The Leases. (i) Schedule 1.3 contains a complete and accurate list, and Seller has furnished to Buyer accurate and complete copies, of all of the Real Property Leases and Personal Property Leases related to the Purchased Restaurants, as amended to date, together with a brief description of (A) each of the real properties that are leased by Seller under the Real Property Leases (the "Leased Properties"), including the respective addresses and the names and addresses of the landlords thereof, and (B) any improvements made by Seller to any of the Leased Properties that will not revert to any of the landlords upon termination of the Real Property Leases. Seller has delivered to Buyer accurate and complete copies of all environmental studies and reports with respect to any of the Leased Properties that are in the possession of or are readily available to Seller. The zoning of each of the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon and, to Seller's knowledge, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending or, to the best knowledge of Seller, threatened against any of the Leased Properties. Seller does not own any fee interest in any real property. (ii) Seller is not in default, and no facts or circumstances have occurred which, with the passage of time or the giving of notice, or both, would constitute a default, under any of the Leases and the assignment by Seller to Buyer of the Leases included in the list of Assigned Contracts on Schedule 1.4 will not adversely affect Buyer's quiet enjoyment and use, without disturbance, of the Leased Properties or of the personal properties or assets that are the subject of the Personal Property Leases (the "Leased Personal Property"). None of the Leases contains any provisions which, after the date hereof, would (A) hinder or prevent Buyer from continuing to use any of the Leased Properties or Leased Personal Property in the manner in which they are currently used, or (B) impose any additional costs (other than scheduled rental increases) or burdensome requirements as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none of the Purchased Assets are held under, or used by Seller pursuant to, any lease or conditional sales contract.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Staceys Buffet Inc), Asset Purchase Agreement (Star Buffet Inc)
The Leases. A. Buyer acknowledges that Buyer has examined the Leases set forth on the lease schedule (the "Lease Schedule") annexed hereto as Exhibit "F". Sellers represent and warrant that, except as disclosed to Buyer prior to the end of the Review Period, to the Sellers' actual knowledge, (i) the Leases set forth on such Lease Schedule 1.3 contains a complete and accurate list, and Seller has furnished to Buyer accurate and complete copies, of constitute all of the Real Property Leases agreements (other than any subleases and Personal Property Leases related the Contracts) which relate to, affect the occupancy of, or create and/or affect the rights to the Purchased Restaurantsoccupancy of, as amended to date, together with a brief description of (A) each of the real properties that are leased by Seller under the Real Property Leases (the "Leased Properties"), including the respective addresses and the names and addresses of the landlords or any portion thereof, and all amendments, renewals, extensions and modifications thereof, (Bii) except as set forth in the Leases (and any improvements made by Seller subleases and Contracts), no person or firm has any right to occupy any portion of the Property, (iii) all of the Leases are in full force and effect and other than as set forth on the Lease Schedule, none of them have been modified, amended or extended and no renewal or expansion options have been granted to tenants except as specifically set forth in the Leases, (iv) except for MCI, MCI International and New York Telephone, no tenant has an option to purchase the Property or any part thereof, (v) except as set forth therein, the rents set forth on the Lease Schedule are being collected on a current basis and there are no arrearages in excess of one month, (vi) except as set forth in the Leases, no tenant is entitled to rental concessions or abatements for any period subsequent to the Closing Date, (vii) Sellers have not sent written notice to any tenant of the Leased Properties Property claiming that will not revert to such tenant is in default, which default remains uncured, other than the unpaid Rent sums set forth on the Lease Schedule, (viii) no action or proceeding instituted against Sellers by any tenant of the landlords upon termination of the Real Property Leases. Seller has delivered to Buyer accurate and complete copies of all environmental studies and reports is currently pending in any court, except with respect to any of the Leased Properties that claims involving personal injury or property damage which are covered by insurance and described on Exhibit "G", (ix) there are no security deposits or prepaid rent in the possession nature of or are readily available to Seller. The zoning of each of a security deposit other than those set forth in the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon and, to Seller's knowledge, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending or, to the best knowledge of Seller, threatened against any of the Leased Properties. Seller does not own any fee interest in any real property.
