Common use of Notification and Termination of Employees Clause in Contracts

Notification and Termination of Employees. At a mutually agreed upon time after this Agreement is executed that is not more than 3 days prior to the Closing Date, the Contributor and the Operating Partnership shall jointly announce the Agreement to the Contributor’s employees, and shall cooperate so that the Contributor’s notices of termination and any offers of employment by the Operating Partnership are delivered simultaneously so that appropriate management representatives may explain the termination and any offers of employment to the employees. As of the Closing Date, the Contributor will terminate all employees and will pay to all employees all earned wages, salaries, commissions, bonuses, benefit plan contributions, and other compensation through the date of termination. The Operating Partnership may, in its discretion, re-employ some or all of such employees on the day after the Closing Date. If the Operating Partnership retains Ambridge as the management company for the Property, it shall retain and rehire all existing employees of the Property.