Common use of CONDITION AND USE OF PROPERTY Clause in Contracts

CONDITION AND USE OF PROPERTY. From and after the date of Seller's execution hereof, Seller shall use commercially reasonable efforts to maintain Property in good condition and repair, and in accordance with customary and reasonable practices. From and after the date of Seller's execution hereof, Seller shall not grant or convey any easement, lease, license, permit or any other legal or beneficial interest in or to the Property without the prior written consent of Purchaser which consent shall not be unreasonably withheld or delayed. If during the Feasibility Period Purchaser unreasonably disapproves of any proposed action, Seller shall have the option to terminate this Purchase Contract upon five (5) days written notice to Purchaser (and Purchaser's failure to approve a lease which is for market rent from a financially competent tenant for a use which is not prohibited under any existing use restrictions shall be deemed unreasonable for purposes of determining whether Purchaser unreasonably disapproves a lease). Upon Purchaser's receipt of such termination notice, Purchaser shall have the right to either accept the termination (in which case the Deposit shall be returned to Purchaser and neither party shall have any obligation to the other, except as expressly set forth herein for provisions which survive termination), or Purchaser may approve the proposed action (which was previously disapproved), and permit the Purchase Contract to continue. If notice of approval of the proposed transaction or agreement is not delivered to Seller within five (5) days after Purchaser's receipt of the termination notice, Purchaser shall be deemed to have accepted Seller's termination. Seller shall not have the foregoing right of termination after the expiration of the Feasibility Period. Seller shall do or cause to be done all things reasonably within its control to preserve intact and unimpaired any and all easements, grants, appurtenances, privileges and licenses in favor of or constituting any portion of the Property. ARTICLE VII CLOSING 7.1 DATES, PLACES OF CLOSING, PRORATIONS,