Common use of Property Apartments Clause in Contracts

Property Apartments. In the event the Property contains one or more apartments (collectively, the “Property Apartments”, whether one or more), whether for the use of the property manager or otherwise, Seller shall (i) cause all tenants and other occupants of the Property Apartments to vacate same not later than the applicable Closing or the expiration of applicable statutory notice periods, (ii) deliver possession of the Property Apartments to Purchaser at the applicable Closing, free and clear of the claims of any tenants or other existing tenancies, and not otherwise subject to the rights or claims of any third party, and (iii) indemnify, defend and hold Purchaser harmless from and against any claims, causes of action, loss, cost or expense incurred by Purchaser with respect to the Property Apartments. Seller’s obligations contained in this Section 5.8 expressly shall survive each applicable Closing. Notwithstanding the foregoing, if Seller is unable to cause any tenant of a Property Apartment to vacate such Property Apartment by the applicable Closing (a “Holdover Tenant”), then (a) Seller shall enter into a lease agreement with such Holdover Tenant on Purchaser’s form of lease by such Closing that is terminable on thirty (30) days notice, without a fee, and any such lease(s) shall be assigned by Seller to Purchaser at such Closing, (b) Seller shall escrow at such Closing with the Title Company the sum of Twenty Five Thousand and no/100 Dollars ($25,000.00) to cover any costs or expenses that Purchaser incurs should such Holdover Tenant fail to vacate such Property Apartment as required, and (c) such escrowed funds shall be held by the Title Company pursuant to the terms of an escrow agreement in form reasonably acceptable to Seller, Purchaser and the Title Company, to be agreed upon prior to the expiration of the Approval Period.