Common use of Leases and Property Contracts Clause in Contracts

Leases and Property Contracts. During the period of time commencing on the Effective Date and ending on 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, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, any new or renewed Leases shall not have a term in excess of fourteen (14) months and any new Property Contract shall be terminable upon not more than 30 days notice without penalty. Seller 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 all apartment units which are vacant as of the Closing Date (each, a "Vacant Unit") in Rent Ready Condition (as hereinafter defined). Not less than three (3) Business Days prior to the Closing Date, 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 the amount of Five Hundred Dollars ($500) for each Vacant Unit which is not in Rent Ready Condition as of the Closing. For purposes hereof, the term "

Leases and Property Contracts. During the period of time commencing on the Effective Date and ending on 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, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, any new or renewed Leases shall not have a term in excess of fourteen (14) months and any new Property Contract shall be terminable upon not more than 30 days days’ notice without penalty. Seller 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 all apartment units which are vacant as of the Closing Date (each, a "Vacant Unit") in Rent Ready Condition (as hereinafter defined). Not less than three (3) Business Days prior to the Closing Date, 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 the amount of Five Hundred Dollars ($500) for each Vacant Unit which is not in Rent Ready Condition as of the Closing. For purposes hereof, the term "