Common use of Operation of the Property Prior to the Closing Clause in Contracts

Operation of the Property Prior to the Closing. During the term of this Contract: (a) Seller shall not voluntarily create or permit to be created, any liens, encumbrances, defects in title, restrictions or easements affecting the Property (except for mechanic's and materialmen's liens arising in the normal course of Seller's business of operating the Property, and which will be paid by Seller in the normal course of business and to the extent not paid by Closing, Seller will cause to be discharged on or before the Closing in accordance with SECTION 5.1.2 or accounted for as a proration credit to Purchaser). (b) Seller shall operate and maintain the Property in substantially the same manner as operated and maintained prior to the Effective Date. (c) Without Purchaser's prior written consent, Seller shall not settle any protest or appeal of the real estate tax assessment for the Property for the current tax year or for any prior tax year if the settlement would increase, or compromise Purchaser's ability to challenge, the assessment for the current tax year or any future tax year. (d) Seller shall maintain all of Seller's insurance policies relating to or affecting the Property in full force and effect until Closing. (e) All actions required pursuant to this Contract which are necessary to effectuate the transaction contemplated herein will be taken promptly and in good faith by Seller and Purchaser, and each shall furnish the other with such documents or further assurances as each may reasonably require. (f) Seller shall maintain all vacant apartment units at the Property, which are vacated more than five (5) days prior to Closing in "rent ready" condition. "Rent ready" shall mean Seller's normal and customary standard for rental units prior to occupancy by new tenants.

Operation of the Property Prior to the Closing. During the term of this Contract: (a) Seller shall not voluntarily create or permit to be created, any liens, encumbrances, defects in title, restrictions or easements affecting the Property (except for mechanic's and materialmen's liens arising in the normal course of Seller's business of operating the Property, and which will be paid by Seller in the normal course of business and to the extent not paid by Closing, Seller will cause to be discharged or insured over on or before the Closing in accordance with SECTION 5.1.2 or accounted for as a proration credit to Purchaser). (b) Seller shall operate and maintain the Property in substantially the same manner as operated and maintained prior to the Effective Date. (c) Without Purchaser's prior written consent, Seller shall not settle any protest or appeal of the real estate tax assessment for the Property for the current tax year or for any prior tax year if the settlement would increase, or compromise Purchaser's ability to challenge, the assessment for the current tax year or any future tax year. (d) Seller shall maintain all of Seller's insurance policies relating to or affecting the Property in full force and effect until Closing. (e) All actions required pursuant to this Contract which are necessary to effectuate the transaction contemplated herein will be taken promptly and in good faith by Seller and Purchaser, and each shall furnish the other with such documents or further assurances as each may reasonably require. (f) Seller shall maintain all vacant available unrented apartment units at the Propertyshall be made "rent ready", which are unless such apartment unit is vacated more than five within ten (510) days prior to Closing in "rent ready" conditionClosing. "'Rent ready" ' shall mean Seller's normal and customary standard for rental units prior to occupancy by new tenantsTenants, including new painting and carpet cleaning.