Common use of Leases and Property Contracts Clause in Contracts

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however, Seller agrees that any such new Property Contracts shall be terminable without penalty on 30 days prior notice. Seller agrees that it will deliver to Purchaser each of the vacant Tenant Units in Rent-Ready Condition (with such vacancy and condition to be determined 3 days prior to the Closing Date), or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the product of (i) the number of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready Condition, and (ii) $900.00.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that (a) Seller may only enter into any such new Property Contracts or any Contract if it is terminable on not more than thirty (30) days’ prior notice, and (b) no new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however, Seller agrees that any such new Property Contracts shall be terminable without penalty on 30 days prior notice. Seller agrees that it will shall terminate at or prior to the Closing, at no cost or expense to Purchaser, any and all management agreements affecting the Property. Seller shall use commercially reasonable efforts to deliver to Purchaser each all apartment units which are vacant as of the vacant Tenant Units Closing Date (each, a "Vacant Unit") in Rent-Rent Ready Condition (with such vacancy and condition to be determined 3 days as hereinafter defined). Not less than three (3) Business Days prior to the Closing Date), or (b) Seller and Purchaser shall jointly inspect the Property and shall mutually agree on a list of the Vacant Units, which list shall specify those Vacant Units that are not in Rent Ready Condition. At Closing, Purchaser shall receive a credit against the Purchase Price in an the amount equal to the product of Five Hundred Dollars (i$500) the number of Tenant Units for each Vacant Unit which is not in Rent Ready Condition as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready ConditionClosing. For purposes hereof, and (ii) $900.00.the term "

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that (i) any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however, Seller agrees that any such new Property Contracts shall be terminable without penalty on 30 days prior notice. Seller agrees that it will deliver to Purchaser each of the vacant Tenant Units in Rent-Ready Condition (with such vacancy and condition to be determined 3 days prior to the Closing Date), or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the product of (i) the number of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready Condition, and (ii) $900.00Seller shall not enter into any new Leases with a term of less than 6 months; (iii) Seller shall not enter into any additional non-paying employee Leases (except that Seller may replace existing non-paying employee Leases); (iv) Seller shall provide weekly Rent Rolls to the Purchaser; (v) unless otherwise agreed to by Purchaser, the rent charged under each lease shall be substantially similar to the rental amount assessed for similar units at the Project in Seller's ordinary course of business; and (vi) Seller will continue to screen prospective tenants consistent with Seller's ordinary course of business.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business but subject to the limitations herein contained, Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, . Seller agrees that any such new Property Contracts must be terminable on 30 days notice without fee or penalty. Seller further agrees that any new or renewed Leases shall have terms that are generally available in the market for comparable units (or are on terms that are similar to those offered by the Seller for such units in the ordinary course of its operation of the Property), shall not have a term in excess of 1 year without twelve (12) months (or such longer period of time for which such Property Contracts or Leases are entered into by Seller in the ordinary course of its operation of the Property). If such new Property Contracts or new or renewed Leases do not meet the foregoing standards and parameters, Seller must obtain the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however, Seller agrees that any prior to executing such new or renewed Property Contracts shall be terminable without penalty on 30 days prior notice. Seller agrees that it will deliver to Purchaser each of the vacant Tenant Units in Rent-Ready Condition (with such vacancy and condition to be determined 3 days prior to the Closing Date), or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the product of (i) the number of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready Condition, and (ii) $900.00Leases.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of and, Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however. Provided that the Closing occurs on the last Business Day of the calendar month, Seller agrees that any such new Property Contracts shall be terminable without penalty on 30 days prior notice. at the Closing (a) Seller agrees that it will deliver to Purchaser each the same number (or less) of the vacant Tenant Units which were vacant and not in Rent-Ready Condition (with such vacancy and condition to be determined 3 days prior to on the Closing Date)date that the Feasibility Period expired, or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the product of (i) the number of additional Tenant Units as on the date of 3 days prior to the Closing Date that are vacant and not in Rent-Ready ConditionCondition in excess of the number of Tenant Units that were vacant and not in Rent-Ready Condition on the date that the Feasibility Period expired, and (ii) $900.00500.00.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Datedate that is 5 Business Days prior to the expiration of the Feasibility Period, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify or terminate any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, that prior to the date that is 5 Business Days prior to expiration of the Feasibility Period Seller agrees that shall provide prompt written notice to Purchaser of any such actions. From and after the date that is 5 Business Days prior to the expiration of the Feasibility Period, Seller will not enter into new Property Contracts, new Leases or modify or terminate existing Leases or Property Contracts (unless such Leases or any new or renewed Leases shall not have a term in excess of 1 year 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 the prior written consent of Purchaser, which consent shall be in Purchaser’s sole discretion. The phrase “upon five (5) Business Days prior written notice to Purchaser and with the prior written consent of Purchaser” as used in the above sentence shall mean that Purchaser shall have five (5) Business Days after purchaser receives a true, correct and complete copy of any agreement subject to this Section 7.1 or a summary of the proposed business terms to review and to approve or disapprove in writing such agreement or summary, which approval or disapproval shall not be unreasonably withheld, conditioned or delayed; and provided furtherit being the understanding, however, Seller agrees that any such new Property Contracts ▇▇▇▇▇▇▇▇▇’s failure to respond in writing within said five (5) Business Day period shall be terminable without penalty on 30 days prior noticedeemed approval. Purchaser has preapproved and hereby consents to the Preapproved Lease Modifications. Seller agrees that it will deliver to Purchaser each of the vacant Tenant Units in Rent-Ready Condition (with such vacancy and condition to be determined 3 days has, prior to the Closing Effective Date), or (b) Purchaser shall receive a credit against entered into the Purchase Price in an amount equal to the product of (i) the number of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready Condition, and (ii) $900.00Preapproved Lease Modifications.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that (a) any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year (or such longer period of time for which such Property Contracts or Leases are entered into by Seller in the ordinary course of its operation of the Property) without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further, however, Seller agrees that any such new Property Contracts shall be terminable without penalty (b) on 30 days prior notice. Seller agrees that it will deliver to Purchaser each of the vacant Tenant Units in Rent-Ready Condition (with such vacancy and condition to be determined 3 or before two days prior to the Closing Date)expiration of the Feasibility Period, or (b) Seller shall deliver to Purchaser shall receive a credit against the Purchase Price in an amount equal to the product copies of any new Property Contracts and Leases which have been entered into (i) after the number date that the Property Contracts were delivered (or made available) to Purchaser pursuant to Section 3.5.1, in the case of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent-Ready ConditionProperty Contracts, and (ii) $900.00the date that the Rent Roll was delivered in accordance with Section 3.5.3, in the case of Leases; and (c) Seller will only enter into new Property Contracts after the expiration of the Feasibility Period to the extent such Property Contracts are terminable upon 30 days prior written notice. Without limiting Seller's right to receive written notice of default and opportunity to cure for any other alleged default hereunder, Purchaser expressly agrees that Seller shall be entitled to the written notice and cure provisions under Section 10.2 for any alleged default of this Section 7.1.