Common use of Current Operations Clause in Contracts

Current Operations. 4.1. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall not (i) enter into, modify, or terminate any lease, agreement and/or contract affecting the Property, or (ii) permit any Lease to terminate or be terminated, without Purchaser’s consent, which consent may be granted or denied in Purchaser’s sole discretion. No rents or deposits with respect to the Property are or on the Closing date will be held by Seller, except security deposits and prepaid rents for the current month. Seller represents and warrants that no commissions or other fees are payable to any person or entity on the rentals collected or to be collected under the Leases. 4.2. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall conduct the business of the Property in the ordinary course, and will not: (i) transfer or convey the Property or any interest in Seller, or enter into any agreement to do so; (ii) create or agree to any easements, liens, mortgages, encumbrances or other interests that would affect the Property or Seller’s ability to comply with this Agreement; (iii) enter into any contracts or commitments regarding the Property; (iv) fail to maintain and repair the Property in at least the manner that Seller has done previously; (v) change Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property; (vi) fail to comply promptly with any notices of violation of laws or municipal ordinances, regulations, orders or requirements of departments of housing, building, fire, labor, health, or other state, city or municipal departments or other governmental authorities having jurisdiction against or affecting the Property or the use or operation thereof, without the prior written consent of Purchaser, which consent may be granted or denied in Purchaser’s sole discretion; and/or (vii) terminate any tax appeals, condemnation awards proceedings, insurance settlement negotiations or proceedings, zoning changes, public roadway and/or traffic realignment negotiations with public authorities or the like, and/or storm water management agreements, and the like benefiting the Property.

Current Operations. 4.1. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall not (i) enter into, modify, or terminate any lease, agreement and/or contract affecting the Property, or (ii) permit any Lease to terminate or be terminated, without Purchaser’s consent, which consent may be granted or denied in Purchaser’s sole discretion. No rents or deposits with respect to the Property are are, or on the Closing date will be be, held by Seller, except security deposits and prepaid rents for the current month. Seller represents and warrants that no commissions or other fees are payable to any person or entity on the rentals collected or to be collected under the Leases. 4.2. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall conduct the business of the Property in the ordinary course, and will not: (i) transfer or convey the Property or any interest in Seller, or enter into any agreement to do so; (ii) create or agree to any easements, liens, mortgages, encumbrances or other interests that would affect the Property or Seller’s ability to comply with this Agreement; (iii) enter into any contracts or commitments regarding the Property; (iv) fail to maintain and repair the Property in at least the manner that Seller has done previously; (v) change Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property; (vi) fail to comply promptly with any notices of violation of laws or municipal ordinances, regulations, orders or requirements of departments of housing, building, fire, labor, health, or other state, city or municipal departments or other governmental authorities having jurisdiction against or affecting the Property or the use or operation thereof, without the prior written consent of Purchaser, which consent may be granted or denied in Purchaser’s sole discretion; and/or (vii) terminate any tax appeals, condemnation awards proceedings, insurance settlement negotiations or proceedings, zoning changes, public roadway and/or traffic realignment negotiations with public authorities or the like, and/or storm water management agreements, and the like benefiting the Property.

