Common use of Operation of the Real Property Clause in Contracts

Operation of the Real Property. From and after the Agreement Date, Seller will cause the Property to be operated substantially in accordance with Seller's past customary operating practices and procedures, subject only to the following: (a) Seller will not, from and after the Inspection Termination Date: (i) sell or otherwise dispose of any significant items of Personalty unless replaced with an item of like value, quality and utility; or (ii) enter into any service, maintenance, landscaping, repair, or other similar contract or agreement relating to the Property (except for those entered into in the ordinary course of business and which can be canceled upon not more than [***] ([***]) [***] prior notice or in the event of a sale of the Property); without the prior written consent of Buyer, which consent may be withheld by Buyer only on the grounds of material adverse effect on the economics or the quality of the operation of the Property. (b) Seller may at any time without Buyer's consent cancel or accept a surrender or forfeiture of any of the Lease(s). Seller shall not, from the Agreement Date, extend or renew any of the Lease(s) without Buyer's consent; (c) Seller shall not, from the Agreement Date, enter into any new leases of the Property; and (d) Anything set forth in this Section 6.2 to the contrary notwithstanding, Seller reserves the right at any time and from time to time during the Inspection Period to terminate Leases for defaults by tenants and to institute and prosecute available remedies for default thereunder, including, but not limited to, applying the security deposit of such defaulting tenant to cure such default, except that Seller agrees before instituting any such proceedings to notify Buyer in writing; provided, however, that Seller will not be required to obtain the consent of Buyer. In the event that Buyer does not elect to terminate this Agreement pursuant to Section 7.4 hereof, then from and after the Inspection Termination Date, Seller agrees not to terminate any Leases or institute any such proceedings without the prior written consent of Buyer, which consent or approval will not be unreasonably withheld, conditioned or delayed and conclusively will be deemed given in the event that Buyer fails to deliver its written consent, approval or rejection (with reasons therefor in reasonable detail) to Seller within [***] ([***]) Business Days after Seller's delivery of notice thereof to Buyer.

Operation of the Real Property. From and after the Agreement Date, Seller will cause the Property to be operated substantially in accordance with Seller's past historical customary operating practices and procedures, subject only to the following: (a) Seller will not, from and after During the Inspection Termination Date: Period, upon prior notice to, and without consent of, Buyer, Seller may: (i) sell or otherwise dispose of any significant items of Personalty unless replaced with an item of like valuemodify, quality and utility; or (ii) enter into any serviceamend, maintenancealter, landscaping, repair, or other similar contract or agreement relating to the Property (except for those entered into in the ordinary course of business and which can be canceled upon not more than [***] ([***]) [***] prior notice or in the event of a sale of the Property); without the prior written consent of Buyer, which consent may be withheld by Buyer only on the grounds of material adverse effect on the economics or the quality of the operation of the Property. (b) Seller may at any time without Buyer's consent cancel or accept a surrender or forfeiture of any of the Lease(s); or (ii) enter into any bona fide lease, offer to lease, expansion of Lease(s) or renewal of space in the Improvements (a "Proposed Lease"). In the event that Buyer does not terminate this Agreement pursuant to Section 7.2 hereof, then from and after the Inspection Termination Date except with the prior written approval of Buyer Seller shall notwill not (A) enter into any written amendments or modifications, from the Agreement Dateor cancel or accept a surrender or forfeiture, extend or renew of any of the Lease(sLeases or (B) without enter into any Proposed Lease. (b) Within four (4) Business Days after the date of Buyer's consent;receipt of notice of: (i) any written amendment or modification, acceptance of a surrender, cancellation or forfeiture of any of the Leases or (ii) any Proposed Lease, Buyer will deliver to Seller its written approval, consent or rejection (with reasons therefor in reasonable detail) of any such proposal, failing which Buyer conclusively will be deemed to have consented, and such Proposed Lease conclusively will be deemed an Approved Lease. Buyer acknowledges that the approval procedures set forth in this Section 6.2(b) will be applicable only from and after the Inspection Termination Date. (c) Seller shall not, from the Agreement Date, enter into any new leases of the Property; and (d) Anything set forth in this Section 6.2 to the contrary notwithstanding, Seller reserves the right at any time and from time to time during the Inspection Period to terminate Leases for defaults by tenants and to institute and prosecute available remedies for default thereunder, including, but not limited to, applying the security deposit of such defaulting tenant to cure such default, except that Seller agrees before instituting any such proceedings to notify Buyer in writingBuyer; provided, however, that Seller will not be required to obtain the consent of Buyer. In the event that Buyer does not elect to terminate this Agreement pursuant to Section 7.4 7.2 hereof, then from and after the Inspection Termination Date, Date Seller agrees not to terminate any Leases or institute any such proceedings without the prior written consent of Buyer, which consent or approval will not be unreasonably withheld, conditioned or delayed and conclusively will be deemed given in the event that Buyer fails to deliver its written consent, approval or rejection (with reasons therefor in reasonable detail) to Seller within [***] four ([***]4) Business Days after from Buyer's receipt of Seller's delivery of notice thereof to Buyerthereof.