Common use of Amendment and Restatement of the Existing Agreement Clause in Contracts

Amendment and Restatement of the Existing Agreement. (a) The Existing Agreements are hereby modified so that all of the terms and conditions of the Existing Agreements shall be restated in their entirety as set forth herein. (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns, and shall be deemed to be effective as of the date hereof. (c) By its execution of this Agreement, (i) except for any fees that are due and payable to Property Manager but not yet paid as of the date hereof in relation to the Properties, Property Manager hereby waives any preexisting claims against Owners or any other claims arising under the Existing Agreement and acknowledges and agrees that this Agreement shall govern the rights and responsibilities of Owners and Property Manager going forward, and (ii) each Owner hereby waives any preexisting claims against Property Manager or any other claims arising under the Existing Agreement and acknowledges and agrees that this Agreement shall govern the rights and responsibilities of Owners and Property Manager going forward.