Common use of Contractors and Suppliers Clause in Contracts

Contractors and Suppliers. All contractors, subcontractors, suppliers, architects, engineers and others that have performed services or labor or supplied material in connection with Transferor's acquisition, development, ownership or management of the Property have been, or will be in the ordinary course of business, paid in full prior to 10 Closing and all liens arising therefrom (or claims which with the passage of time or notice or both, could mature into liens) have been, or will be in the ordinary course of business, satisfied and released prior to Closing. On the Closing Date, Transferor shall provide the REIT a list of all contracts that are not terminable upon 30 days written notice without penalty. The Transferor shall not be required to pay any termination fees or penalties in connection with contracts the REIT wishes to terminate, as such amounts shall be the sole responsibility of the REIT. Notwithstanding the foregoing statements, Smith Summit GP agre▇▇ to negotiate on the REIT's behalf for the termination/cancellation of an existing security monitoring agreement between Smith Summit GP and N▇▇▇▇▇k Multi-Family Security Corporation, with such termination to be effective on August 1, 1998. The REIT agrees and Smith Summit GP acknowle▇▇▇▇ that the REIT will bear the cost of $120,000, as a fee to affect the termination of said contract (the "Buyout Amount"). The REIT agrees and Smith Summit GP acknow▇▇▇▇▇s that Smith Summit GP will (a) ▇▇ ▇ntitled to any savings obtained if the Buyout Amount is less than $120,000, and (b) bear the responsibility for any amount in excess of the Buyout Amount for Smith Summit Apartments. ▇▇ch amount in excess of the Buyout Amount for Smith Summit Apartments ▇▇▇ll be credited to the REIT with regard to Transferor at Closing and such amount less than the Buyout Amount shall be credited to Transferor at Closing.

Contractors and Suppliers. All contractors, subcontractors, suppliers, architects, engineers and others that have performed services or labor or supplied material in connection with Transferor's acquisition, development, ownership or management of the Property have been, or will be in the ordinary course of business, paid in full prior to 10 Closing and all liens arising therefrom (or claims which with the passage of time or notice or both, could mature into liens) have been, or will be in the ordinary course of business, satisfied and released prior to Closing. On the Closing Date, Transferor shall provide the REIT a list of all contracts that are not terminable upon 30 days written notice without penalty. The Transferor shall not be required to pay any termination fees or penalties in connection with contracts the REIT wishes to terminate, as such amounts shall be the sole responsibility of the REIT. Notwithstanding the foregoing statements, Smith Summit GP agreGentry Place agrees to n▇▇ to negotiate ▇▇▇▇▇te on the REIT's behalf for the termination/cancellation of an existing security monitoring agreement between Smith Summit GP Gentry Place and NNetwork ▇▇▇▇▇k Multi-Family -Family Security Corporation, with such termination to be effective on August 1, 1998. The REIT agrees and Smith Summit GP acknowleGentry Place acknowledge▇ ▇▇▇▇ that the REIT will bear the cost of $120,000160,000, as a fee to affect the termination of said contract (the "Buyout Amount"). The REIT agrees and Smith Summit GP acknowGentry Place acknowledge▇ ▇▇▇▇ Gentry Place will (a) be ▇▇▇▇▇s that Smith Summit GP will (a) ▇▇ ▇ntitled led to any savings obtained if the Buyout Amount is less than $120,000160,000, and (b) bear the responsibility for any amount in excess of the Buyout Amount for Smith Summit Merit Place Apartments. ▇▇ch Such amount in excess of the Buyout Amount for Smith Summit Merit Place Apartments ▇▇▇ll shall be credited to the REIT with regard to Transferor at Closing and such amount less than the Buyout Amount shall be credited to Transferor at Closing.