Current Operations. 4.1. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall not (i) enter into, modify, or terminate any lease, agreement and/or contract affecting the Property, or Property (other than the Renewal Leases),or (ii) permit any Lease to terminate earlier than the scheduled lease expiration date or be terminated, without Purchaser’s consent, which consent may be granted or denied in Purchaser’s sole discretion. No rents or deposits with respect to the Property are or on the Closing date will be held by Seller, except security deposits and prepaid rents for the current month. Seller represents and warrants that at Closing, there will be no commissions or other fees are payable to any person or entity on the rentals collected or to be collected under the Leases. Seller shall be responsible for payment of all Leasing Expenses associated with any Leases in existence as of the Closing; provided, however, Seller shall not be obligated to pay any commissions payable with respect to lease renewals, extensions or expansions which become effective after the Closing Seller shall provide a list of all commissions schedules which may be incurred after Closing, and warrants such list to be a complete list of commissions. 4.2. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall conduct the business of the Property in the ordinary course, and will not: (inot:(i) transfer or transferor convey the Property or any interest in Seller, or enter into any agreement to do so; (ii) create or agree to any easements, liens, mortgages, encumbrances or other interests that would affect the Property or Seller’s ability to comply with this Agreement; (iii) enter into any contracts or commitments regarding the Property; (ivProperty;(iv) fail to maintain and repair the Property in at least the manner that Seller has done previously; (v) change Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property; (vi) fail to comply promptly with any notices of violation of laws or municipal ordinances, regulations, orders or requirements of departments of housing, building, fire, labor, health, or other state, city or municipal departments or other governmental authorities having jurisdiction against or affecting the Property or the use or operation thereof, without the prior written consent of Purchaser, which consent may be granted ; or denied in Purchaser’s sole discretion; and/or (vii) terminate any tax appeals, condemnation awards proceedings, insurance settlement negotiations or proceedings, zoning changes, public roadway and/or traffic realignment negotiations with public authorities or the like, and/or storm water management agreements, and the like benefiting the Property. 4.3. Seller shall promptly deliver to Purchaser copies of any written communications (including e-mails, letters, invoices and the like) sent by Seller to, or received by Seller from, any tenants of the Property or service or materials providers to the Property, or the municipality with authority over the Property or Seller, including any taxing authority, sent or received from and after the Effective Date up through the Closing.

Current Operations. 4.1. From the Effective Date until the Closing or earlier termination of this Agreement Agreement, Seller shall not (i) enter into, modify, or terminate any lease, agreement and/or contract affecting the Real Property, except as reasonable and standard practice in the ordinary course of business, and, with respect to new service contracts and other agreements (but not residential lease agreements), Buyer shall be given prior notice thereof and such new service contract or (ii) permit any Lease to terminate other agreement shall be terminable without penalty or be terminated, without Purchaser’s consent, which consent may be granted or denied in Purchaser’s sole discretionpayment upon not more than 30 days’ notice. No rents or deposits with respect to the Real Property are or on the Closing date will be held by Seller, except security deposits and prepaid rents for the current month. Seller represents and warrants that no commissions or other fees are payable to any person or entity on the rentals collected or to be collected under the Leases. 4.2. From the Effective Date until the Closing or earlier termination of this Agreement Seller shall conduct the business of the Property in the ordinary coursecourse in substantially the same manner as the Property is operated as of the Effective Date, including maintenance of substantially the same leasing practices, advertising and marketing programs for the Real Property, and in accordance with all applicable laws, and will not: not (i) transfer or convey the Property or any interest in Seller, or enter into any agreement to do so; , where such transfer or conveyance would impair Seller’s ability to convey the Property to Buyer as set forth herein (except for a conveyance permitted pursuant to the last sentence of Section 11 hereof), (ii) create or agree to any easements, liens, mortgages, encumbrances or other interests that would affect the Property or Seller’s ability to comply with this AgreementAgreement (with the exception of any easements, encumbrances or other interests created necessary to effect the creation of the Condominium in strict accordance with the terms of Section 12 hereof); (iii) enter into any contracts or commitments regarding the Property; (iv) fail to maintain and repair the Real Property in at least the manner that Seller has done previously; (v) change Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property; (viiv) fail to comply promptly with any notices of violation of laws or municipal ordinances, regulations, orders or requirements of departments of housing, building, fire, labor, health, or other state, city or municipal departments or other governmental authorities having jurisdiction against or affecting the Real Property or the use or operation thereof; (v) initiate or knowingly consent to, without approve or otherwise take any action with respect to zoning or any other governmental rules or regulations presently applicable to all or any part of the prior written consent Real Property (with the exception of Purchaser, which consent may be granted actions taken to convert the Real Property to a condominium); (vi) fail to pay when due and payable all taxes and other public charges assessed against the Real Property or denied in Purchaser’s sole discretionSeller; and/or (vii) terminate fail to keep current and free from default any tax appealsand all secured financing against the Real Property; (viii) fail to pay in a timely fashion all proper bills for labor or services for work performed for on or behalf of Seller with respect to the Property; or (ix) fail to comply with all covenants, condemnation awards proceedingsrestrictions, easements or agreements affecting the Real Property. Between the Effective Date and the Closing date, Seller shall maintain in full force and effect substantially the same insurance settlement negotiations coverages currently in place. 4.3. Seller shall give to Buyer full and accurate written disclosure of any material change in any Seller Representation or proceedingsany change in any Exhibit to this Agreement promptly upon obtaining knowledge thereof (provided, zoning changeshowever, public roadway and/or traffic realignment negotiations that no such subsequent disclosure shall be deemed to modify any such Representation or Exhibit for the purpose of determining any right or remedy of Buyer under this Agreement). 4.4. Seller acknowledges and agrees that, as of the date hereof, certain repairs or modifications are required to be made by Seller at its sole costs and expense to the Real Property relating to the conversion of the former gym into a three (3) bedroom apartment and the former leasing office to a two (2) bedroom apartment in accordance with public authorities rent-ready conditions consistent with the other apartments at the Real Property (collectively, the “Required Work”). Seller agrees that it is obligated: (i) to perform the Required Work with materials of similar quality as the existing improvements on the Real Property; (ii) to diligently and continuously (subject to matters of force majeure, delays caused by Buyer and matters otherwise beyond the reasonable control of Seller) carry out such Required Work until completion thereof, which completion shall occur prior to the Closing date; (iii) upon receipt of a written request from Buyer, to provide Buyer with lien waivers following completion of the Required Work from each and every contractor, materialman, engineer, architect and surveyor who might have lien rights in connection therewith, in form and substance reasonably satisfactory to Buyer and its counsel and to indemnify Buyer from and against any claims, or demands for payment, or any liens or lien claims made against Buyer or the likeReal Property for labor or materials provided to or for the benefit of Seller in performing the Required Work, and/or storm water management agreementsprovided that such claims or demands for payment, liens or lien claims do not result from Buyer’s negligence or willful misconduct; and (iv) to indemnify, defend and hold Buyer harmless from and against any and all claims, liabilities, damages, losses, costs and expenses of any kind or nature whatsoever (including, without limitation, attorneys’ fees and expenses and court costs) suffered, incurred or sustained by Buyer as a result of, by reason of, or in connection with the like benefiting Required Work. 4.5. Seller shall reasonably cooperate in the transfer of the Property. In furtherance thereof, if any utility accounts are not transferred as of the Closing date, the parties shall cooperate in arranging for said transfer as soon as practicable after the Closing date. 4.6. The covenants set forth in Section 4 of this Agreement shall survive Closing for one (1) year.

