Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 8 contracts
Samples: Purchase and Sale Agreement (Cole Credit Property Trust V, Inc.), Purchase and Sale Agreement (Cole Office & Industrial REIT (CCIT II), Inc.), Purchase and Sale Agreement (American Realty Capital Trust V, Inc.)
Seller Covenants. Seller agrees that itthat, during the pendency of the transaction contemplated herein, Seller: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed maintained the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: discretion (but otherwise shall not be unreasonably withheld): (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary, including but not limited to any alterations being performed as part of the completion of any Punch-List items). During the pendency of the transaction contemplated herein, Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.), Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.)
Seller Covenants. Seller agrees that itSeller and/or each Affiliate with respect to each Property: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.), Purchase and Sale Agreement (American Realty Capital Properties, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue use good faith efforts to operate complete construction of the Improvements in a prompt and manage the Property in the same manner in which Seller has previously operated and managed the Propertytimely manner; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.), Purchase and Sale Agreement (American Realty Capital Trust III, Inc.)
Seller Covenants. Seller agrees that itSeller with respect to each Property: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Seller Covenants. Seller agrees that iteach Seller with respect to such Seller's Property: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the maintained such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the or cause its Tenant to maintain each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust Inc)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereofhereof to the extent required under the Lease; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.)
Seller Covenants. Seller agrees that itSeller: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the maintained such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder except for Punchlist items (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, except as may be required by the terms of the Lease (in which case, Seller shall deliver notice thereof to Buyer), without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: ; (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed maintained the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an any material alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust Inc)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor or enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor or release any guarantor of or security for the Lease unless required by the express terms of the such Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder under the the Lease (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed maintained the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust Inc)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor manner (except to effectuate the Xxxxxxxxx Lease Amendment) or enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the any Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the any Lease nor or release any guarantor of or security for the any Lease unless required by the express terms of the such Lease; (iv) enter into any contracts unless terminable by Seller without penalty upon not more than thirty (30) days’ prior notice; and/or (ivv) cause, permit or consent to an alteration of the premises demised thereunder under the Leases (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Global Trust, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (bh) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereofhereof as set forth in the Lease; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i1) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Properties, Inc.)
Seller Covenants. Each Seller agrees that itwith respect to each Seller’s Respective Property: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the maintained such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor manner or enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the any Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the any Lease nor or release any guarantor of or security for the any Lease unless required by the express terms of the such Lease; (iv) enter into any contracts unless terminable by Seller without penalty upon not more than thirty (30) days’ prior notice; and/or (ivv) cause, permit or consent to an alteration of the premises demised thereunder under the Leases (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Seller Covenants. Seller agrees that itSeller, with respect to each Property: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (cb) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust V, Inc.)
Seller Covenants. Seller agrees that between the Effective Date and the Closing it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new leaseleases, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Global Trust, Inc.)
Seller Covenants. Seller agrees that itSeller and/or each Affiliate with respect to each Property: (a) shall continue use good faith efforts to operate complete construction of the Improvements in a prompt and manage the Property in the same manner in which Seller has previously operated and managed the Propertytimely manner; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to any Property, except for executing the PropertyLease Modification Agreement establishing the rent commencement date upon completion of improvements and receipt of such from Tenant; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust V, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to maintain, operate and manage the Property in the same manner in which Seller has previously maintained, operated and managed the Property; and (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, prior to the expiration of the Due Diligence Period shall not be unreasonably withheld, conditioned or delayed, and after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Global Trust, Inc.)
Seller Covenants. Seller agrees that itSeller and/or each Affiliate with respect to each Property: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the maintained such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Properties, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue use good faith efforts to operate complete construction of the Improvements in a prompt and manage the Property in the same manner in which Seller has previously operated and managed the Propertytimely manner; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the First Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any mannermaterial manner (Seller is not required to obtain Buyer’s prior written consent for the First Amendment to Lease in the form attached hereto as Exhibit I, that is “pending” and such amendment is excluded from such consent obligation), nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue use good faith efforts to operate complete construction of the Improvements in a prompt and manage the Property in the same manner in which Seller has previously operated and managed the Propertytimely manner; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the First Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any material manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease in any manner, nor or enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor or release any guarantor of or security for the Lease unless required by the express terms of the such Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder under the Lease (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the Property in substantially the same manner in which Seller has previously operated and managed the Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in substantially the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases in any manner, nor manner or enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the any Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the any Lease nor or release any guarantor of or security for the any Lease unless required by the express terms of the such Lease; (iv) enter into any contracts unless terminable by Seller without penalty upon not more than thirty (30) days’ prior notice; and/or (ivv) cause, permit or consent to an alteration of the premises demised thereunder under the Leases (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Seller Covenants. Seller agrees that it: (a) shall shall, to the extent of its obligations under the Lease, continue to operate and manage the Property in the same manner in which Seller has previously operated and managed the Property; (b) shall, to the extent of its obligations under the Lease, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or better) condition as exists on the date hereof; and (c) shall not, except as may be required by the terms of the Lease, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: ; (i) amend the Lease in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the Property; (ii) consent to an assignment of the Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the Lease nor release any guarantor of or security for the Lease unless required by the express terms of the Lease, if any; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Finance Trust, Inc)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s sole discretion: (i) amend the Lease Leases or Guaranties in any manner, nor enter into any new lease, other than the Hearing Center Lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the any Lease or a sublease of the premises demised thereunder or a termination or surrender thereof; (iii) terminate the any Lease nor release any guarantor of or security for the any Lease unless required by the express terms of the such Lease; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder under the Leases (unless such consent is non-discretionary); and/or (v) amend the Loan Documents in any manner or enter into any new loan documents with respect to the Loan. Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust II, Inc.)
Seller Covenants. Seller agrees that it: (a) shall continue to operate and manage the each Property in the same manner in which Seller has previously operated and managed the such Property; (b) shall, subject to Section 7 hereof and subject to reasonable wear and tear, maintain the each Property in the same (or better) condition as exists on the date hereof; and (c) except as set forth in Exhibit I hereof, shall not, without Buyer’s 's prior written consent, which, after the expiration of the Due Diligence Period may be withheld in Buyer’s 's sole discretion: (i) amend the Lease Leases in any manner, nor enter into any new lease, license agreement or other occupancy agreement with respect to the any Property; (ii) consent to an assignment of the Lease Leases or a sublease of the premises demised thereunder or a termination or surrender thereof; (iiiill) terminate the Lease Leases nor release any guarantor of or security for the Lease Leases unless required by the express terms of the LeaseLeases; and/or (iv) cause, permit or consent to an alteration of the premises demised thereunder (unless such consent is non-discretionary). Seller shall promptly inform Buyer in writing of any material event adversely affecting the ownership, use, occupancy or maintenance of the any Property, whether insured or not.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Global Trust, Inc.)