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 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 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 Feasibility Date to the Closing Date, Seller shall only modify any existing Property Contracts or enter into new Property Contracts that are terminable on upon 30 days prior written notice without penalty or premiumnotice.