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 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. Seller shall comply with all of Seller’s duties and obligations as set forth in all the Leases or other occupancy agreements in effect at the Property. Notwithstanding the foregoing, during the Executory Period, Seller shall not enter into any new Leases, amendments or renewals of Leases for any period of time post-Closing without the prior consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Inspection Period but can be withheld in Buyer’s sole discretion from and after the expiration of the Inspection Period. Other than the new Leases, Seller shall execute no other contracts or agreements regarding the Property, nor enter into any amendment or modifications to the Contracts, during the Executory Period that are not terminable on or before the Closing Date, and Seller shall not enter into any contracts, leases, or other agreements with parties related to Seller during the Executory Period. Seller shall not create, cause or permit the creation of any lien or encumbrance to attach to the Property between the Effective Date and the Closing Date unless Seller obtains a release thereof before the Closing Date or unless such lien is consented to in advance by Buyer. Seller shall cause to be paid, satisfied and released any monetary lien or encumbrance attached to the Property on or before the Closing Date. At least five (5), but not more than ten (10) days prior to the Closing, Buyer may schedule a walk-through for Buyer to confirm that the requirements of this Section have been satisfied and to provide Buyer with information about the operation of 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 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. 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. 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 best efforts to ensure that the Assets are maintained and operated in a good and workmanlike manner. Subject to the provisions of Section 2.2, 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 $10,000.00 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 date of Seller’s acceptance of this Agreement to the Closing Date (the “Executory Period”), Seller shall fully complete the Demolition and otherwise 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. Seller shall not execute any contracts, leases or other agreements regarding the Property during the Executory Period, 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 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. 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 Buyer at its sole discretion. During the term of this Agreement Seller shall not enter into any agreements with any third parties for the sale of the Property. Representations and Warranties by Seller. Seller represents and warrants to Buyer as follows:
