Common use of New Leases and Contracts Clause in Contracts

New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases), Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period and the service contract is cancelable on thirty (30) days notice, or less without penalty or premium. After the expiration of the Investigation Period, Seller may not enter into any service contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five (5) days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser.

New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases)Period, Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period and the service contract is cancelable on thirty (30) days notice, or less without penalty or premiumPeriod. After the expiration of the Investigation Period, Seller may not enter into any service new lease or contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayeddelayed and shall not be required for any leases for a term (with renewals) of one year or less so long as such leases are executed and delivered on Seller’s then standard lease form at then market rates in the ordinary course of Seller’s business. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (ia) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or (iib) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five (5) days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser.

New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases)Period, Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, notice is given to Purchaser within five three (53) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period and the service contract is cancelable on thirty (30) days notice, or less without penalty or premiumPeriod. After the expiration of the Investigation Period, Seller may not enter into any service new contract without Purchaser’s consent, which consent will not be unreasonably withheld withheld, conditioned or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or Purchaser, (ii) is cancelable on thirty (30) days or less notice without penalty or premium, or (iii) is for an aggregate amount not to exceed $25,000 (including all other new contracts, if any, executed by Seller). If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five three (53) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser. Seller shall not enter into any new lease without Purchaser’s consent, which consent may be withheld in Purchaser’s sole and absolute discretion.

New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases)Period, Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, (i) notice is given to Purchaser within five (5) business days after prior to taking such action and in any event at least two (2) business days prior to the expiration of the Investigation Period Period, and the service contract is cancelable on thirty (30ii) days noticePurchaser consents to such action, which consent shall not be unreasonably withheld, conditioned or less without penalty or premiumdelayed. After the expiration of the Investigation Period, Seller may not enter into any service new lease or contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property Property, Seller provides Purchaser with written notice before Seller enters into such contract, and the contract (i) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request requests Purchaser’s approval to any of the foregoing matters, Purchaser shall have five three (53) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall will be deemed approved by PurchaserPurchaser if approval is requested prior to the expiration of the Investigation Period.

New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases)Period, Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period and the service contract is cancelable on thirty (30) days notice, or less without penalty or premiumPeriod. After the expiration of the Investigation Period, Seller may not enter into any service new lease or contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayeddelayed and shall not be required for any leases for a term (with renewals) of one year or less so long as such leases are executed and delivered on Seller’s then standard lease form at then market rates in the ordinary course of Seller’s business. Seller shall provide, on a biweekly basis, copies of any new leases entered into by Seller after the Effective Date and prior to Closing (together with a copy of the underlying lease file for such tenants executing the new leases). Notwithstanding the preceding sentenceforegoing, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (ia) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or (iib) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five (5) days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser.