Common use of Leases and Property Contracts Clause in Contracts

Leases and Property Contracts. 7.1.1 During the pendency of this Contract, each Seller with respect to its Property shall refrain from entering into new Leases or renewing, amending, modifying or terminating any existing Leases without in each case first obtaining the written consent of Purchaser (unless any such Lease provides for termination, renewal or extension rights which may be unilaterally exercised by the tenant thereunder in which event Purchaser’s consent shall not be required), unless any new residential Leases (or amendments or renewal of an existing residential Lease) are (i) consistent with such Seller’s past practices in the ordinary course of business with bona fide third parties and on market terms, (ii) do not provide for any rent abatement or other concessions, and (iii) for a term of no less than six (6) months and no greater than twenty-four (24) months. Each Seller shall comply in all material respects with the terms and provisions of the Leases applicable to such Seller. If a Seller wishes to enter into any new Lease (or any amendment or renewal of any existing Lease) that is not in accordance with the above, such Seller shall provide prior written notice thereof by email to Purchaser, together with the material terms of the proposed Lease or amendment or renewal. If Purchaser fails to respond to such Seller’s request for written consent pursuant to this Section within three (3) Business Days of receipt of such Seller request, Purchaser shall be deemed to have consented to such request. From time to time upon written request by ▇▇▇▇▇▇▇▇▇ (but in no event more than one (1) time in any fourteen (14) day period), each Seller shall promptly deliver to Purchaser (i) updated monthly operating statements, and (ii) updated leasing reports. Within two (2) Business Days following written request by Purchaser (but in no event more than one (1) time in any seven (7) day period), each Seller shall deliver to Purchaser an updated Rent Roll. In addition, Purchaser shall be permitted to participate in any regularly scheduled leasing calls conducted by Seller and its leasing agent and/or Property Manager for each Property. If there are no regularly scheduled leasing calls conducted by Seller and its leasing agent and/or Property Manager for each Property, Seller will facilitate status calls with Seller’s leasing agent and/or Property Manager and Purchaser at Purchaser’s request, no more than once in any ten (10) day period. 7.1.2 During the pendency of this Contract, each Seller with respect to its Property shall refrain from entering into new Property Contracts and renewing, modifying or terminating existing Property Contracts (other than Property Contracts which Purchaser has elected to terminate pursuant to Section 3.6) without first obtaining the written reasonable consent of Purchaser, other than Property Contracts entered into due to an emergency that would result in imminent harm to persons or damage to property, or otherwise entered in the ordinary course of business and cancelable by Seller without any fee or penalty within thirty (30) days after giving notice thereof. Each Seller shall comply in all material respects with the terms and provisions of the Property Contracts applicable to such Seller. Notwithstanding the foregoing, Seller shall not terminate any Property Contract that Purchaser has elected in writing pursuant to Section 3.6 to assume hereunder.

Leases and Property Contracts. 7.1.1 During From and after the pendency Effective Date until the expiration of this the Feasibility Period, Seller may enter into new Property Contracts, modify or terminate any Property Contracts, or institute and prosecute any available remedies for default under any Property Contract, in each case, upon obtaining the prior written consent of Purchaser, which consent shall not be unreasonably withheld or delayed. After the expiration of the Feasibility Period, no Seller will enter into new Property Contracts or renew, modify or terminate existing Property Contracts (unless such Property Contracts are terminable without penalty on no more than thirty (30) days’ notice), except upon five (5) Business Days prior written notice to Purchaser and with respect to its Property shall refrain from entering the prior written consent of Purchaser, which consent may be granted or withheld in Purchaser’s sole discretion. 7.1.2 From and after the Effective Date until the expiration of the Feasibility Period, Seller may enter into new Leases or renewingrenew modify or terminate any Leases, amendingor institute and prosecute any available remedies for default under any Lease, modifying or terminating any existing Leases without in each case first case, upon obtaining the prior written consent of Purchaser (unless any such Lease provides for terminationPurchaser, renewal or extension rights which may be unilaterally exercised by the tenant thereunder in which event Purchaser’s consent shall not be required), unless unreasonably withheld or delayed; provided that it shall be deemed reasonable for Purchaser to withhold consent over any new residential Leases (or amendments or renewal of an existing residential Lease) are (i) consistent with such Seller’s past practices in the ordinary course of business with bona fide third parties and Lease that would have a material adverse economic impact on market terms, (ii) do not provide for any rent abatement or other concessions, and (iii) for a term of no less than six (6) months and no greater than twenty-four (24) monthsProperty. Each Seller shall comply in all material respects with the terms and provisions After expiration of the Leases applicable to such Seller. If a Feasibility Period, no Seller wishes to will enter into any new Lease (Leases or any amendment renew, modify or renewal terminate existing Leases, or accept the surrender or forfeiture of any existing Leaseof the Leases, except upon five (5) that is not in accordance with the above, such Seller shall provide Business Days prior written notice thereof by email to Purchaser, together Purchaser and with the material terms of the proposed Lease or amendment or renewal. If Purchaser fails to respond to such Seller’s request for prior written consent pursuant to this Section within three (3) Business Days of receipt of such Seller request, Purchaser shall be deemed to have consented to such request. From time to time upon written request by ▇▇▇▇▇▇▇▇▇ (but in no event more than one (1) time in any fourteen (14) day period), each Seller shall promptly deliver to Purchaser (i) updated monthly operating statements, and (ii) updated leasing reports. Within two (2) Business Days following written request by Purchaser (but in no event more than one (1) time in any seven (7) day period), each Seller shall deliver to Purchaser an updated Rent Roll. In addition, Purchaser shall be permitted to participate in any regularly scheduled leasing calls conducted by Seller and its leasing agent and/or Property Manager for each Property. If there are no regularly scheduled leasing calls conducted by Seller and its leasing agent and/or Property Manager for each Property, Seller will facilitate status calls with Seller’s leasing agent and/or Property Manager and Purchaser at Purchaser’s request, no more than once in any ten (10) day period. 7.1.2 During the pendency of this Contract, each Seller with respect to its Property shall refrain from entering into new Property Contracts and renewing, modifying or terminating existing Property Contracts (other than Property Contracts which Purchaser has elected to terminate pursuant to Section 3.6) without first obtaining the written reasonable consent of Purchaser, other than Property Contracts entered into due which consent may be granted or withheld in Purchaser’s sole discretion. 7.1.3 The phrase “upon five (5) Business Days prior written notice to an emergency that would result in imminent harm to persons or damage to property, or otherwise entered in the ordinary course of business Purchaser and cancelable by Seller without any fee or penalty within thirty (30) days after giving notice thereof. Each Seller shall comply in all material respects with the terms prior written consent of Purchaser” as used in this Section 7.1 shall mean that Purchaser shall have five (5) Business Days after Purchaser receives a true, correct and provisions complete copy of any agreement subject to this Section 7.1 or a summary of the Property Contracts applicable proposed business terms to such Seller. Notwithstanding the foregoing, Seller shall not terminate any Property Contract that Purchaser has elected review and to approve or disapprove in writing pursuant such agreement or summary, it being the understanding, however, that Purchaser’s failure to Section 3.6 to assume hereunderrespond in writing within said five (5) Business Day period shall be deemed disapproved.