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 pay Manager a termination fee for the month in which this Agreement is terminated equal to the Management Fee paid for the last full calendar month preceding the month in which the Agreement was terminated.
Appears in 2 contracts
Sources: Property Management Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Property Management Agreement (Bluerock Enhanced Multifamily 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 that, in addition to any other remedies pursued by Manager, Owner shall pay Manager a termination fee for the month in which this Agreement is terminated equal to the Base Management Fee paid for the last full calendar month preceding the month in which the Agreement was terminated.
Appears in 1 contract
Sources: Property Management Agreement (Bluerock Residential Growth REIT, Inc.)