Common use of Leases and Property Contracts Clause in Contracts

Leases and Property Contracts. During the period commencing on the Effective Date and ending on the Closing Date, in the ordinary course of business (including, without limitation, consistent with Seller’s ordinary course of business for renting units to new tenants and/or renewing leases for existing tenants) 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 1 year and any new Property Contract shall be terminable upon not more than 30 days notice without penalty.

Leases and Property Contracts. During the period commencing on of time from the Effective Date and ending on to the Closing Date, in the ordinary course of business (including, without limitation, and consistent with Seller’s ordinary course of past business for renting units to new tenants and/or renewing leases for existing tenants) practices, 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 that any such new Property Contracts shall be terminable on thirty (30) days’ prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned notice without payment or delayed, penalty or any new or renewed Leases shall not have a term in excess of 1 year and any new Property Contract without the prior written consent of Purchaser in either case, which consent shall not be terminable upon not more than 30 days notice without penaltyunreasonably withheld, conditioned or delayed.