Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, any new or renewed Leases shall not have a term in excess of 1 year and any new Property Contract shall be terminable upon 30 days notice without penalty.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that (a) Seller may only enter into any such new Property Contract if it is terminable on not more than thirty (30) days’ prior notice, and (b) no new or renewed Leases shall have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. Seller shall terminate at or prior to the Closing, at no cost or expense to Purchaser, any and all management agreements affecting the Property. Seller shall use commercially reasonable efforts to deliver all apartment units which are vacant as of the Closing Date (each, a "Vacant Unit") in Rent Ready Condition (as hereinafter defined). Not less than three (3) Business Days prior to the Closing Date, Seller and Purchaser shall jointly inspect the Property and shall mutually agree on a list of the Vacant Units, which list shall specify those Vacant Units that are not in Rent Ready Condition. At Closing, Purchaser shall receive a credit against the Purchase Price in the amount of Five Hundred Dollars ($500) for each Vacant Unit which is not in Rent Ready Condition as of the Closing. For purposes hereof, the term "
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business each Seller may, with respect to its Property, enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, each Seller agrees that any such new Property Contracts or any new or renewed Leases shall be on terms consistent with Seller’s ordinary course of business and shall not have a term in excess of one (1) year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything in this Contract to the contrary, at any time between the Effective Date and the Closing of the Chimneys of Cradlerock Property, to the extent that Purchaser is either not using commercially reasonable efforts to diligently obtain a renewal of the HAP Contract pursuant to Section 4.11 or to the extent Seller is otherwise required by HUD in order to preserve the HAP Contract, the Seller of the Chimneys of Cradlerock Property must use commercially reasonable efforts to renew the HAP Contract for the Chimneys of Cradlerock Property or to enter into a new HAP Contract for the Chimneys of Cradlerock Property.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any new or renewed Leases shall not have a term in excess of 1 year (or such longer period of time for which such Leases are entered into by Seller in the ordinary course of its operation of the Property) without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. From the period from the Effective Date to the Closing Date, Seller shall only enter into new Property Contracts that are terminable on 30 days prior written notice without penalty or premium.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year (or such longer period of time for which such Property Contracts or Leases are entered into by Seller in the ordinary course of its operation of the Property) without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; provided, further, however, Seller agrees that any new Property Contracts entered into after the expiration of the Feasibility Period shall be terminable upon not more than 30 days notice to the vendor without penalty or costs thereunder, unless Purchaser gives its prior written consent, which consent shall not be unreasonably withheld or delayed.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business and consistent with past business practices, Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts shall be terminable on thirty (30) days’ prior written notice without payment or penalty or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser in either case, which consent shall not be unreasonably withheld, conditioned or delayed.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business each Seller may, with respect to its Property, enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts so long as such Property Contract is (a) not extended past the Closing unless expressly authorized by Purchaser or (b) terminable on not more than thirty (30) days’ notice without penalty, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, each Seller agrees that any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that (i) any such new Property Contracts or any new or renewed Leases shall not have a term in excess of 1 year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; (ii) Seller shall not enter into any new Leases with a term of less than 6 months; (iii) Seller shall not enter into any additional non-paying employee Leases (except that Seller may replace existing non-paying employee Leases); (iv) Seller shall provide weekly Rent Rolls to the Purchaser; (v) unless otherwise agreed to by Purchaser, the rent charged under each lease shall be substantially similar to the rental amount assessed for similar units at the Project in Seller's ordinary course of business; and (vi) Seller will continue to screen prospective tenants consistent with Seller's ordinary course of business.
Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that any such new Property Contracts or any new or renewed Leases shall be entered into in the ordinary course of business and shall not have a term in excess of 1 year (or such longer period of time for which such Property Contracts or Leases are entered into by Seller in the ordinary course of its operation of the Property) without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed.
