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 be entered into in the ordinary course of business and 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.

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, for the period after the expiration of the Feasibility Period, Seller agrees that any such new Property Contracts or any new or renewed Leases shall be entered into in the ordinary course of business and 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) that, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, (a) any such new Property Contracts shall be terminable without penalty or termination fee upon 30 days written notice, and (b) any new or renewed Leases shall be in the ordinary course of business and shall not have a term in excess of 1 year.