HomeMy WebLinkAbout63FEB-10-2000 13:34 FROM UN�I'C1O PROPERTIES, RENTONN 70
4307300 P•06
2.2 Renewal Term. Unless written notice to the contrary is given by either party bcre rene not
less than thirty (30) days prior to the end of a term hereunder, this Agreement shall automatically be renewed
for additional successive one (1) year terms on its then existing terms and conditions, provided that the
Agreement is in effect upon the date notice is required to he given.
2.3
Termination. Notwithstanding the provisions of Sections, 2.1 and 2.2 above to the contrary,
this Agreement may be terminated, upon the occurrence of any of the following circumstance :
and
(a) If either party shall default in the performance of °r'eement upon thirty of its respertivey30)sdays
obligations hereunder, the party not in default may terminate this Agr within said thirty (30) day period, or
written notice to the defaulting party, unless the default is cured period, the
30t day period and thereafter
if the nature of the default will not permit it to be cured within said thirty (30) day P
defaulting Patty commences to true such default within such thirty
r the purposes of this prov
proceeds to complete the same withreasonable ame diligenc . obat>uuptcy filing shall be td emedenonr
embe=iemect of funds by Manager,gross
curable defaults.
(b) If Owner shall sell any Pro to an unrelated third Parry' this Agreement shall
terminate with respect to such Property as of the date of consumtttat;on of the sale if Manager has
been provided with at least thirty (30) dads prior written notice of any pending sale of the Pro shall
if he sale s consummated prior to the end of the thirty (30 )days notice period, this Agreementwever shall
Y thirty days from the date of
nevertheless terminate as of the date of the closing of such sale, provided, however t+ at
compensation payable ro Manager hereunder shall continue until stet (30) Y
notice.
(c) mortgage or deed of trust exe";ses a right to
If the holder of a
terminate pursuant to such mortgage or deed of trust•
(d) If the Owner dissolves itself in favor of a new ownership entity. upon thirty (30)
days written notice from Owner.
(e) Upon the consummation of the acquisition by Argo Partnership II, L,P, of the
interest of USP II Investors, LLC in Owner pursuant to section S,S of the Limited Liability
Company Agreement of Owner•
Effect of Termination. Upon termination of this Agreement for any reason, or upon
2.4 Effe and Owner shall account to each other for all matters
ttx.`'+ation with respect to any Properrr, Managerand in furtherance of that
outstaraling with respect to this Agreement, or to such Pro rry, as the case may be
Owner the following with respect to each applicable Property'
end, Manager steall deliver to and
income and expenses and A final accoLrting, reflecting the balance of assets
(a) 30da s
liabilities on each such Property as of the date of termination to be delivered within thirty ( ) Y
after such termination.
osiLS, or
by
(b) Any beJance or monies e f t Ownordeltveredtimmcdiatelysecurity pupon suchotermination.
Manager with respect to each such property monies due h9anager with respect to such
Owner shall simultaneously deliver to Manager any
Property.
s
,tea.