Operation and Maintenance of Property Pending Initial Closing Sample Clauses

Operation and Maintenance of Property Pending Initial Closing. Between the Effective Date of this Agreement and the Initial Closing Date, Seller agrees, to (i) operate the Hotel in a commercially reasonable manner consistent with how Seller has previously operated the Hotel; (ii) conduct its operation of the Hotel in the normal course of business and maintain its current relationships with suppliers, vendors and trade creditors, provide a level of employment at the Hotel sufficient for the normal operations of the Hotel as currently conducted; (iii) maintain all present utility services and insurance policies (including Seller’s current casualty deductible) for the Property; (iv) perform all of its obligations to be performed under the Condominium Documents and Contracts, and not enter into any modification or amendment of the Condominium Documents (without Buyer’s prior written consent) except as required to comply with the provisions hereof or the provisions of the Condominium Documents; (v) not enter into any new leases or occupancy agreements (except for rental of hotel rooms in the ordinary course of business) without the consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Due Diligence Period and in its sole discretion thereafter; (vi) except for purchase orders entered into in Seller’s ordinary course of business, not enter into any agreements or modify or cancel any Contracts without the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed; (vii) not sell or dispose of any inventory, supplies, equipment or other Personal Property without the prior written consent of Buyer (which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Due Diligence Period and in its sole discretion thereafter), subject to such depletion and replacement as shall occur and be made in the ordinary course of the operation of the Hotel and in accordance with Seller’s present standards and practices; (viii) not enter into any employment contract or agreement or establish or amend any “employee welfare benefit plan,” “employee pension benefit plan” or “fringe benefit plan” or any other plan or arrangement of a similar nature with obligations that will survive the Initial Closing Date; (ix) promptly send Buyer copies of any notices from any governmental authority received by Seller concerning the Property; (x) make or cause to be made all repairs and replacements reasonably ...