Common use of THE OBLIGATIONS OF THE OPERATING COMPANY Clause in Contracts

THE OBLIGATIONS OF THE OPERATING COMPANY. 5.1 The Owner hereby authorizes the Operating Company to rent out the Owner’s Unit and to manage such rentals. 5.2 The Operating Company shall throughout the duration of this Agreement have the right, in its sole discretion, to set the rent payable by a Tenant for using and occupying the Owner’s Unit. 5.3 For the duration of this Agreement, the Operating Company is entrusted with the control and management of the rental of the Unit, and will be responsible, inter alia, for: 5.3.1 the maintenance of the interior of the Unit as in the normal course of business, which remains for the account of the Owner and therefore be subject to the approval of the Owner; 5.3.2 ensuring the continued good working order of facilities in the Unit such as, by way of illustration, television sets, fridges and microwave ovens, where applicable and provided by the Owner, expenses to be approved by the Owner and will be for the cost of the Unit owner; 5.3.3 the maintenance through damage, loss or fair wear and tear, of all furniture, fixtures, fittings, equipment and movables in the Unit, expenses to be approved by the Owner and will be for the cost of the Owner; 5.3.4 the reasonable control & management of the Tenant; 5.3.5 undertaking an adequate and on-going marketing campaign with the aim of ensuring reasonable levels of occupancy of the Unit and to report to the Owner on a (no less than) quarterly basis in respect of occupancy of the Unit. 5.4 The Operating Company will be entitled to appoint a Rental Company for purposes of performing its duties and responsibilities, or portions thereof, under this Agreement.