Common use of Operations by Seller Clause in Contracts

Operations by Seller. If SELLER is operator of the Property, SELLER shall continue to operate the Property during the period between the Effective Date and 7:00 a.m., local time where the Property is located, on the first day of the month following the month in which Closing occurs, or such later date to which SELLER and BUYER agree in writing ("Interim Period"), but SELLER has no obligation to operate the Property after the Interim Period. SELLER shall operate the Property during the Interim Period in a prudent manner consistent with generally accepted industry practices and standards, applicable laws and regulations, and all applicable lease and other agreement terms. SELLER is entitled to retain any overhead payments received and attributable to operations during the Interim Period. SELLER makes no representation or warranty that BUYER will become operator of any portion of the Property, as that matter is controlled by the applicable operating agreements and governmental regulatory requirements.

Operations by Seller. If SELLER is the operator of the Property, SELLER shall continue to operate the Property during the period between the Effective Date and 7:00 a.m., local time time, where the Property is located, on the first day of the month following the month in which Closing occursDate, or such later date to which SELLER and BUYER agree in writing (the "Interim Period"), but SELLER has no obligation to operate the Property after the Interim Period. SELLER shall operate the Property during the Interim Period in a prudent manner consistent with generally accepted industry practices and standards, applicable laws and regulations, and all applicable lease and other agreement terms. SELLER is entitled to retain any overhead payments received and attributable to operations during the Interim Period. SELLER makes no representation or warranty that BUYER will become operator of any portion of the Property, as that matter is controlled by the applicable operating agreements and governmental regulatory requirements.