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Extract to table / property-management-transition-memorandum.docx
property-management-transition-memorandum.docx
Parties
Harkness LLP
Fairwater Property Management LLC
Argyle Property Services LLC
Delaware LLC
Target Entity LLC
GMP Westlake LLC
Severin Partners LLC
Cascade Supply Chain Solutions Inc
Dates
June 7, 2024
June 6, 2024
March 29, 2024
May 3, 2024
May 24, 2024
September 4, 2024
July 1, 2024
August 1, 2024
August 10, 2024
May 15, 2024
Amounts
$1,098,930,000
$375,000
$1,125,000
$74,800,000
$4,283,000
$33,446,000
$1,500,000
$8,736,000
$7,532,000
$6,180,000
Obligations
This memorandum addresses the following key workstreams that must be completed or substantially advanced during the 90-day transition period: 1
Upon the effective date of such Early Assumption Notice, Argyle's management obligations with respect to the subject property shall cease, and Fairwater PM shall assume full responsibility for day-to-day property management of that property
Termination Timeline and Process: • Termination notices for all 12 identified contracts must be issued by Fairwater PM within 30 days of Closing, i
Online Banking Access Fairwater PM must coordinate with Magnolia Commerce to transfer all online banking access and credentials from Argyle personnel to Fairwater PM's authorized users
— Security deposits must be held in an escrow account and may not be commingled with the landlord's operating funds
— Security deposits must be held in a separate account; no commingling with landlord funds