(ii) Seller is not in default, and no facts or circumstances have occurred which, with the passage of time Lease Schedule or the giving of noticeLeases, or both, would constitute a default, (x) no rent has been paid more than thirty (30) days in advance under any of the Leases, (xi) all tenant improvement work required to be completed or paid for by Sellers has been or prior to the Closing Date will be completed or paid for, as the case may be, and (xii) except as set forth in the Leases and on Exhibits F (Lease Schedules) and H (Contracts), there are no unpaid leasing commissions or any liability therefor arising from options to expand or renew contained in any of the assignment by Seller to Buyer Leases.
B. Except as is otherwise provided herein, Sellers agree that Sellers will not make any modifications of the Leases included which affect the period subsequent to the Closing without the prior written consent of Buyer, which consent Buyer agrees not to unreasonably withhold or delay. Buyer acknowledges that Hxxxxxx previously assigned its Lease to American Progressive Life and Health Insurance Company of N.Y. by Assignment and Assumption of Lease Agreement, dated September 29, 1997. By Consent to Assignment, dated October 8, 1997, REP II consented to such assignment. Buyer agrees that REP II shall have the right to release Hxxxxxx from its obligations under its Lease and the aforesaid Assignment and Consent and REP II may receive any amounts payable in connection therewith.
C. The right and privilege is reserved to Sellers to institute termination and eviction proceedings against any tenant prior to the list Closing based upon such tenant's failure to observe or perform any of Assigned Contracts on Schedule 1.4 will its obligations pursuant to its Lease, but notice thereof shall be given to the attorneys for Buyer. Sellers do not adversely affect Buyer's quiet enjoyment and use, without disturbance, guarantee or undertake that any tenant of the Leased Properties Property will be in occupancy on the Closing or of the personal properties or assets that are the subject of the Personal Property Leases (the "Leased Personal Property"). None any of the Leases contains will be in force or effect on the Closing. Buyer agrees that the vacating of any provisions whichportion of the Property by any tenant, after or the date hereofremoval of any tenant by eviction proceedings, would (A) hinder or prevent Buyer from continuing to use the termination of any of the Leased Properties tenants' occupancies, by reason of defaults arising under the Lease or Leased Personal Property otherwise, prior to the Closing, shall not give rise to any claim on the part of Buyer or affect the obligations of Buyer hereunder in any manner whatsoever.
D. If any of the rentable space in the manner in which they are Property is currently usedvacant or becomes vacant between the date of this Agreement and the Closing, the same shall not be relet, nor shall any extension or (B) impose renewal of any additional costs lease be made, nor shall any modification of the terms of any lease or rental agreement be made (other than scheduled rental increasesthe Weston Insurance Brokerage, Inc. Amendment of Lease) and Hxxxxxx release, except with the prior written consent of Buyer, which shall not be unreasonably withheld or burdensome requirements as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none of the Purchased Assets are held under, or used by Seller pursuant to, any lease or conditional sales contractdelayed.
Appears in 2 contracts
Samples: Sale Purchase Agreement (JMB Income Properties LTD Xi), Sale Purchase Agreement (JMB Income Properties LTD X)
The Leases. (ia) Schedule 1.3 contains a complete At the Closing, VRS shall and accurate listshall cause each of UWI-STL Properties, UWI-KC Properties and UWI-VAB Properties, and Seller has furnished subject to SECTION 1.2(B) below UWI-COL, to enter into a lease with Buyer accurate and complete copies, of all of the Real Property Leases and Personal Property Leases related to the Purchased Restaurants, as amended to date, together with or a brief description of (A) each of Business Buyer for the real properties that are property owned or leased by Seller under such Property Owner and used in connection with the Real Property Leases Businesses (collectively, the "Leased PropertiesLEASES" and individually, a "LEASE"), including all buildings, improvements, water rights, air rights, mineral rights, privileges, hereditaments and all appurtenances attached thereto and all fixtures located thereon, including the respective addresses and the names and addresses of the landlords thereof, and (B) any improvements made by Seller right to any easements or rights-of-way adjacent to the real estate (collectively, the "FACILITIES" and individually, a "FACILITY"), in the form attached hereto as and more particularly described in EXHIBIT C.
