Duty of care agreement providing for the agents appointed to manage commercial property on behalf of the borrower to have a duty of care to the funder
Duty of care agreement providing for the agents appointed to manage commercial property on behalf of the borrower to have a duty of care to the funder

The following Property precedent provides comprehensive and up to date legal information covering:

  • Duty of care agreement providing for the agents appointed to manage commercial property on behalf of the borrower to have a duty of care to the funder
  • Background
  • 1 Definitions
  • 2 Interpretation
  • 3 Representations, warranties and undertakings
  • 4 Compliance with Legislation
  • 5 Bribery Laws
  • 6 Money Laundering and Proceeds of Crime
  • 7 Registered Redress Scheme
  • 8 Tenancy Deposit Scheme
  • More...

date [date]

Parties

  1. 1

    [name of agent] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Managing Agent)

  1. 2

    [name of funder] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Funder)

  1. 3

    [name of borrower] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Borrower)

Background

    1. 1

      The Managing Agent has been appointed by the Borrower in connection with the management of the Property under the Principal Management Agreement.

    1. 2

      A facility has been made available to the Borrower pursuant to the Facility Agreement.

    1. 3

      The Managing Agent has agreed to enter into this Agreement.

    1. 1

      Definitions

      In this Agreement the following definitions apply:

      Act of Insolvency

      1. any of the following in relation to the Managing Agent:

        1. (a)

          being an individual [or in the case of a partnership any one or more of the partners] becomes subject to a bankruptcy order [or has an interim receiver appointed to their property]; or

        2. (b)

          being a company or limited liability partnership, enters into liquidation whether compulsory or voluntary, but not if the liquidation is for amalgamation or reconstruction of a solvent entity; or

        3. (c)

          [enters into administration] [or has a receiver appointed over all or any part of its assets]; or

        4. (d)

          enters into or makes a proposal to

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