Common use of Approval of Contracts Clause in Contracts

Approval of Contracts. The Manager may enter into on behalf of FNF any contract or agreement for equipment, supplies, services or any other item in the ordinary course of the management, operation, maintenance and servicing of the Property, such as, for example, involving the provision of utility, maintenance or other services or the furnishing of services to each or both Tenants on the Property; provided, however, if any such contract involves a term of five (5) years or more or the expenditure or obligation on the part of FNF is in excess of $500,000 in the aggregate, then FNF upon written direction may require the Manager to first obtain and submit to FNF three competitive, written bids for the performance or furnishing of the same, and FNF shall have approved the awarding of such contract or agreement. All service contracts with a term of five (5) years or more shall contain a provision permitting FNF to terminate such contracts in the event FNF sells or transfers all or any portion of FNF’s interest in the Property.

Approval of Contracts. The Manager may enter into on behalf of FNF any contract or agreement for equipment, supplies, services or any other item in the ordinary course of the management, operation, maintenance and servicing of the Property, such as, for example, involving the provision of utility, maintenance or other services or the furnishing of services to each or both Tenants on Tenant in the Property; provided, however, if any such contract involves a term of five (5) years or more or the expenditure or obligation on the part of FNF is in excess of $500,000 in the aggregate, then FNF upon written direction may require the Manager to first obtain and submit to FNF three competitive, written bids for the performance or furnishing of the same, and FNF shall have approved the awarding of such contract or agreement. All service contracts with a term of five (5) years or more shall contain a provision permitting FNF to terminate such contracts in the event FNF sells or transfers all or any portion of FNF’s 's interest in the Property.