Common use of Assignment or Cancellation of Contracts Clause in Contracts

Assignment or Cancellation of Contracts. Prior to the expiration of the Inspection Period, Buyer shall advise Seller in writing of any Contracts which it elects to assume; all others shall be terminated by Seller, provided, however, that Buyer expressly agrees to assume all Contracts that are not cancellable by their terms or which cannot be terminated without cost or penalty to Seller. Seller represents and warrants that Schedule 5(c) attached hereto is a complete list of all Contracts that are not cancellable. Seller agrees to give appropriate notices of termination of the Contracts which Buyer timely notifies Seller it wants cancelled, but only to the extent termination is permitted thereunder without penalty to Seller. At Closing, Seller shall assign and Buyer shall assume all Contracts that have not terminated as of the Closing Date, including without limitation, any remaining rights and obligations under Contracts under which the notice required to terminate such Contracts, though delivered, will not have run prior to Closing. All existing agreements for management of the Property shall be terminated at Closing.