Rent Ready Condition. If any apartment unit is vacated seven days or more prior to Closing, then, prior to Closing, Seller shall use commercially reasonable diligence to return such unit to rentable condition in accordance with Seller’s customary cleaning, painting, and repair standards for vacant units (the condition of such an apartment unit after cleaning is referred to herein as a “Rent Ready Condition”). To the extent any such units are not in a Rent Ready Condition by Closing, the Purchase Price shall be credited in an amount equal to $500 for each unit that is not in a Rent Ready Condition.
Appears in 2 contracts
Samples: Contract for Purchase and Sale (Behringer Harvard Multifamily Reit I Inc), Contract for Purchase and Sale (Behringer Harvard Multifamily Reit I Inc)
Rent Ready Condition. If any apartment unit is vacated seven (7) days or more prior to Closing, then, prior to Closing, Seller shall use commercially reasonable diligence to cause the Project Owner to return such unit to rentable condition in accordance with SellerXxxxxxx Xxxx Residential’s customary cleaning, painting, and repair standards for vacant units (the condition of such an apartment unit after cleaning cleaning, painting and repairing is referred to herein as a “Rent Ready Condition”). To the extent any such units are not in a Rent Ready Condition by ClosingCondition, the Purchase Price shall be credited in an amount equal to $500 750 for each unit that is not in a Rent Ready Condition.
Appears in 2 contracts
Samples: Option Agreement (Behringer Harvard Opportunity REIT I, Inc.), Option Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Rent Ready Condition. If any apartment unit is vacated seven days or more prior to Closing, then, prior to Closing, Seller shall and shall cause the Company to use commercially reasonable diligence to return such unit to rentable condition in accordance with Sellerthe Company’s customary cleaning, painting, painting and repair standards for vacant units (the condition of such an apartment unit after cleaning is referred to herein as a “Rent Ready Condition”). To If, on the extent Closing Date, any of such units are is not in a Rent Ready Condition by ClosingCondition, then the Purchase Price shall be credited in an amount equal to $500 1,000 for each unit that is not in a Rent Ready Condition.
Appears in 1 contract
Samples: Membership Interests Purchase Agreement (Behringer Harvard Multifamily Reit I Inc)
