New Contracts; New Leases Clause Samples

New Contracts; New Leases. Seller shall not enter into any contract for or on behalf of or affecting the Property which cannot be terminated upon no more than thirty (30) days’ prior notice or without charge, cost, penalty or premium or if such contract provides for any Up Front Payments, and, after expiration of the Inspection Period, shall not renew, fail to give a notice which, in the absence of which, will result in an automatic renewal of, modify, cancel or terminate any Contracts except in accordance with notices given by Buyer under Section 5(c). Notwithstanding anything to the contrary set forth herein, Seller may enter into new leases or renewal leases for all or any portion of the Property in accordance with its current leasing parameters and procedures.

New Contracts; New Leases. (i) Seller shall not enter into any contract for or on behalf of or affecting the Property which cannot be terminated upon no more than thirty (30) days’ prior notice or without charge, cost, penalty or premium, and shall not renew, fail to give a notice which, in the absence of which, will result in an automatic renewal of, modify, cancel or terminate any Service Agreement, and shall not renew, fail to give a notice which, in the absence of which, will result in an automatic renewal of, modify, cancel, accept surrender of, terminate, or accept any advance rental under any of the Tenant Leases. Seller shall not execute any new service agreement or new lease for any portion of the Property without the prior written consent of Buyer. (A) Notwithstanding the provisions of Section 10(e)(i) above, Seller may enter into new leases prior to the Closing Date for rental units within the Real Property which become vacant or may renew any of the Tenant Leases which expire prior to the Closing Date, if such new leases are pursuant to written lease agreements on the printed form heretofore utilized by Seller, a copy of which has been delivered by Seller to Buyer, if the tenants under such new leases have commercially reasonable credit ratings based on past practices, if such new leases or renewals are for terms not exceeding one (1) year, and if the rentals under such new leases and renewals are at rates not less than the rental rate for comparable rental units now being charged under existing Tenant Leases as set forth on Exhibit D, without any free rent, abatement, agreement of landlord to do any work in the rental unit or other landlord concession. Any new lease permitted to be made pursuant to the preceding sentence shall be deemed included in the Tenant Leases. (B) Seller shall use its best efforts to obtain Tenant Leases satisfying the requirements of this Section 10(e)(ii) with respect to any units within the Real Property which become vacant prior to the Closing Date, and to obtain renewals of any of the Tenant Leases which expire prior to the Closing Date satisfying the requirements of this Section 10(e)(ii).

New Contracts; New Leases. During the pendency of this Agreement, Seller shall not enter into any new Lease, nor amend or modify any existing Lease, without the prior written consent of Purchaser. During the pendency of this Agreement, Seller will not enter into any service contract or similar obligation that will be an obligation affecting the Property subsequent to the Closing, except contracts entered into in the ordinary course of business that are terminable without cause upon no more than 30-days' notice and without penalty or cancellation fee, without the prior consent of Purchaser, which shall not be unreasonably withheld or delayed.

New Contracts; New Leases. During the pendency of this Agreement, Seller will not enter into any service contract or similar obligation that will be an obligation affecting the Property subsequent to the Closing, except contracts entered into in the ordinary course of business that are terminable without cause upon 30-days’ notice and without penalty or cancellation fee, without the prior consent of Purchaser, which shall not be unreasonably withheld or delayed. Prior to the expiration of the Due Diligence Period, Seller shall provide Purchaser with written notice prior to entering into any new Lease, and following the expiration of the Due Diligence Period, Seller shall not enter into any new Lease without the prior written consent of Purchaser.