(b) At the Closing, in the event that UWI-COL shall not have completed the purchase of the Leased Facility from CRC Ohio, Management LLC, Seller shall and shall cause UWI-COL Properties that will not revert to any of the landlords upon termination of the Real Property Leases. Seller has delivered to enter into a sublease with Buyer accurate and complete copies of all environmental studies and reports with respect to any of or a Business Buyer for the Leased Properties that are in the possession of or are readily available to Seller. The zoning of each of the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon and, to Seller's knowledge, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending or, to the best knowledge of Seller, threatened against any of the Leased Properties. Seller does not own any fee interest in any real property.
(ii) Seller is not in default, and no facts or circumstances have occurred which, with the passage of time or the giving of notice, or both, would constitute a default, under any of the Leases and the assignment by Seller to Buyer of the Leases included in the list of Assigned Contracts on Schedule 1.4 will not adversely affect Buyer's quiet enjoyment and use, without disturbance, of the Leased Properties or of the personal properties or assets that are the subject of the Personal Property Leases Facility (the "Leased Personal PropertySUBLEASE"). None , including all buildings, improvements, water rights, air rights, mineral rights, privileges, hereditaments and all appurtenances attached thereto and all fixtures located thereon, including the right to any easements or rights-of-way adjacent to the real estate (the Leased Facility referred to herein collectively with the Facilities of the Leases contains any provisions whichother Property Owners as the "FACILITIES" and individually as a "FACILITY"), after in the date hereof, would form attached hereto as and more particularly described in EXHIBIT C.
(Ac) hinder or prevent Buyer from continuing VRS shall cause UWI-COL Properties to use any purchase the Leased Facility within 2 years of the Leased Properties or Leased Personal Property in Closing. In the manner in which they are currently usedevent UWI-COL fails to complete such purchase by such date, or (B) impose any additional costs (other than scheduled rental increases) or burdensome requirements then the rent due under the Sublease at that time and thereafter shall be reduced by 20% until such purchase is completed as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none of the Purchased Assets are held under, or used by Seller pursuant to, any lease or conditional sales contractSublease for such Facility.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Schnitzer Steel Industries Inc)
The Leases. (i) Schedule 1.3 contains a complete and accurate list, and Seller has furnished to Buyer accurate and complete copies, of all of the Real Property Leases and Personal Property Leases related to the Purchased Restaurants, as amended to date, together with a brief description of (A) each of the real properties that are leased by Seller under the Real Property Leases (the "Leased Properties"), including the respective addresses and the names and addresses of the landlords thereof, and (B) any improvements made by Seller to any of the Leased Properties that will not revert to any of the landlords upon termination of the Real Property Leases. Seller has delivered to Buyer accurate Purchaser true, correct and complete copies of all environmental studies and reports with respect to any of the Leased Properties that Leases;
(B) The Leases are in full force and effect, have not been further amended, modified or supplemented, and constitute the possession of entire agreements between the Seller and the Tenants concerning the Real Property;
(C) There are no defaults by the Seller or are readily available to Seller. The zoning of each of Tenants under the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon and, to Seller's knowledge, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending Leases or, to the best knowledge of Seller’s knowledge, threatened against any of the Leased Properties. Seller does not own any fee interest in any real property.
