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ASSIGNMENT OF MANAGEMENT AGREEMENT 24.
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2040 Wayzata Boulevard West - 34-118-23-21-0036 - (Orono HRA)
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ASSIGNMENT OF MANAGEMENT AGREEMENT 24.
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Last modified
8/22/2023 4:55:39 PM
Creation date
10/4/2021 10:51:44 AM
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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MANAGER'S ACKNOWLEDGMENT AND CONSENT <br /> In consideration of the Underwriter's purchase of the Bonds issued to finance the Project, <br /> as described in the foregoing Assignment, the undersigned Manager hereby consents to the <br /> assignment of the Management Agreement to the Trustee and acknowledges and agrees with the <br /> Trustee as follows. Any capitalized term used but not defined herein,has the meaning assigned <br /> such term in the above Assignment, unless otherwise noted. <br /> 1 The Manager has entered into the Management Agreement, whereby the <br /> Manager has agreed to manage,operate,maintain,service and lease the Project for the Company. <br /> 2 The Management Agreement is in full force and effect, has not been <br /> modified or assigned and no event has occurred or failed to occur as of the date hereof which but <br /> for the passage of time, the giving of notice or both, would be a default thereunder. <br /> 3 Upon the occurrence of an Event of Default under the Loan Agreement, <br /> the Indenture, the Mortgage or the Subordinate Mortgage, the Manager shall, at the Trustee's <br /> written request,continue performance on the Trustee's behalf under the Management Agreement <br /> in accordance with the terms thereof, provided that the Trustee assumes all of the Company's <br /> payment obligations under the Management Agreement; provided further, that the Company <br /> shall not be released from liability under the Management Agreement. The Trustee's assumption <br /> of the Company's payment obligations shall be preceded and evidenced by at least three (3) <br /> days' prior written notice to the Manager and the Manager may deal with the Company as the <br /> "owner" under the terms of the Management Agreement until the Manager has received said <br /> written notice. In no event shall the Trustee have any rights to direct the Manager as owner <br /> under the Management Agreement until the Trustee has given the written notice provided for in <br /> this paragraph 3 and until such time the Company may exercise the rights as owner thereunder. <br /> 4 Upon the assumption by the Trustee of all of the Obligations,the Trustee <br /> may enforce the obligations of the Manager under the Management Agreement with the same <br /> force and effect as if enforced by the Company and may perform the Obligations, and the <br /> Manager will accept such performance in lieu of performance by the Company in satisfaction <br /> of the Obligations. Notwithstanding the foregoing, the Manager does not waive any claims <br /> against the Company under the Management Agreement. <br /> 5 The Manager will give the Trustee a copy of any written notice of default <br /> given by the Manager to the Company under the Management Agreement. <br /> 6 The Manager will not terminate the Management Agreement on account <br /> of any default of the Company thereunder without written notice of such default to the Trustee <br /> and providing the Trustee thirty (30) days to cure the default or to assume the payment <br /> obligations of the Company under the Management Agreement. In the event the Trustee so <br /> 1 <br />
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