Common use of Purchaser’s Covenants and Agreements Clause in Contracts

Purchaser’s Covenants and Agreements. At Closing, Purchaser shall cause all utilities servicing the Property, including without limitation, electric, natural gas, telephone and tele-communication providers, steam, water, sewer, and any other providers of utility services (collectively, the “Utilities”), to be transferred into an account established by or on behalf of Purchaser and for which Seller will have no liability for Utility charges after the Closing Date. Seller, at no out-of-pocket expense, liability or potential liability to Seller, shall reasonably cooperate with Purchaser to assist Purchaser’s transfer of the Utilities from Seller to Purchaser as of the Closing Date. Purchaser shall be responsible prior to Closing to post with the providers of the Utilities any and all deposits, letters of credit or other security required to transfer the Utilities to Purchaser. PURCHASER ACKNOWLEDGES AND UNDERSTANDS THAT SELLER SHALL DIRECT ALL PROVIDERS OF UTILITIES TO TERMINATE SERVICE TO THE PROPERTY AS OF THE CLOSING DATE AND PURCHASER’S FAILURE TO TRANSFER THE UTILITIES WILL RESULT IN THE INABILITY OF PURCHASER AND THE TENANTS UNDER THE LEASES TO USE THE UTILITIES, WHICH MAY RESULT IN A DEFAULT UNDER THE LEASES. SELLER SHALL HAVE NO LIABILITY TO PURCHASER OR THE TENANTS UNDER THE LEASES AS A RESULT OF PURCHASER’S FAILURE TO COMPLY WITH THE PROVISIONS OF THIS SECTION 7(B).

Purchaser’s Covenants and Agreements. At Closing, Purchaser shall cause all utilities servicing the Property, including without limitation, electric, natural gas, telephone and tele-communication providers, steam, water, sewer, and any other providers of utility services (collectively, the “Utilities”), to be transferred into an account established by or on behalf of Purchaser and for which Seller will have no liability for Utility charges after the Closing Date. Seller, at no out-of-pocket expense, liability or potential liability to Seller, shall reasonably cooperate with Purchaser to assist Purchaser’s transfer of the Utilities from Seller to Purchaser as of the Closing Date. Purchaser shall be responsible prior to Closing to post with the providers of the Utilities any and all deposits, letters of credit or other security required to transfer the Utilities to Purchaser. PURCHASER ACKNOWLEDGES AND UNDERSTANDS THAT SELLER SHALL DIRECT ALL PROVIDERS OF UTILITIES TO TERMINATE SERVICE TO THE PROPERTY AS OF THE CLOSING DATE AND PURCHASER’S FAILURE TO TRANSFER THE UTILITIES WILL RESULT IN THE INABILITY OF PURCHASER AND THE TENANTS UNDER THE LEASES TO USE THE UTILITIES, WHICH MAY RESULT IN A DEFAULT UNDER THE LEASES. SELLER SHALL HAVE NO LIABILITY TO PURCHASER OR THE TENANTS UNDER THE LEASES AS A RESULT OF PURCHASER’S FAILURE TO COMPLY WITH THE PROVISIONS OF THIS SECTION 7(B).