Operation Prior to Closing. During the period from the Effective Date to the Closing Date (the “Executory Period”), Seller shall operate and maintain the Real Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fire, windstorm and other hazards, casualties and contingencies, including vandalism and malicious mischief. However, Seller shall execute no contracts, leases or other agreements regarding the Real Property during the Executory Period that are not terminable on or before the Closing Date, without the written consent of Buyer, which consent may be withheld by Buyer in its sole discretion.
Operation Prior to Closing. During the period from the Effective Date of this Agreement to the Closing Date (the “Executory Period”), Seller shall operate and maintain the Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fire, windstorm and other hazards, casualties and contingencies, including vandalism and malicious mischief, and shall promptly notify Buyer of any material change to the Property. During the Executory Period, Seller will not enter into any new lease or contract, or materially amend, modify, terminate, cancel or extend any Lease (“Lease Modification”) without notifying Buyer in writing of the same. To the extent there is a material change to the Property, including but not limited to a Lease Modification or any material breach of any Lease other than by Buyer, subsequent to the Contingency Date, but prior to the Closing Date, Buyer shall have the right to terminate this Agreement within five (5) business days after it receives notice of such material change. Seller shall immediately disclose to Buyer any material changes to the Leases and/or any breach of any Lease upon the occurrence of such change or breach. If Buyer so terminates this Agreement, neither party will have any further rights or obligations regarding this Agreement or the Property.
Operation Prior to Closing. During the period from the date of Seller's acceptance of this Purchase Agreement to the Closing Date, Seller may, at its sole option and discretion, operate and maintain the Property in its ordinary course of business and in accordance with Seller's normal standards. If either party discovers a new condition that requires a repair, Seller may make any such repairs as Seller determines in its sole discretion are necessary for its use of the Property. If, however, Seller decides not to make the repair, Seller shall notify Buyer immediately of the condition and its decision not to make such repair. In the event Seller provides such notice, Buyer shall have the right upon reasonable notice to enter the Property during all business hours for the purposes of inspecting or making repairs to the Property at Buyer's sole cost and expense. When inspecting or making repairs to the Property, Buyer will not unduly interfere with Seller's use of the Property.
Operation Prior to Closing. Except as otherwise consented to in writing by Buyer or provided in this Agreement, from the date of execution hereof to the Closing, each Seller shall use its commercially reasonable efforts to ensure that the Assets are maintained and operated in a good and workmanlike manner and, to the extent such Seller operates Assets, to conduct such operation in the ordinary course of business consistent with past practice. Subject to the provisions of Section 2.3, each Seller shall pay or cause to be paid its proportionate share of all costs and expenses incurred in connection with such operations. The Seller Representative shall notify Buyer of ongoing activities and major capital expenditures in excess of Twenty-Five Thousand Dollars ($25,000.00) per activity conducted on the Assets and shall consult with Buyer regarding all such matters and operations.
Operation Prior to Closing. During the period from the Effective Date to the Closing Date (the “Executory Period”), Seller shall operate and maintain the Property in the ordinary course of business in accordance with prudent, reasonable business standards. Seller shall execute no contracts, leases or other agreements regarding the Property during the Executory Period that are not terminable on or before the Closing Date, without the prior written consent of Buyer, which consent may be withheld by Xxxxx at its sole discretion.
Operation Prior to Closing. Between the date of this Agreement and the Closing Date, Seller shall (a) manage and operate the Property in Substantially the same manner as Seller has been managing and operating the same on the date hereof, (b) keep and perform all of the covenants which it is obligated to keep and perform under the Leases; and (c) maintain, or cause the tenants to maintain, the Property in at least as good physical condition as it is in on the date of this Agreement, ordinary wear and tear of normal use and damage from casualty or condemnation excepted. Seller may not sign leases covering space in the Property which is vacant on the date hereof, or which become vacant prior to the Closing Date (hereinafter called "New Leases") without the prior written consent of Purchaser. Seller may also permit or consent to subleases of space in the Property (hereinafter called "Subleases") and may enter into contracts or agreements relating to operation or maintenance of the Property (hereinafter called "Operating Contracts"), so long as said Operating Contracts may be terminated by the owner of the Property upon not more than thirty (30) days' prior written notice to the contractor. Seller shall not enter into any other Operating Contract without the prior written approval of Purchaser. If Seller receives written notice from any governmental body, agency or instrumentality between the date of this Agreement and the Closing Date that the Property is in violation of any applicable Governmental Requirement, Seller shall immediately provide a copy thereof to Purchaser. Seller shall have the right, but not the obligation, to cure any such violation on or before the Closing Date. If Seller fails to cure any such violation on or before the Closing Date, Purchaser may elect, by written notice to Seller, either (A) to purchase the Property anyway, in accordance with the provisions hereof, and without any reduction in or abatement of the Purchase Price, subject to said violation, and without any continuing obligation upon Seller to cure such violation, or (B) to terminate this Agreement, in which event all Earnest Money (and all interxxx xxxned thereon) shall be paid to Purchaser, and this Agreement shall be deemed to be null, void, terminated and of no further force or effect, except as herein to the contrary expressly provided. If Purchaser does not so elect either said option (A) or said option (B), Purchaser shall be deemed to have elected said option (A).
Operation Prior to Closing. Except as otherwise consented to in writing by Buyer or provided in this Agreement, from the date of execution hereof to the Closing, Seller shall maintain and operate the Assets in a good and workmanlike manner in accordance with Seller's past practices. Subject to the provisions of Section 2.3, Seller shall pay or cause to be paid its proportionate share of all costs and expenses incurred in connection with such operations. To the extent Seller receives written AFEs or actual notice of such, Seller shall notify Buyer of ongoing activities and major capital expenditures in excess of $25,000 per activity net to Seller's interest conducted on the Assets and shall consult with Buyer regarding all such matters and operations.
Operation Prior to Closing. Except as otherwise consented to in writing by Buyer or provided in this Agreement, from the date of execution hereof to the Closing, Seller shall use Seller’s commercially reasonable efforts to ensure that the Assets are maintained and operated in a good and workmanlike manner. Subject to the provisions of Section 2.3, Seller shall pay or cause to be paid its proportionate share of all costs and expenses incurred in connection with such operations. To the extent Seller receives written AFEs or actual notice of such, Seller shall notify Buyer of ongoing activities and major capital expenditures in excess of Twenty-five Thousand Dollars ($25,000.00) per activity net to Seller’s interest conducted on the Assets and shall consult with Buyer regarding all such matters and operations.
Operation Prior to Closing. During the period from the Effective Date to the Date of Closing, Donor shall maintain adequate liability insurance and insurance against loss by fire, windstorm, and other hazards and casualties. Further, Donor shall not execute any contracts, leases, easements, or other agreements regarding the Property without the written consent of Xxxxx. On or before the Date of Closing, Donor shall terminate any outstanding contracts affecting the Property and pay for all labor or materials furnished to the Property at the request of Donor.
Operation Prior to Closing. During the period from the date of Seller’s acceptance of this Agreement to the Closing Date (the “Executory Period”), Seller shall operate and maintain the Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fire, windstorm and other hazards, casualties and contingencies, including vandalism and malicious mischief. Any and all issues of damage shall be the sole responsibilities of Seller. Seller shall execute no contracts, leases or other agreements regarding the Property following the end of the Inspection Period that are not terminable on or before the Closing Date without the prior written consent of Buyer, which consent may not be unreasonably withheld by Buyer.
