termination and provided further that the Management Fee payable under Section 3.01 shall continue to be paid.,
Appears in 1 contract
Sources: Property Management Agreement (Bluerock Residential Growth REIT, Inc.)