(ii) Seller is not in default, and no facts condition or circumstances have occurred whichevent that, with the passage of time or the giving of notice, or both, would constitute such a default. No Tenant is entitled to any reduction in or refund of, and has a counterclaim or offset against, and is not otherwise disputing, any rents or other charges paid, payable or to become payable by the Tenant under any Lease or any of the Leases and Tenant’s other obligations under any Lease. There are no options or rights to renew, extend or terminate the assignment by Leases, except as expressly set forth in the Leases. No Tenant has indicated to Seller its intent to Buyer terminate or attempt to renegotiate its Lease prior to expiration of the Leases included term of such Lease. To the knowledge of the Seller, no Tenant has entered into any assignment or sublease with respect to the Leases;
(D) Except as disclosed on Exhibit C, Tenants have not provided any security deposit in connection with the Leases;
(E) There arc no free rent, operating expense abatements, incomplete Landlord provided tenant improvements, see Exhibit C, rebates, allowances, or other unexpired concessions or landlord obligations under the Leases;
(F) Other than the Leases, the Seller has not entered into any leases or other occupancy agreements affecting all or any portion of the Real Property, and there are no tenants or other occupants of all or any part of the Real Property other than the Tenants under the Leases;
(G) At the Closing, the landlord’s interest in the list of Assigned Contracts on Schedule 1.4 Leases will not adversely affect Buyer's quiet enjoyment and use, without disturbance, be assigned to Purchaser;
(H) To the knowledge of the Leased Properties or of Seller, the personal properties or assets that Tenants are not the subject of the Personal Property Leases any bankruptcy, reorganization, insolvency or similar proceedings;
(the "Leased Personal Property"). None a) The commencement date of the Leases contains any provisions whichPalatka, after the date hereof, would (A) hinder or prevent Buyer from continuing to use any of the Leased Properties or Leased Personal Property in the manner in which they are currently used, or (B) impose any additional costs (other than scheduled rental increases) or burdensome requirements Florida Lease was as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none the Lease; the rent commencement date of the Purchased Assets Palatka, Florida Lease was as set forth in the Lease; and the expiration date of the initial term of the Palatka, Florida Lease is as set forth in the Lease; (b) There are held underno options remaining unexercised on the part of the Tenant to renew the Palatka, Florida Lease except as set forth in the Lease; and (c) Monthly basic rent is payable as and when set forth in the Palatka, Florida Lease;
(a) The commencement date of the Pikeville, Kentucky Lease was as set forth in the Lease; the rent commencement date of the Pikeville, Kentucky Lease was as set forth in the Lease and the expiration date of the initial term of the Pikeville, Kentucky Lease is as set forth in the Lease; (b) There are no options remaining unexercised on the part of the Tenant to renew the Pikeville, Kentucky Lease except as set forth in the Lease; and (c) Monthly basic rent is payable as and when set forth in the Pikeville, Kentucky Lease;
(a) The commencement date of the Ada, Oklahoma Lease as set forth in the Lease; the rent commencement date of the Ada, Oklahoma Lease was as set forth in the Lease; and the expiration date of the initial term of the Ada, Oklahoma Lease is as set forth in the Lease; (b) There are no options remaining unexercised on the part of the Tenant to renew the Ada, Oklahoma Lease except as set forth in the Lease; and (c) Monthly basic rent is payable as and when set forth in the Ada, Oklahoma Lease;
(a) The commencement date of the Manhattan, Kansas Lease was as set forth in the Lease; the rent commencement date of the Manhattan, Kansas Lease was as set forth in the Lease; and the expiration (late of the initial term of the Manhattan, Kansas Lease is as set forth in the Lease; (b) There are no options remaining unexercised on the part of the Tenant to renew the Manhattan, Kansas Lease except as set forth in the Lease; and (c) Monthly basic rent is payable as and when set forth in the Manhattan, Kansas Lease;
(a) Each Tenant has unconditionally taken possession (as set forth in the Leases) of and is occupying all of its respective Premises (to the extent that the Property is to be delivered to the Tenant pursuant to the applicable Lease); (b) Except as set forth on Schedule 7.3(b)(i)(M), Landlord has completed all work to be performed by Landlord under the Leases in a good and workmanlike manner and in accordance with each Lease; (c) Except as set forth on Schedule 7.3(b)(i)(M), Landlord has not received any notice from any Tenant of any defects in the Real Property or used by Seller pursuant toany related improvements; (d) Except as set forth on Schedule 7.3(b)(i)(M), no Tenant has delivered any lease notice alleging any defect or conditional sales contract.deficiency in the work relating to its respective Real Property or any related improvements or; and (e) Except as set forth on Schedule 7.3(b)(i)(M), Landlord has satisfied any and all commitments made to induce each Tenant to enter in to its respective Lease;
Appears in 1 contract
Samples: Real Estate Purchase and Sale Agreement (Sykes Enterprises Inc)
