Common use of Management of Premises Clause in Contracts

Management of Premises. Commencing on the Termination Date, Landlord or its designee, upon written notice to Tenant, may elect to assume the responsibilities and obligations for the management and operation of the Facility and Tenant agrees to cooperate fully to accomplish the transfer of such management and operation without interrupting the operation of the Facility. Tenant agrees that Landlord or its designee may operate the Facility under Tenant's licenses and certifications pending the issuance of new licenses and certifications to Landlord or its designee. Tenant shall not commit any act or be remiss in the undertaking of any act that would jeopardize any licensure or certification of the Facility, and Tenant shall comply with all requests for an orderly transfer of any and all Facility and other licenses, Medicare and Medicaid certifications and possession of the Premises at the time of any such surrender.

Appears in 2 contracts

Samples: Lease Agreement (Adcare Health Systems, Inc), Lease Agreement (Adcare Health Systems, Inc)

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Management of Premises. Commencing on the Termination Date, Landlord or its designee, upon written notice to Tenant, may elect to assume the responsibilities and obligations for the management and operation of the Facility Business and Tenant agrees to cooperate fully to accomplish the transfer of such management and operation without interrupting the operation of the FacilityBusiness. Tenant agrees that Landlord or its designee may operate the Facility Business under Tenant's ’s licenses and certifications pending the issuance of new licenses and certifications to Landlord or its designee. Tenant shall not commit any act or be remiss in the undertaking of any act that would jeopardize any licensure or certification of any portion of the FacilityPremises, and Tenant shall comply with all requests for an orderly transfer of any and all Facility facility and other licenses, Medicare and Medicaid certifications and possession of the Premises at the time of any such surrender.

Appears in 2 contracts

Samples: Letter of Credit Agreement (Nationwide Health Properties Inc), Nationwide Health Properties Inc

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