Common use of Termination of Manager Clause in Contracts

Termination of Manager. If (i) an Event of Default is continuing and Borrower has the right to terminate the Manager pursuant to the terms of the Management Agreement, or (ii) Manager (A) is in default under the Management Agreement, or (B) commits gross negligence, misappropriation of funds, willful misconduct or fraud with respect to the Property or its duties under the Management Agreement, Borrower will, at the request of Lender, (i) terminate the Management Agreement, and (ii) enter into a new management agreement acceptable to Lender with a replacement manager acceptable to Lender in its sole discretion, and a collateral assignment, subordination and non- disturbance agreement in form and substance acceptable to Lender. Borrower’s failure to appoint an acceptable manager and satisfy the requirements of this Section 5.11(b) within 30 days after Lender’s request of Borrower to terminate the Management Agreement or any other termination or earlier expiration of the Management Agreement will constitute an immediate Event of Default.