The Leases. Seller will, within ten (i10) Schedule 1.3 contains calendar days after the Effective Date of this Agreement, provide to Purchaser: (a) copies of the leases and landlord-permitted subleases (such leases and subleases being referred to in this Agreement collectively as the "Existing Leases"); and (b) a complete and accurate list, and Seller has furnished to Buyer accurate and complete copies, rent roll which includes a list of all of the Real Property Existing Leases and Personal Property Leases related to the Purchased Restaurantswhich sets forth each tenant's name, as amended to dateamount of monthly rent, together with a brief description amount of (A) each security deposit, expiration of the real properties that are leased by Seller under the Real Property Leases term, current status of payments and amount of any advance rentals received (the "Leased PropertiesRent Roll"). Seller may, at Seller's option and election, enter into additional leases with respect to the Property and may permit additional subleases with respect to the Property (such additional leases and additional subleases being referred to in this Agreement collectively as the "Additional Leases") prior to the Closing (hereinafter defined) under this Agreement. Purchaser's approval is not required for any Additional Leases which are entered into by Seller during the period of time between the Effective Date of this Agreement and the date which is seven (7) calendar days prior to the expiration of the Inspection Period (the "Seller Leasing Period"), including the respective addresses and the names and addresses of the landlords thereof, and (B) any improvements made by Seller to any of the Leased Properties that will not revert to any of the landlords upon termination of the Real Property Leases. Seller has delivered to Buyer accurate and complete but copies of all environmental studies and reports with respect to any of the Leased Properties that Additional Leases entered into during the Seller Leasing Period must be delivered to Purchaser on or before the final day of the Seller Leasing Period. After the expiration of the Seller Leasing Period, Seller will not enter into any Additional Leases unless such Additional Leases are approved in advance in writing by Purchaser, but: (a) Purchaser will not unreasonably withhold its approval of any proposed Additional Leases; and (b) Purchaser's approval right will terminate and be of no further force or affect upon the possession termination of or are readily available to Sellerthis Agreement. The zoning Existing Leases and the Additional Leases are referred to in this Agreement collectively as the "Leases". At the Closing, Seller will assign to Purchaser all of each of the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon and, to Seller's knowledgeright, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending or, to the best knowledge of Seller, threatened against any of the Leased Properties. Seller does not own any fee title and interest in any real property.
(ii) Seller is not in default, and no facts or circumstances have occurred which, with the passage of time or the giving of notice, or both, would constitute a default, under any of to the Leases and Purchaser will assume all of Seller's obligations under the assignment by Seller to Buyer of the Leases included in the list of Assigned Contracts on Schedule 1.4 will not adversely affect Buyer's quiet enjoyment and use, without disturbance, of the Leased Properties or of the personal properties or assets that are the subject of the Personal Property Leases (the "Leased Personal Property"). None of the Leases contains any provisions which, after the date hereof, would (A) hinder or prevent Buyer from continuing to use any of the Leased Properties or Leased Personal Property in the manner in which they are currently used, or (B) impose any additional costs (other than scheduled rental increases) or burdensome requirements as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none of the Purchased Assets are held under, or used by Seller pursuant to, any lease or conditional sales contractLeases.
Appears in 1 contract
Samples: Agreement of Sale and Purchase (Financial Industries Corp)
The Leases. (ia) The Lease Schedule 1.3 contains on Exhibit B-1 is a true, correct and complete list of all Leases in effect at the Property and accurate listall amendments and modifications thereto, and Seller has furnished to Buyer accurate and complete copiesexcept as set forth in said Lease Schedule, of all of there are no leases, occupancy agreements or other related agreements affecting the Real Property Leases and Personal Property Leases related to the Purchased Restaurants, as amended to date, together with a brief description of (A) each of the real properties that are leased by Seller under the Real Property Leases (the "Leased Properties"), including the respective addresses and the names and addresses of the landlords thereof, and (B) any improvements made by Seller to any of the Leased Properties that will not revert to any of the landlords upon termination of the Real Property LeasesProperty. Seller has delivered to Buyer accurate true, correct and complete copies of all environmental studies Leases listed on Exhibit B-1 to Purchaser. Seller is the lessor or landlord or the successor lessor or landlord under all of the Leases. The schedule of security deposits attached as Exhibit B-2 is a true, correct and reports complete list of all security deposits under the Leases.
