Property Operations. Seller shall maintain the Property including the, Improvements in good condition and repair and will conduct good farming practices on the Property consistent with its past practices until the Closing. During the Due Diligence Periods, Seller shall promptly notify Buyer in writing of any material changes with respect to the Property, whether voluntary or involuntary. After the expiration of the last Due Diligence Period, Seller shall not voluntarily cause or permit any material changes with respect to the Property without Buyer’s prior written consent.
Property Operations. As between the Company and the Royalty Holder, the Company shall have exclusive control and authority over all matters relating to the Property, including all business, operations and activities thereon.
Property Operations a. Current rent roll.
b. Operating statements for last two years and actual year to date, where applicable during ownership of Seller.
c. Last two years and most recent tax bills and other tax-related information, including any assessments, applicable during Seller's ownership.
d. Monthly rental delinquency report for 1999 to date.
e. Current operating and service agreements, contracts and leasing agreements.
Property Operations a. Utility bills for past three years (electric, water and gas) or for the period of ownership of Seller, if less than three (3) years.
b. Any other material information regarding the property.
Property Operations. In the performance of his duties, Executive shall be subject to the direction of the Board of Directors of the Company (the "Board"), including any committee of the Board designated by the Board, if any, and the Company’s Chief Operating Officer and any officer senior to the Chief Operating Officer ("CEO", which term refers to the Chief Operating Officer and any officer senior to the Chief Operating Officer (such as the President, Chief Executive Officer and Executive Chairman), each with authority acting alone to give direction hereunder in the event that more than one person holds these positions) and shall not be required to take direction from or report to any other person. Executive will report directly to the Chief Operating Officer of the Company. Executive's duties and authority shall be commensurate with Executive's title and position with the Company, and shall not be materially diminished from, or materially inconsistent with, Executive's duties and responsibilities with the Company immediately prior to the date of this Agreement, provided, however, that it will not be a violation of this Section 2(a), or otherwise be a breach by the Company under any term of this Agreement, if either (x) or (y) immediately below are true:
Property Operations. Xxxxxx X. Xxxxxxxxx President and Chief Executive Officer G. Xxxx Xxxxx Senior Vice President, Stategic Initiatives & Finance Xxxxxxxxx X. Xxxxxxxxx Vice President, Human Resources Xxxxxx X. Xxxxxx President and Chief Executive Officer Xxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx Xxxx X. Xxxxxxxx J. Xxxxx Xxxxx Xxxxxxxx X. Xxxxxx Xxxx X. XxxXxxxxxx Xxxxx X. Xxxxx Xxxxx Xxxxxxx Xxxxxx X. Xxxxxx Xxxxx X. Xxxxxx Xxxx X. Xxxxxxxx
Property Operations. Purchaser shall be responsible for securing any consent from third parties who have the right to consent to the transfer of any Intangible Personal Property or appurtenant rights (the “Required Consents”) and paying any fee in connection therewith. Failure to obtain the Required Consents is not a condition precedent to Purchaser’s obligation to consummate the Closing. Purchaser assumes all liability which arises as a result of failing to obtain any Required Consents and shall indemnify and hold harmless Seller from any liability, claims, actions, expenses, or damages incurred by Seller as a result of such failure, which obligation shall survive the Closing.
Property Operations. Until the Closing Date occurs, Borrower shall cause the Resort Manager to operate the Property in substantially the manner as the Property is being operated as of the Effective Date. In connection therewith, notwithstanding anything to the contrary contained in the Loan Documents, from the Effective Date until the Closing Date, Borrower shall not be obligated to make payments of principal and interest under the Note to Lender, but instead, Borrower shall have the right to use, and to permit Resort Manager to use, (a) proceeds from the operation of the Resort Property only to pay third-party costs and expenses of operating the Property in the ordinary course and to reduce the current liabilities as described in Section 7.2(b) above and (b) following the delivery to Lender of written notice thereof, make capital expenditures for the benefit of the Resort Property in the ordinary course, utilizing amounts in the capital expenditure reserve; provided, however, that Borrower shall not permit Resort Manager to make capital expenditures in excess of $20,000 in the aggregate without GTA-IB’s prior written consent which may be withheld or denied in GTA-IB’s sole discretion. Borrower agrees that it shall not and it shall not permit the Resort Manager to enter into any contracts or agreements with respect to the Resort Property which entail expenditures by Borrower and/or the Resort Manager of amounts in excess of $20,000, in the aggregate, without GTA-IB’s prior written consent in each instance. Proceeds from the operation of the Property shall not be paid to Borrower or its affiliates.
Property Operations. Xxxxx’s review and approval of documentation, reports and records concerning Property and its operations including the following:
1. Verification that most recent property taxes are paid.
2. The building operating expenses for the past five (5) years. At the request of Buyer, Seller shall promptly provide any documentation in Seller’s possession and those within Seller’s ability to obtain related to the operating expenses, including copies of invoices, xxxxxxxx, payments of the expenses and charges to tenants for review and approval. Seller will provide a list of any such documents it is aware of but cannot or has not provided to Buyer.
3. Tenant xxxxxxxx and summaries for the operating expenses for the immediate 12 months preceding exercise of the Option to Purchase.
4. Service contracts related to any item on and being transferred with the Property (for example HVAC, Elevator and Fire/Sprinkler System Service Agreement).
5. Certificates of Occupancy, warranties and other contracts or documents of significance to the Property.
6. Building permits and certificates of occupancy. (Originals or certified copies shall be provided by Seller by close of escrow.)
7. The as-built plans and specifications for each building and all Improvements which is either in Seller’s possession or Seller is able to obtain by reasonable means including, but not limited to, obtaining plans from the local building and planning department search.
8. Any and all as-built plans and specifications for the Property, of the structural, roof, mechanical, electrical, plumbing and life safety condition of the Property.
