SERVICE CONTRACTS AND LEASES Sample Clauses

The 'Service Contracts and Leases' clause defines the rules and responsibilities regarding any ongoing service agreements or property leases associated with the subject matter of the contract. It typically outlines whether such contracts will be assigned to the new party, terminated, or remain with the original party, and may require disclosure of all relevant agreements. This clause ensures that all parties are aware of existing obligations and helps prevent disputes over who is responsible for continuing or ending these contracts after a transaction or change in ownership.
SERVICE CONTRACTS AND LEASES. District has not procured or entered into any (i) service, management, maintenance, or development contracts, or (ii) leases, licenses, easements, or other occupancy agreements affecting the Property that will survive Closing. District will not hereafter enter into any such contracts or agreements that will bind the Property or Developer as successor-in-interest with respect to the Property, without the prior written consent of Developer.
View SourceView Similar (16)
SERVICE CONTRACTS AND LEASES. Except for those disclosed to Buyer by Seller’s Managing Agent, there are no contracts or agreements which affect the Property, except for the Service Contracts and Leases set forth on Exhibits P and O and New Contracts, and Seller has not entered into any agreements with any hotel franchisor relating to the Property that would be binding on Buyer or the Property, other than Seller’s Franchise Agreement which will be terminated in connection with Closing. Seller represents and warrants to Buyer that: (i) true, correct and complete copies of all Service Contracts and Leases have been delivered to Buyer, (ii) the Service Contracts and Leases are in full force and effect and have not been amended or modified except as disclosed in writing to Buyer prior to the date of this Contract, (iii) except for the Seller’s Franchise Agreement, the Service Contracts and Leases are fully transferable and assignable to Buyer without the payment of any fees and (iv) there are no defaults by Seller or any conditions existing which, with the passage of time or the giving of notice or both will become a default. Buyer will provide a list to Seller on or prior to the expiration of the Review Period of the Service Contracts and Leases that shall be assigned to Buyer at Closing and Seller shall terminate all other Service Contracts and Leases prior to Closing at Seller’s expense. Notwithstanding anything in this Section 7.1(p) to the contrary, Seller shall assign any and all New Contracts entered into in accordance with the terms of this Contract to Buyer at the time of Closing.
View SourceView Similar (3)
SERVICE CONTRACTS AND LEASES. Any amounts prepaid or payable under any Service Contracts or Leases (including the Restaurant Lease) shall be prorated as of the Close of Escrow. Any percentage rentals (if any) or rental payments for increases in taxes or operating expenses under the Restaurant Lease shall be prorated and paid to the party entitled thereto as and when collected. All security deposits held by Seller (if any) shall be credited to Buyer upon the Close of Escrow and all obligations with respect to such security deposits shall be assumed by Buyer.
View SourceView Similar (2)
SERVICE CONTRACTS AND LEASES. There are no contracts for services or any leases binding upon the Property.
View SourceView Similar (2)
SERVICE CONTRACTS AND LEASES. (a) Seller will not, without the prior consent of Purchaser, which consent may be withheld, in Purchaser’s sole discretion, (i) enter into any new lease (“New Leases”), (ii) amend, modify, extend or renew any existing Lease (“Lease Modifications”), (iii) terminate any existing Lease (“Lease Terminations”), or (iv) consent to any assignment or subletting of any existing Lease, except (x) Lease Terminations for tenants where eviction proceedings have commenced as of the Date of this Agreement or in connection with an emergency circumstance where Seller reasonably believes an immediate termination of such Lease is necessary to protect against harm to persons or physical property; and (y) residential New Leases and residential Lease Modifications in each case that comply with the following terms and conditions (the “Residential Leasing Guidelines”): (1) for each proposed residential New Lease, Seller shall use Seller’s standard lease form being utilized at the Property as of the Date of this Agreement, (2) any residential New Leases and Lease Modifications shall (A) for New Leases only, be for a term of not more than fifteen (15) months or less than nine (9) months (Purchaser acknowledges that Lease Modifications may be on a month to month basis), (B) be at market rate rents substantially in accordance with Seller’s market practices and (C) not provide for concessions of more than one (1) month of upfront free rent (i.e. not prorated during the term of the lease or backloaded), and (3) Seller’s diligence of the identity and creditworthiness of any potential residential tenant shall be substantially in accordance with Seller’s market practices. (b) Subject to any terminations required pursuant to Section 4.4, Seller shall not, without Purchaser’s consent, which consent may be withheld in Purchaser’s sole discretion, (i) enter into any new Service Contract relating to the operation of the Property that will be an obligation affecting the Property subsequent to the Closing, except contracts entered into in the ordinary course of business that are terminable without cause on 30-days’ notice with no cost, premium or penalty, (ii) amend, extend or renew any Service Contract in a manner which is binding on Purchaser or the Property after Closing (other than automatic extensions or renewals of Service Contracts which Purchaser has not elected to terminate pursuant to this Agreement) unless such Service Contract is terminable without cause on 30-days’ notice with no co...
View Source
SERVICE CONTRACTS AND LEASES. Each of the Rent Roll and the list of Service Contracts to be delivered to Purchaser pursuant to this Agreement will be true, correct and complete as of the date of its delivery, and the copies of the Leases and Service Contracts delivered by Seller to Purchaser pursuant to this Agreement shall be true, correct and complete. There are no leases, contracts or agreements or understandings which will affect the Property on the Closing Date other than the Leases set forth in the Rent Roll or permitted to be entered into with the consent of Purchaser under Section 6.1.4 and the Service Contracts set forth in the list of Service Contracts to be delivered to Purchaser pursuant to this Agreement. The Service Contracts, the Permitted Exceptions and the Leases are free from default by Seller and, to the best knowledge of Seller, by any other party thereto. Except as expressly set forth in the Rent Roll, no brokerage or similar fee is due to any party in connection with any renewal, extension, termination or expansion options arising under any of the existing Leases.
View Source
SERVICE CONTRACTS AND LEASES. Seller does not represent and warrant that any particular Service Contract will be in force or effect as of the Closing or that tenants under Leases or the parties to the Service Contracts will not be in default under their respective Leases or Service Contracts, and neither the existence of any default by any tenant under its Lease nor the default of any party under any Service Contract shall affect the obligations of Purchaser hereunder; provided, however, the foregoing shall not affect the conditions contained in Section 8.2 above.
View Source
SERVICE CONTRACTS AND LEASES. Seller shall be entitled (but not obligated), without the consent of Buyer, to alter, amend, modify, supplement or extend the term of any Lease or Service Contract or enter into any new Lease or Service Contract (at market rates and terms). Notwithstanding anything in this Agreement to the contrary, Seller may cancel or terminate any Lease or Service Contract or commence collection, unlawful detainer or other remedial action against any tenant or contract vendor without Buyer’s consent. Buyer hereby agrees that it shall not be a default by Seller hereunder (nor shall Buyer be entitled to object or fail to close) if any tenant now or hereafter in possession of any portion of the Property is a holdover tenant or is in default under its Lease as of the Closing Date, or if any contract vendor is in default under its Service Contract as of the Closing Date.
View Source
SERVICE CONTRACTS AND LEASES 
View Source