(b) Except as set forth on Schedule 5.3(b), to Seller’s knowledge, neither Seller nor any tenant is in material default under the Leases set forth on the Lease Schedule. Except as set forth on Schedule 5.3(b), Seller has not received any written notice from a tenant that Seller is in material default under said tenant’s Lease, which default has not been cured prior to the Effective Date, nor has Seller sent a written notice of default to any tenant prior to the Effective Date.
(c) There are no lease brokerage agreements, leasing commission agreements, or other agreements providing for payments of any amounts for leasing activities or procuring tenants with respect to the Property to which Seller is a party other than as disclosed on Exhibit S. Except as set forth in Schedule 5.3(c) or as may be due under the agreements listed on Exhibit S after Closing, there are no brokerage commissions or other such payments due from and after the Closing in connection with any Lease. Seller will terminate its Leasing Agreement (the “Buck Leasing Agreement”) with Buck Management Group, LLC (“Buck”) at Closing, however, Purchaser shall pay any commissions which are payable under the Buck Leasing Agreement (notwithstanding the termination thereof), with respect to any lease signed by Purchaser within one hundred twenty (120) days after Closing with any party identified on a list (a “Prospect List”) delivered by Buck. The Prospect List for the Buck Leasing Agreement shall include only those parties (i) from whom Buck has received a written request for a lease proposal prior to its termination and/or (ii) to whom Buck has submitted a written proposal prior to its termination and/or (iii) with whom Buck has been engaged in material discussions and/or negotiations regarding the leasing by such prospective tenant of space at the Property prior to its termination (including existing tenants with whom Buck is negotiating renewal options and/or expansion options). Furthermore, Purchaser shall pay any commissions which are payable under the Exclusive Lease Agency Agreement (the “Stone Agreement”) with Stone Real Estate Corp. (“Stone”), with respect to any lease for retail suite 0080 signed by Purchaser within ninety (90) days after Closing with any party identified on the Prospect List delivered by Stone. The Prospect List for the Stone Agreement shall include only those parties that have both toured the suite 0080 space and to whom Stone has submitted a proposal to lease and portion of such space or from whom Stone has received a proposal or signed letter of intent, in each instance within the sixty (60) day period immediately preceding the termination of the Stone Agreement. Seller shall deliver to Purchaser at Closing a true and correct copy of each Prospect List if received as of such date; provided, however, Purchaser acknowledges that Buck and Stone may have the right, pursuant to the terms of their respective leasing or commission agreements, to deliver their Prospect Lists to Seller on a date after the date of Closing, and in the event that Seller does not receive any Prospect List until after Closing for such reason, Seller shall deliver such Prospect List to Purchaser promptly upon receipt, and Purchaser agrees that it shall be responsible for any commissions which may become due and payable with respect to any party on such Prospect List as set forth above.
(d) There are no outstanding tenant improvement allowances, construction obligations or other leasing costs as of the date hereof that shall be due and payable before or after the Closing with respect to any of the Leased Properties that are in the possession of or are readily available to Seller. The zoning of each of the Leased Properties permits the presently existing improvements thereon and continuation of the business presently conducted thereon andLeases on Exhibit B, to Seller's knowledge, no changes therein are pending or are threatened. No condemnation or similar proceedings are pending or, to the best knowledge of Seller, threatened against any of the Leased Properties. Seller does not own any fee interest in any real property.
(ii) Seller is not in default, and no facts or circumstances have occurred which, with the passage of time or the giving of notice, or both, would constitute a default, under any of the Leases and the assignment by Seller to Buyer of the Leases included in the list of Assigned Contracts on Schedule 1.4 will not adversely affect Buyer's quiet enjoyment and use, without disturbance, of the Leased Properties or of the personal properties or assets that are the subject of the Personal Property Leases (the "Leased Personal Property"). None of the Leases contains any provisions which, after the date hereof, would (A) hinder or prevent Buyer from continuing to use any of the Leased Properties or Leased Personal Property in the manner in which they are currently used, or (B) impose any additional costs (other than scheduled rental increases) or burdensome requirements except as a condition to their continued use which are not currently in effect. Except as otherwise set forth in Schedule 1.3 hereto, none of the Purchased Assets are held under, 5.3(d) hereof and except for any refurbishment or used by Seller pursuant to, any lease or conditional sales contractimprovement allowances set forth in such Leases that may become due after Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Hines Real Estate Investment Trust Inc)