Common use of Operation of the Property Clause in Contracts

Operation of the Property. During the Escrow Period, Seller shall not accept any payment of rent (except as a security deposit) or other charges from any tenant of the Property applicable to a period exceeding one (1) month in advance, nor apply any security deposit to rent due from any tenant of the Property without in each case obtaining Buyer's prior written consent thereto (which consent shall not be unreasonably withheld or delayed by Buyer). In addition to the foregoing, Seller: (i) shall manage, maintain, operate, and service the Property consistent with standards in the industry for the first class operation of similar projects of comparable quality in the same area as the Property is located, maintaining present services; (ii) shall keep the Property and every portion thereof in reasonably good working order and repair; (iii) shall maintain a sufficient inventory of supplies, materials, equipment and other personal property for the proper management, maintenance, operation and servicing of the Property; and (iv) shall not, except with Buyer's prior written consent (which consent shall not be unreasonably withheld or delayed by Buyer), approve, consent to, or otherwise permit any material change in the operations of the Property during the Escrow Period, including, without limitation: (a) any material alterations to the Improvements except as may be necessary in order to perform ordinary, scheduled maintenance; (b) cancellation of or material reduction in the amount or scope of coverage under any insurance currently maintained with respect to the Property; (c) cancellation or surrender of any existing Permit; and (d) any other material variation from Seller's ordinary course of business in connection with the Property.

Operation of the Property. During Between the Escrow PeriodEffective Date and the Closing, Seller neither the LLC nor any Contributor shall not accept any payment of rent (except as a security deposit) or other charges from any tenant of the Property applicable to a period exceeding one (1) month in advance, nor apply any security deposit to rent due from any tenant of the Property without in each case obtaining Buyerthe Company's prior written consent thereto (which consent shall not be unreasonably withheld or delayed by Buyerthe Company). In addition to the foregoing, Sellerthe LLC and Contributors: (i) shall manage, maintain, operate, and service the Property consistent with standards in the industry for the first class operation of similar projects of comparable quality in the same area as the Property is located, maintaining present services; (ii) shall keep the Property and every portion thereof in reasonably good working order and repair; (iii) shall maintain a sufficient inventory of supplies, materials, equipment and other personal property for the proper management, maintenance, operation and servicing of the Property; and (iv) shall not, except with Buyerthe Company's prior written consent (which consent shall not be unreasonably withheld or delayed by Buyerthe Company), approve, consent 32 39 to, or otherwise permit any material change in the operations of the Property during the Escrow Period, including, without limitation: (a) any material alterations to the Improvements except as may be necessary in order to perform ordinary, scheduled maintenance; (b) cancellation of or material reduction in the amount or scope of coverage under any insurance currently maintained with respect to the Property; (c) cancellation or surrender of any existing Permit; and (d) any other material variation from Sellera Contributor's ordinary course of business in connection with the Property.

Operation of the Property. During Between the Escrow PeriodEffective Date and the Closing, Seller neither the LLC nor any Contributor shall not accept any payment of rent (except as a security deposit) or other charges from any tenant of the Property applicable to a period exceeding one (1) month in advance, nor apply any security deposit to rent due from any tenant of the Property without in each case obtaining Buyerthe Company's prior written consent thereto (which consent shall not be unreasonably withheld or delayed by Buyerthe Company). In addition to the foregoing, Sellerthe LLC and Contributors: (i) shall manage, maintain, operate, and service the Property consistent with standards in the industry for the first class operation of similar projects of comparable quality in the same area as the Property is located, maintaining present services; (ii) shall keep the Property and every portion thereof in reasonably good working order and repair; (iii) shall maintain a sufficient inventory of supplies, materials, equipment and other personal property for the proper management, maintenance, operation and servicing of the Property; and (iv) shall not, except with Buyerthe Company's prior written consent (which consent shall not be unreasonably withheld or delayed by Buyerthe Company), approve, consent to, or otherwise permit any material change in the operations of the Property during the Escrow Period, including, without limitation: (a) any material alterations to the Improvements except as may be necessary in order to perform ordinary, scheduled maintenance; (b) cancellation of or material reduction in the amount or scope of coverage under any insurance currently maintained with respect to the Property; (c) cancellation or surrender of any existing Permit; and (d) any other material variation from Sellera Contributor's ordinary course of business in connection with the Property.

Operation of the Property. During the Escrow Period, Seller Contributor shall not accept any payment of rent (except as a security deposit) or other charges from any tenant of the Property applicable to a period exceeding one (1) month in advance, nor apply any security deposit to rent due from any tenant of the Property without in each case obtaining BuyerCompany's prior written consent thereto (which consent shall not be unreasonably withheld or delayed by BuyerCompany). In addition to the foregoing, SellerContributor: (i) shall manage, maintain, operate, and service the Property consistent with standards in the industry for the first class operation of similar projects of comparable quality in the same area as the Property is located, maintaining present services; (ii) shall keep the Property and every portion thereof in reasonably good working order and repair; (iii) shall maintain a sufficient inventory of supplies, materials, equipment and other personal property for the proper management, maintenance, operation and servicing of the Property; and (iv) shall not, except with BuyerCompany's prior written consent (which consent shall not be unreasonably withheld or delayed by BuyerCompany), approve, consent to, or otherwise permit any material change in the operations of the Property during the Escrow Period, including, without limitation: (a) any material alterations to the Improvements except as may be necessary in order to perform ordinary, scheduled maintenance; (b) cancellation of or material reduction in the amount or scope of coverage under any insurance currently maintained with respect to the Property; (c) cancellation or surrender of any existing Permit; and (d) any other material variation from SellerContributor's ordinary course of business in connection with the Property.