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15 MANAGEMENT AGREEMENT <br /> <br /> <br /> <br /> <br />Section 16. Expiration and Termination. <br /> <br />16.1. Expiration and Termination: Unless sooner canceled pursuant to Sections 16.2, <br />16.3, 16.4 or 16.5 of this Section, this Agreement shall be effective on the date <br />hereof and shall be extended automatically for successive periods of one (1) year <br />unless either the Owner or the Managing Agent provide written notice ninety (90) <br />days prior to expiration of then-current term indicating their intention to have this <br />Agreement terminate. This Agreement shall not be deemed complete unless and <br />until this Agreement has been approved in writing by the Public Agencies. <br /> <br />16.2. Termination by Mutual Consent. This Agreement may be terminated by the mutual <br />written consent of the Owner and the Agent only with the prior written consent of <br />, the MPHA and the City. <br /> <br />16.3. Termination by Owner for Cause. In the event that the Agent shall fail to perform <br />any of its duties hereunder or comply with any of the provisions hereof, the Owner <br />may terminate this Agreement for cause upon Owner's thirty (30) days written <br />notice to the Agent. <br /> <br />16.4. Termination Because of Bankruptcy. In the event that a petition in bankruptcy is <br />filed by or against either the Owner or the Agent, or in the event that either shall <br />make as assignment for the benefit of creditors to take advantage of any insolvency <br />act, either party hereto may immediately terminate this Agreement without notice, <br />but prompt advice of such action shall be given to the other party. <br /> <br /> <br />16.5. Termination by MPHA. In the event the MPHA determines that the Agent has <br />violated, breached, or failed to comply with a provision of, or obligation under, the <br />Housing Covenants, it shall so notify the Owner in writing and the Owner shall <br />immediately so notify the Agent and this Agreement shall terminate within thirty <br />(30) days of receipt by the Agent of such notification.