Maintenance and Operation of the Property Sample Clauses

Maintenance and Operation of the Property. Contributor will cause the Property to be maintained in its present order and condition, normal wear and tear excepted, and will cause the continuation of the normal operation thereof, including the purchase and replacement of fixtures and equipment, and the continuation of the normal practice with respect to maintenance and repair in the ordinary course of business so that the Property will, except for normal wear and tear, be in substantially the same condition on the Closing Date as on the Acceptance Date.
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Maintenance and Operation of the Property. Seller shall maintain the Property in good order, condition and repair, reasonable wear and tear excepted, and shall make all repairs, maintenance and replacements as is necessary to so maintain the Property.
Maintenance and Operation of the Property. 9.01. From and after the date of this Agreement through the Closing with respect to the Property, Owner shall operate the Property in substantially the same condition and manner in which it is now maintained and operated, normal wear and tear and damage or destruction by casualty and condemnation excepted and except as otherwise provided herein. 9.02. From and after the date of this Agreement and through the day of Closing, with respect to the Property, Owner shall maintain on the Property such insurance as is now in effect.
Maintenance and Operation of the Property. 9.01. From and after the date of this Agreement through the Closing, Owner shall operate the Property in substantially the same condition and manner in which it is now maintained and operated, normal wear and tear and damage or destruction by casualty and condemnation excepted. 9.02. From and after the date of this Agreement through the day following the Closing, Owner shall maintain on the Property such insurance as is now in effect. 9.03. Highwoods acknowledges that Owner shall have the right, from and after the date of this Agreement through the Closing, to remove or replace items of Personal Property from time to time in the normal course of business. Highwoods agrees that Owner may remove items of Personal Property from the Property if such items are obsolete or replaced by Personal Property of equal or greater utility or value. Any such Personal Property removed shall cease to constitute Personal Property for all purposes under this Agreement. Any Personal Property replaced pursuant to this subparagraph 9.03 shall, to the extent not thereafter removed, constitute Personal Property for all purposes under this Agreement. 9.04. Highwoods acknowledges that Owner shall have the right, from and after the date of this Agreement through the Closing with respect to the Property, in the ordinary course of business, to enter into agreements pertaining to the operation of the Property. All such agreements entered into after the date hereof shall either be (i) approved in writing by Highwoods or (ii) terminable without penalty on no more than thirty (30) days' notice. Notwithstanding the above, Highwoods agrees to approve the BB&T Lease so long as it is in substantially the form set forth on EXHIBIT H-1. 9.05. Owner shall promptly deliver to Highwoods written notice of any casualty or taking involving the Property. If, prior to the Closing, all or any part of a Building is damaged or destroyed by casualty or is taken by condemnation, eminent domain or agreement in lieu thereof, such that (i) twenty percent (20%) or more of the floor area of any Building or the parking area on the Property is damaged or destroyed by such casualty (a "Major Casualty"); or (ii) in the event of a taking, such taking is of twenty percent (20%) or more of the floor area of any Building or of the parking area on the Property, or such taking renders the Property unfit for use as an office (a "Major Taking"), then either Highwoods or Owner may elect to terminate this Agreement. If any par...
Maintenance and Operation of the Property excepted, and will cause the continuation of the normal operation thereof, including the purchase and replacement of fixtures and equipment, and the continuation of the normal practice with respect to maintenance and repair in the ordinary course of business so that the Property will, except for normal wear and tear, be in substantially the same condition on the Closing Date as on the Acceptance Date.
Maintenance and Operation of the Property. During the Pre-Closing Period, Seller shall perform and comply with all of the following: (a) Continue to maintain and operate the Property generally in accordance with the practices of the Residence Inn by Marriott system, including, without limitation, accepting reservations and contracts for the use of the Hotel's facilities and not commit waste of any portion of the Hotel; (b) Continue to maintain the levels and quality of the Assets generally in accordance with the practices of the Residence Inn by Marriott system; (c) Pay or cause to be paid all taxes, assessments and other impositions levied or assessed on the Property or any part thereof prior to the delinquency date; (d) Not sell, assign or lease, or enter into any agreement to sell, assign or lease, or create or permit to exist any lien or encumbrance on, the Property or any portion thereof; provided, however, nothing contained herein shall prohibit any Permitted Exception, any lien or encumbrance which shall be released at Closing or bonded over pursuant to Section 6.7, or any leases of FF&E existing as of the Effective Date; (e) Maintain the level of FF&E, Fixed Asset Supplies and Inventories such that Purchaser shall not be required to increase the level thereof in any material respect for the first six (6) months following the Closing.
Maintenance and Operation of the Property. Until the Closing or earlier termination of this Agreement, and subject to the provisions of this Agreement and the provisions of the Operating Lease, Seller shall maintain and operate the Property in substantially the same condition and manner as the Property is now maintained and operated by the Seller, provided, however, that Seller shall have no obligation to perform any maintenance or to perform any operations that are the obligation of any tenant under any Lease,. Seller shall also maintain its books and records in the usual regular and ordinary manner. Except as otherwise provided for herein, all Personal Property shall be delivered and transferred to Buyer (in its “as is, where is” condition as of the Closing) at no additional cost to Buyer. No material items of tangible Personal Property owned or leased by Seller shall be removed from the Hotel prior to the Closing (except as may otherwise be permitted or performed under the Operating Lease), except in the ordinary course of business or except for items for which replacements or substitutions of approximately equal utility and value are provided to the Hotel. Seller shall deliver to Buyer upon Buyer’s request, approximately fifteen (15) days prior to the scheduled Closing Date, such then-current information with respect to Guest Bookings, Occupancy Agreements and other bookings, as the Seller customarily keeps or receives internally for its own use. Anything in this Agreement to the contrary notwithstanding, Seller shall have the right, but not the obligation, to make any improvements to the Property (including without limitation installation of a fitness center) which are made in the ordinary course of business or which otherwise are reasonably deemed by Seller to be convenient or advantageous to the Property, provided that, except as otherwise provided in this Agreement or any of the Leases, such improvements shall be made the cost and expense of Seller.
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Maintenance and Operation of the Property. Seller shall cause the Property to be maintained and operated in the ordinary and usual course of business, consistent with Seller's past practice and subject to and in accordance with Seller's obligations under Sections 4.3 (Liens), 4.5 (Existence; Compliance with Legal Requirements), 4.6 (Taxes and Other Charges), 4.12 (Repairs; Maintenance and Compliance; Alterations), 4.14 (Property Management), 4.16 (Licenses; Intellectual Property; Website), 4.22 (Business and Operations) and 4.33 (Zoning) of the Loan Agreement applicable to the Property. Further, Seller shall not convey its title to the Property, or any portion thereof, to any other party.
Maintenance and Operation of the Property. Between the time of execution of this Agreement and the Closing, Seller shall operate the Property in accordance with the following provisions:
Maintenance and Operation of the Property. COVENANTS 9.
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