Common use of Assignment or Termination of Contracts Clause in Contracts

Assignment or Termination of Contracts. Buyer shall assume all Contracts at Closing subject to this Section 5(c). Prior to the expiration of the Inspection Period, Buyer may advise Seller in writing of any Contracts that it elects to have terminated upon Closing and Seller shall provide timely notices of termination; provided, however, that Seller shall not terminate, and 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. 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. Notwithstanding the foregoing, all existing agreements for management of the Property shall be terminated as of the Closing Date.

Assignment or Termination of Contracts. Buyer shall assume all Contracts at Closing subject to this Section 5(c). Prior to the expiration of the Inspection Period, Buyer may advise Seller in writing of any Contracts that it elects to have terminated upon Closing and Seller shall provide timely notices of termination; provided, however, that Seller shall not terminate, and 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. 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. Notwithstanding the foregoing, all existing agreements for management of the Property shall be terminated as of the Closing Date, as well as any so-called “master” Contracts that pertain to multiple properties controlled by Seller and its affiliates.