Assumption of Contracts, Equipment Leases, and Tenant Leases Sample Clauses

Assumption of Contracts, Equipment Leases, and Tenant Leases. Purchaser shall review the Contracts, the Equipment Leases and the Tenant Leases during the Due Diligence Period and, on or prior to the expiration of the Due Diligence Period, shall give notice to Seller indicating which of the Contracts and the Tenant Leases that Purchaser wishes not to assume at Closing. Thereafter, Seller shall give notice to all parties under the Contracts and the Tenant Leases that Purchaser has elected not to assume and Seller shall terminate such Contracts and Tenant Leases on or prior to the Closing Date and Seller shall be responsible for all costs and expenses of such termination, including any costs or expenses that arise after the Closing Date in connection therewith. Purchaser shall assume all Equipment Leases. Purchaser shall be deemed to have elected to assume all Contracts and Tenant Leases other than those identified in Purchaser's notice, which are herein collectively referred to, respectively, as the "Assumed Contracts," and the "Assumed Tenant Leases" and at Closing, Purchaser and Seller shall execute and enter into the form of assignment and assumption agreement set forth herein in Exhibit 5.3 (the "Assignment and Assumption Agreement") whereby Seller shall assign and Purchaser shall assume the Assumed Contracts, the Equipment Leases and the Assumed Tenant Leases. Seller shall bear any costs and expenses of obtaining any consents to such assumption of the Assumed Contracts, the Equipment Leases and the Assumed Tenant Leases. All amounts payable under the Assumed Contracts, Equipment Leases and Assumed Tenant Leases and Facility Leases shall be prorated through the Closing Date pursuant to Section 10.3 and Section 10.5.