SERVICE CONTRACTS AND LEASES. District has not procured or entered into any (i) service, management, maintenance, or development contracts, or (ii) leases, licenses, easements, or other occupancy agreements affecting the Property that will survive Closing. District will not hereafter enter into any such contracts or agreements that will bind the Property or Developer as successor-in-interest with respect to the Property, without the prior written consent of Developer.
SERVICE CONTRACTS AND LEASES. Except for those disclosed to Buyer by Seller’s Managing Agent, there are no contracts or agreements which affect the Property, except for the Service Contracts and Leases set forth on Exhibits P and O and New Contracts, and Seller has not entered into any agreements with any hotel franchisor relating to the Property that would be binding on Buyer or the Property, other than Seller’s Franchise Agreement which will be terminated in connection with Closing. Seller represents and warrants to Buyer that: (i) true, correct and complete copies of all Service Contracts and Leases have been delivered to Buyer, (ii) the Service Contracts and Leases are in full force and effect and have not been amended or modified except as disclosed in writing to Buyer prior to the date of this Contract, (iii) except for the Seller’s Franchise Agreement, the Service Contracts and Leases are fully transferable and assignable to Buyer without the payment of any fees and (iv) there are no defaults by Seller or any conditions existing which, with the passage of time or the giving of notice or both will become a default. Buyer will provide a list to Seller on or prior to the expiration of the Review Period of the Service Contracts and Leases that shall be assigned to Buyer at Closing and Seller shall terminate all other Service Contracts and Leases prior to Closing at Seller’s expense. Notwithstanding anything in this Section 7.1(p) to the contrary, Seller shall assign any and all New Contracts entered into in accordance with the terms of this Contract to Buyer at the time of Closing.
SERVICE CONTRACTS AND LEASES. Any amounts prepaid or payable under any Service Contracts or Leases (including the Restaurant Lease) shall be prorated as of the Close of Escrow. Any percentage rentals (if any) or rental payments for increases in taxes or operating expenses under the Restaurant Lease shall be prorated and paid to the party entitled thereto as and when collected. All security deposits held by Seller (if any) shall be credited to Buyer upon the Close of Escrow and all obligations with respect to such security deposits shall be assumed by Buyer.
SERVICE CONTRACTS AND LEASES. There are no Service Contracts or any leases binding upon the Property.
SERVICE CONTRACTS AND LEASES. Each of the Rent Roll and the list of Service Contracts to be delivered to Purchaser pursuant to this Agreement will be true, correct and complete as of the date of its delivery, and the copies of the Leases and Service Contracts delivered by Seller to Purchaser pursuant to this Agreement shall be true, correct and complete. There are no leases, contracts or agreements or understandings which will affect the Property on the Closing Date other than the Leases set forth in the Rent Roll or permitted to be entered into with the consent of Purchaser under Section 6.1.4 and the Service Contracts set forth in the list of Service Contracts to be delivered to Purchaser pursuant to this Agreement. The Service Contracts, the Permitted Exceptions and the Leases are free from default by Seller and, to the best knowledge of Seller, by any other party thereto. Except as expressly set forth in the Rent Roll, no brokerage or similar fee is due to any party in connection with any renewal, extension, termination or expansion options arising under any of the existing Leases.
SERVICE CONTRACTS AND LEASES. Seller does not represent and warrant that any particular Service Contract will be in force or effect as of the Closing or that tenants under Leases or the parties to the Service Contracts will not be in default under their respective Leases or Service Contracts, and neither the existence of any default by any tenant under its Lease nor the default of any party under any Service Contract shall affect the obligations of Purchaser hereunder; provided, however, the foregoing shall not affect the conditions contained in Section 8.2 above.
SERVICE CONTRACTS AND LEASES
