Common use of Leases and Property Contracts Clause in Contracts

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 (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 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; and provided further, however, Seller agrees that any such new Property Contracts shall be terminable without penalty on 30 days prior notice. Seller shall terminate at or prior agrees that it will deliver 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 Purchaser each of the Closing Date (each, a "Vacant Unit") vacant Tenant Units in Rent Rent-Ready Condition (as hereinafter defined). Not less than three (3) Business Days with such vacancy and condition to be determined 3 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, or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the amount product of Five Hundred Dollars ($500i) for each Vacant Unit which is the number of Tenant Units as of 3 days prior to the Closing Date that are vacant and not in Rent Rent-Ready Condition as of the Closing. For purposes hereofCondition, the term "and (ii) $900.00.

Leases and Property Contracts. During the period of time from commencing on the Effective Date to and ending on 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 noticethat, 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, any new or renewed Leases shall not have a term in excess of fourteen (14) months and any new Property Contract shall be terminable upon not more than 30 days’ notice without penalty. 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 Datedate that is 5 Business Days prior to the expiration of the Feasibility Period, 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 or terminate 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, that prior to the date that is 5 Business Days prior to expiration of the Feasibility Period Seller agrees shall provide prompt written notice to Purchaser of any such actions. From and after the date that (a) is 5 Business Days prior to the expiration of the Feasibility Period, Seller may only will not enter into any such new Property Contract if it is Contracts, new Leases or modify or terminate existing Leases or Property Contracts (unless such Leases or Property Contracts are terminable without penalty on not no more than thirty (30) days’ notice) except upon five (5) Business Days prior notice, written notice to Purchaser and (b) no new or renewed Leases shall have a term in excess of 1 year without with the prior written consent of Purchaser, which consent shall be in Purchaser’s sole discretion. The phrase “upon five (5) Business Days prior written notice to Purchaser and with the prior written consent of Purchaser” as used in the above sentence shall mean that Purchaser shall have five (5) Business Days after purchaser receives a true, correct and complete copy of any agreement subject to this Section 7.1 or a summary of the proposed business terms to review and to approve or disapprove in writing such agreement or summary, which approval or disapproval shall not be unreasonably withheld, conditioned or delayed; it being the understanding, however, that Xxxxxxxxx’s failure to respond in writing within said five (5) Business Day period shall be deemed approval. Purchaser has preapproved and hereby consents to the Preapproved Lease Modifications. Seller shall terminate at or has, 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 Effective Date, Seller and Purchaser shall jointly inspect entered into 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 "Preapproved Lease Modifications.

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 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. Seller shall terminate at ; (b) on or before two days prior to the Closingexpiration of the Feasibility Period, at no cost or expense to Purchaser, any and all management agreements affecting the Property. Seller shall use commercially reasonable efforts deliver to deliver all apartment units Purchaser copies of any new Property Contracts and Leases which are vacant as have been entered into (i) after the date that the Property Contracts were delivered (or made available) to Purchaser pursuant to Section 3.5.1, in the case of the Closing Date Property Contracts, and (eachii) the date that the Rent Roll was delivered in accordance with Section 3.5.3, a "Vacant Unit"in the case of Leases; and (c) in Rent Ready Condition (as hereinafter defined). Not less than three (3) Business Days prior Seller will only enter into new Property Contracts after the expiration of the Feasibility Period to the Closing Date, Seller extent such Property Contracts are terminable upon 30 days prior written notice. Without limiting Seller's right to receive written notice of default 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 Closingopportunity to cure for any other alleged default hereunder, Purchaser expressly agrees that Seller shall receive a credit against be entitled to the Purchase Price in the amount written notice and cure provisions under Section 10.2 for any alleged default 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 "this Section 7.1.

Leases and Property Contracts. During the period of time from commencing on the Effective Date to and ending on 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 noticethat, 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, any new or renewed Leases shall not have a term in excess of fourteen (14) months and any new Property Contract shall be terminable upon not more than 30 days notice without penalty. 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 "