Common use of Ongoing Operations Clause in Contracts

Ongoing Operations. Seller shall cause the Partnership to carry on its business and activities relating to the Real Property, including (a) the leasing of the Real Property, substantially in the same manner as it did at any time prior to the date of this Agreement, and (b) the conduct of all maintenance, repair and replacement work in accordance with the Partnership’s policies and practices prior to the date of this Agreement including: (i) replacement of carpet and appliances (including individual air-conditioning units) in the ordinary course of business, (ii) interior painting in the ordinary course of business, and (iii) day-to-day maintenance and repair of roofs and other building systems, decks, patios, stairways, parking lots and structures, landscaping, gates and fences and other items requiring periodic maintenance and repair. Notwithstanding the foregoing, nothing contained in this Section 8.06 shall affect or otherwise diminish the rights and obligations of Buyer and Seller under Section 7 hereof with respect to a casualty. On or prior to the Closing Date, Seller shall have caused the Partnership to have performed substantially all work necessary (including, without limitation, supplying operable kitchen appliances, new carpet and repainting) to make all apartment units within the Real Property that have been vacant for more than ten (10) days prior to the Closing Date ready for occupancy by incoming tenants, consistent with prudent management practices of experienced multi-family property owners.