CONTRACTS AND LEASING Sample Clauses
The 'Contracts and Leasing' clause outlines the rules and procedures governing the creation, execution, and management of contracts and lease agreements within a given context, such as a business or property arrangement. It typically specifies who has the authority to enter into binding agreements, the requirements for valid leases, and any limitations or approvals needed before commitments are made. By establishing clear guidelines for contractual and leasing activities, this clause helps prevent unauthorized agreements and ensures that all parties understand their rights and obligations, thereby reducing the risk of disputes and misunderstandings.
CONTRACTS AND LEASING. (a) Prior to Closing, Seller shall neither execute any lease nor enter into any contract nor renew, modify, terminate or grant any consent with respect to any existing contract with respect to the Property which will survive Closing and bind Buyer thereunder or otherwise affect the use, operation or enjoyment of the Property after Closing without Buyer's prior written consent, which consent may be withheld in Buyer's sole and absolute discretion. Where Buyer's consent is required pursuant to this Section, it shall be deemed withheld unless Seller is otherwise notified in writing within five (5) days of Buyer's receipt of a proposed new or modified contract. Prior to the date hereof, Seller has made available to Buyer copies of all written contracts, agreements, and reports affecting the Property and/or which would become binding on Buyer after Closing (the "CONTRACTS").
CONTRACTS AND LEASING. No contract out of the ordinary course of business for or on behalf of or affecting H'TOWN or the Project shall be negotiated or entered into which is in excess of $10,000.00 or cannot be terminated on 30 days' or less notice unless Buyer shall have approved same, which approval will not be unreasonably withheld. Any and all new Leases and renewals other than those renewals of existing Leases (the terms of which are contained in the Leases provided to Buyer as part of the Property Materials) entered into from and after the Effective Date shall be subject to Buyer's prior approval, which approval shall not be unreasonably withheld or delayed (and shall be deemed given if written objection is not made within eight (8) business days after receipt). All of such Leases and renewals shall be in the ordinary course of H'TOWN's business and shall be for a use which is consistent with the present operations of the Project. Notwithstanding anything to the contrary in this Amendment, H'TOWN may modify Leases during the Investigation Period in order to resolve any issues that may have arisen with tenants thereunder with respect to most favored nation and other provisions of such Leases that may permit the tenants thereunder to pay reduced rental charges. Such modifications may be made, however, if, but only if, either (i) there is negligible adverse impact on Net Operating Income or (ii) Buyer has consented thereto, such consent not to be unreasonably ithheld. Copies of all Leases and modifications entered into by H'TOWN after the Effective Date shall be delivered to Buyer promptly after complete execution thereof. All leasing commissions, including leasing commissions to third party brokers, and tenant improvement allowances for Leases entered into after the Effective Date and prior to closing in accordance with the provisions of this Section 10.2 shall be paid by Selling Parties prior to closing hereunder (except for tenant improvement allowances not then payable which shall be credited to Buyer and escrowed as provided in Section 9.1.Q), and neither Seller nor any affiliate of Seller shall be entitled to any leasing commissions as to such Leases under the Management Agreement. H'TOWN will not enter into any new personal property leasing or financing arrangements on or after the Effective Date except in the ordinary course of business where impact on Net Operating Income is negligible.
CONTRACTS AND LEASING. No contract out of the ordinary course of business for or on behalf of or affecting any of the Projects, except for matters relating to the approval, development and construction of Hagerstown Section Two and Williamsburg Section Two, shall be negotiated or entered into which are in excess of $10,000.00 or cannot be terminated on 30 days' or less notice unless Buyer shall have approved same, which approval will not be unreasonably withheld. Any and all new Leases and renewals (other than Leases for space to be covered by a Master Lease for Williamsburg Section Two or Hagerstown Section Two as provided in Section 10.1, and those renewals of existing Leases the terms of which have already been agreed to with existing tenants) of Leases entered into from and after the Effective Date shall be subject to Buyer's prior approval, which approval shall not be unreasonably withheld or delayed (and shall be deemed given if written objection is not made within eight (8) business days after receipt); except to the extent that Buyer's approval is not required for Leases in space subject to a master lease, as provided in Section 10.