Related to SERVICE CONTRACTS AND LEASES

  • Contracts and Leases Schedule 4.10 sets forth a true and complete list of all Leases and executory Contracts of the Company that are material to the Business, and Sellers have delivered to Buyer true and complete copies of all such Leases and Contracts, each as amended as of the Agreement Date (the “Material Contracts”). Subject to receipt of the Necessary Consents and compliance with Section 6.10 and subject to the entry of the Sale Order, and any ancillary orders of the Bankruptcy Court pertaining to assumption and assignment of Contracts (a) each of the Material Contracts is in full force and effect and constitutes a valid and binding obligation of the Company or Sellers, and, to the Knowledge of Sellers, each other party thereto, and (b) except as a result of the commencement of the Bankruptcy Cases, the Company or Sellers are not in breach or default in any material respect under any of the Material Contracts and, to the Knowledge of Sellers, the other parties to such Contracts are not in breach or default in any material respect thereunder (and in each such case, to the Knowledge of Sellers, no event exists that with the passage of time or the giving of notice would constitute such material breach or default in any material respect, result in a loss of material rights, result in the payment of any damages or penalties or result in the creation of any Liens thereunder or pursuant thereto other than Permitted Liens); except (i) for those defaults that will be cured in accordance with the Sale Order, are not required to be cured pursuant to section 365(b)(1)(A) of the Bankruptcy Code, or waived in accordance with section 365 of the Bankruptcy Code, or (ii) to the extent such breach or default would not reasonably be expected to have a Seller Material Adverse Effect. Except for filings in the Chapter 11 Cases, to Sellers’ Knowledge, none of the Material Contracts have been cancelled or otherwise terminated by the Company or Sellers, and neither the Company nor Sellers have not delivered any written notice to any counterparty to such Material Contract regarding any such cancellation or termination by the Company or Sellers.

  • Service Contracts (a) The Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory, management and/or administrative services for the Trust or for any Series with any Person; and any such contract may contain such other terms as the Trustees may determine, including without limitation, authority for the Investment Adviser to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments, and such other responsibilities as may specifically be delegated to such Person. (b) The Trustees may also, at any time and from time to time, contract with any Persons, appointing such Persons exclusive or nonexclusive distributor or Principal Underwriter for the Shares of one or more of the Series or other securities to be issued by the Trust. Every such contract may contain such other terms as the Trustees may determine. (c) The Trustees are also empowered, at any time and from time to time, to contract with any Persons, appointing such Person(s) to serve as custodian(s), transfer agent and/or shareholder servicing agent for the Trust or one or more of its Series. Every such contract shall comply with such terms as may be required by the Trustees. (d) The Trustees are further empowered, at any time and from time to time, to contract with any Persons to provide such other services to the Trust or one or more of the Series, as the Trustees determine to be in the best interests of the Trust and the applicable Series. (e) The fact that: (i) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, Manager, adviser, Principal Underwriter, distributor, or affiliate or agent of or for any Person with which an advisory, management or administration contract, or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may be made, or that (ii) any Person with which an advisory, management or administration contract or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may be made also has an advisory, management or administration contract, or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other service contract, or has other business or interests with any other Person, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided approval of each such contract is made pursuant to the applicable requirements of the 1940 Act.

  • Covered Contracts and Contractors If the Contract exceeds $100,000 and the Contractor employed more than 40 full-time employees on a single working day during the previous 12 months in Minnesota or in the state where it has its principal place of business, then the Contractor must comply with the requirements of Minn. Stat. § 363A.36 and Minn. R. 5000.3400-5000.3600. General. Minn. R. 5000.3400-5000.3600 implements Minn. Stat. § 363A.36. These rules include, but are not limited to, criteria for contents, approval, and implementation of affirmative action plans; procedures for issuing certificates of compliance and criteria for determining a contractor’s compliance status; procedures for addressing deficiencies, sanctions, and notice and hearing; annual compliance reports; procedures for compliance review; and contract consequences for non-compliance. The specific criteria for approval or rejection of an affirmative action plan are contained in various provisions of Minn. R. 5000.3400-5000.3600 including, but not limited to, Minn. R. 5000.3420-5000.3500 and 5000.3552-5000.3559.