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 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.