Resident Contracts definition
Examples of Resident Contracts in a sentence
Bethel shall also assume all of Seller’s obligations under the (i) Designated Contracts, exclusive of payment of any amounts required to cure any monetary defaults existing under such contracts and leases as of the Closing, and (ii) the Existing Resident Contracts, subject to the Resident Proposed Contract Amendments.
Resident Contracts that have been terminated as a result of arrears of Residence fees will have to speak with Residence Administration before reinstatement of occupancy.
The Seller Contracts are in full force and effect in all material respects, except for Resident Contracts that may have terminated prior to the Closing Date.
Effective on and as of the Closing Date, all obligations and performances of Seller with respect to the Property shall cease and terminate, and Buyer shall assume and undertake all of the terms, covenants and conditions that may have been or were binding on Seller under the Resident Contracts, and all other obligations, performances and liabilities arising out of or in connection with the ownership, occupancy, or use of the Property.
The Manager shall undertake to collect General Revenues (other than rents and other amounts due under Resident Contracts which amounts shall be collected by the University) in a commercially reasonable manner consistent with the Management Responsibilities.
The University shall collect all rents due under Resident Contracts and, shall deposit the budgeted operating expenditures for the applicable month into the Operating Account, which deposit shall be made on or before the first of each month during the Term.
On or before the 10th of each month, the University shall deliver to the Manager a report of all sums collected under Resident Contracts for inclusion in the General Revenues for the Manager’s reporting purposes.
All Facility-based Contracts (other than Resident Contracts) are listed on Schedule 7.3(a) hereto.
The Resident Contracts will be in a form that is in conformity with the schedule of specific and mandatory rental amounts established by the Manager in developing the Annual Budget.
The Manager shall use commercially reasonable, good faith efforts to operate, manage, maintain and repair the Project in good condition and repair and in accordance with the Manager’s responsibilities under the Resident Contracts and all applicable legal and regulatory requirements.