Current Operations. 4.1. From the Effective Date until Until the Closing or earlier termination of this Agreement Agreement, Seller shall not (i) enter into, modify, or terminate any lease, agreement and/or contract affecting the Property, or (ii) permit any Lease to terminate or be terminated, or (iii) apply any tenant’s security deposit, without Purchaser’s consent, which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Inspection Period and thereafter which may be granted or denied in the exercise of Purchaser’s sole discretion. No rents or deposits with respect to the Property are or on the Closing date will be held by Seller, except security deposits and prepaid rents for the current month. Seller represents and warrants that no commissions or other fees are payable to any person or entity on the rentals collected or to be collected under the Leases. 4.2. From the Effective Date until Until the Closing or earlier termination of this Agreement Agreement, Seller shall conduct the business of the Property in the ordinary coursecourse as Seller has historically conducted such business, and will not: (i) transfer or convey the Property or any interest in majority Seller, or enter into any agreement to do so; (ii) create or agree to any easements, liens, mortgages, encumbrances or other interests that would affect the Property or Seller’s ability to comply with this Agreement; (iii) enter into any contracts or commitments (except in the ordinary course of business) regarding the Property; (iv) fail to maintain and repair the Property in at least the manner that Seller has done previously; (v) change reduce Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property; (vi) fail to comply notify Purchaser promptly with any notices of violation of laws or municipal ordinances, regulations, orders or requirements of departments of housing, building, fire, labor, health, or other state, city or municipal departments or other governmental authorities having jurisdiction against or affecting the Property or the use or operation thereof, without the prior written consent of Purchaser, which consent may be granted or denied in Purchaser’s sole discretion; and/or (vii) terminate any tax appeals, condemnation awards proceedings, insurance settlement negotiations or proceedings, zoning changes, public roadway and/or traffic realignment negotiations with public authorities or the like, and/or storm water management agreements, and the like benefiting the Property, without Purchaser’s consent, which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Inspection Period and thereafter which may be granted or denied in the exercise of Purchaser’s sole discretion.