PMA
Property-management agreement. The contract that puts a manager in the building and sets the fee.
On this record the manager is usually Book & Ladder. The Owner on the PMA is the LeaseCo.
A typical Crew-era PMA is 2.5–3% of Monthly Gross Revenues plus a quarterly NOI incentive. §6.8 makes Versity Invest a third-party beneficiary and directs the manager to follow the Asset Manager as if it were the Owner.
Why it shows up here: Book & Ladder PMAs for Vintage, Walk, Hayworth, One on 4th, and Apex are exhibits on the VIP Bonds circular accession. The PMA can disagree with the PSA — One on 4th’s PMA recites 475 beds; the PSA said 415.