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 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 (ai) 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. ; (ii) Seller shall terminate at or prior 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 Closing, at no cost or expense Purchaser; (v) unless otherwise agreed to by Purchaser, any and all management agreements affecting the Property. Seller rent charged under each lease 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 be substantially similar to the Closing Date, rental amount assessed for similar units at the Project in Seller's ordinary course of business; and (vi) Seller and Purchaser shall jointly inspect the Property and shall mutually agree on a list will continue to screen prospective tenants consistent with Seller's ordinary course 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 "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 (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 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 and, Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. Seller shall terminate at or prior to Provided that the Closing, at no cost or expense to Purchaser, any and all management agreements affecting Closing occurs on the Property. Seller shall use commercially reasonable efforts to deliver all apartment units which are vacant as last Business Day of the calendar month, Seller agrees that at the Closing Date (each, a "Vacant Unit"a) Seller will deliver to Purchaser the same number (or less) of Tenant Units which were vacant and not in Rent Rent-Ready Condition on the date that the Feasibility Period expired, or (as hereinafter defined). Not less than three (3b) 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 an amount equal to the amount product of Five Hundred Dollars ($500i) for each Vacant Unit which is the number of additional Tenant Units on the date of the Closing that are vacant and not in Rent Rent-Ready Condition as in excess of the Closing. For purposes hereofnumber of Tenant Units that were vacant and not in Rent-Ready Condition on the date that the Feasibility Period expired, the term "and (ii) $500.00.

Leases and Property Contracts. During the period of time from the Effective Date to the Closing Date, in the ordinary course of business but subject to the limitations herein contained, 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 Contracts must be terminable on not more than thirty (30) days’ prior notice, and (b) no 30 days notice without fee or penalty. Seller further agrees that any new or renewed Leases shall have terms that are generally available in the market for comparable units (or are on terms that are similar to those offered by the Seller for such units in the ordinary course of its operation of the Property), shall not have a term in excess of 1 year without twelve (12) months (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). If such new Property Contracts or new or renewed Leases do not meet the foregoing standards and parameters, Seller must obtain 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 executing such new or expense to Purchaser, any and all management agreements affecting the Propertyrenewed Property Contracts or Leases. 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 "7.2