Common use of Execution of New Leases and Renewals Clause in Contracts

Execution of New Leases and Renewals. Seller shall use reasonable efforts to negotiate new leases for unrented apartment units in the Improvements and/or Lease renewals for rented apartment units in the Improvements and shall maintain an advertising and marketing program for apartment units in the Improvements consistent with Seller’s past practices at the Property. Except for amendments or leases entered into pursuant to renewal notices mailed prior to the execution of this Agreement, unless Purchaser agrees otherwise in writing, any new leases or renewals of existing leases for such apartment units entered into by Seller after the Effective Date until the Closing or earlier termination of this Agreement shall be on Seller’s standard apartment lease form for the Property, and shall be for terms of no less than three (3) months and no more than twelve (12) months. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy, provided (i) Seller shall only enter into new leases or renewals in the ordinary course of business taking into account Seller’s then-current good faith evaluation of market conditions and (ii) the rental rates charged by Seller shall be a minimum of ninety percent (90%) of the average rental rates for similar units (with similarity being determined on the basis of the number of bedrooms, square footage and common features in units) obtained by Seller during the months of January and February, 2009. Each such new lease or renewal entered into by Seller shall constitute a “Lease” for purposes of this Agreement.

Execution of New Leases and Renewals. Seller shall use reasonable efforts to negotiate new leases for unrented apartment units in the Improvements and/or Lease renewals for rented apartment units in the Improvements and shall maintain an advertising and marketing program for apartment units in the Improvements consistent with Seller’s 's past practices at the Property. Except for amendments or leases entered into pursuant to renewal notices mailed prior to the execution of this Agreement, unless Purchaser agrees otherwise in writing, any new leases or renewals of existing leases for such apartment units entered into by Seller after the Effective Date until the Closing or earlier termination of this Agreement shall be on Seller’s 's standard apartment lease form for the Property, and shall be for terms of no less than three six (36) months and no more than twelve fifteen (1215) months. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy, provided (i) that Seller shall only enter into new leases or renewals in the ordinary course of business taking into account Seller’s 's then-current good faith evaluation of market conditions and (ii) the rental rates charged by Seller shall be a minimum of ninety percent (90%) of the average rental rates for similar units (with similarity being determined on the basis of the number of bedrooms, square footage and common features in units) obtained by Seller during the months of January and February, 2009conditions. Each such new lease or renewal entered into by Seller shall constitute a “"Lease” " for purposes of this Agreement.

Execution of New Leases and Renewals. Seller shall use reasonable efforts to negotiate new leases for unrented apartment units in the Improvements and/or or Lease renewals for rented unrented apartment units in the Improvements and shall maintain an advertising and marketing program for apartment units in the Improvements consistent with Seller’s past practices at the Property. Except for amendments or leases entered into pursuant to renewal notices mailed prior to the execution of this Agreement, unless Purchaser Unless Buyer agrees otherwise in writing, any new leases or renewals of existing leases for such apartment units entered into by Seller after the Effective Agreement Date until the Closing or earlier termination of this Agreement shall be on Seller’s standard apartment lease or renewal form for the Property, and shall be for terms of no less than three six (36) months and no more than twelve (12) months. Following the Approval Date, no new leases or leases or lease renewals shall be executed by Seller without the prior written consent of Buyer. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy, provided (i) Seller shall only enter into new leases or renewals in the ordinary course of business taking into account Seller’s then-current good faith evaluation of market conditions and (ii) the rental rates charged by Seller shall be a minimum of ninety percent (90%) of the average rental rates for similar units (with similarity being determined on the basis of the number of bedrooms, square footage and common features in units) obtained by Seller during the months of January and February, 2009conditions. Each such new lease or renewal entered into by Seller shall constitute a “Lease” for purposes of this Agreement.

Execution of New Leases and Renewals. Seller shall use reasonable efforts to negotiate new leases for unrented apartment units in the Improvements and/or Lease renewals for rented apartment units in the Improvements and shall maintain an advertising and marketing program for apartment units in the Improvements consistent with Seller’s 's past practices at the Property. Except for amendments or leases entered into pursuant to renewal notices mailed prior to the execution of this Agreement, unless Purchaser agrees otherwise in writing, any new leases or renewals or modifications of existing leases for such apartment units entered into by Seller after the Effective Date until the Closing or earlier termination of this Agreement shall be on Seller’s 's standard apartment lease form for the Property, and shall be for terms of no less than three (3) months and no more than twelve fifteen (1215) monthsmonths or such longer or shorter periods as required under the Loan Documents. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy, provided (i) Seller shall only enter into new leases or renewals in the ordinary course of business taking into account Seller’s 's then-current good faith evaluation of market conditions and (ii) the rental rates charged by Seller shall be a minimum of ninety percent (90%) of the average rental rates for similar units (with similarity being determined on the basis of the number of bedrooms, square footage and common features in units) obtained by Seller during the months of January and February, 2009conditions. Each such new lease or renewal entered into by Seller shall constitute a “Lease” for purposes of this Agreement.

Execution of New Leases and Renewals. Seller shall use reasonable efforts to negotiate new leases for unrented apartment units in the Improvements and/or Lease renewals for rented apartment units in the Improvements and shall maintain an advertising and marketing program for apartment units in the Improvements consistent with Seller’s 's past practices at the Property. Except for amendments or leases entered into pursuant to renewal notices mailed prior to the execution of this Agreement, unless Purchaser agrees otherwise in writing, any new leases or renewals or modifications of existing leases for such apartment units entered into by Seller after the Effective Date until the Closing or earlier termination of this Agreement shall be on Seller’s 's standard apartment lease form for the Property, and shall be for terms of no less than three (3) months and no more than twelve fifteen (1215) months. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy, provided (i) Seller shall only enter into new leases or renewals in the ordinary course of business taking into account Seller’s 's then-current good faith evaluation of market conditions and (ii) the rental rates charged by Seller shall be a minimum of ninety percent (90%) of the average rental rates for similar units (with similarity being determined on the basis of the number of bedrooms, square footage and common features in units) obtained by Seller during the months of January and February, 2009conditions. Each such new lease or renewal entered into by Seller shall constitute a “Lease” for purposes of this Agreement.