Existing Service Contracts Sample Clauses
Existing Service Contracts. LLIDA hereby represents to Manager that attached hereto as Exhibit "C" is a true, correct and complete list of all now existing service and supply contracts related to the Project or any portion thereof (collectively, the "Existing Service Contracts"), and that all of the Existing Service Contracts are in full force and effect and, to the knowledge of LLIDA, no default or event or condition, which, with the giving of notice or the passage of time, or both, would constitute a default is currently in existence under any of the Existing Service Contracts. Manager, acting on behalf of and as agent for LLIDA, may modify, extend or terminate any of the Existing Service Contracts as Manager, in its sole discretion, may determine to be desirable, provided that any such Existing Service Contract which is modified or extended is consistent with the Operating Budget and either (i) is terminable by or on behalf of LLIDA on no more than thirty (30) days prior written notice without premium, fee or penalty, or (ii) has a term which is to expire no later than the Outside Closing Date.
Existing Service Contracts. Purchaser shall provide one or more written notices (each, a “Contract Notice”) to Seller identifying which, if any, of the Service Contracts Purchaser desires to assume at Closing, as follows: (i) with respect to any Service Contracts which can be terminated by Seller upon less than ten (10) days notice at a cost of less than $5,000, Purchaser shall deliver a Contract Notice to Seller no later than two (2) Business Days prior to the expiration of the Inspection Period; and (ii) with respect to all other Service Contracts, Purchaser shall deliver a Contract Notice to Seller no later than thirty (30) days prior to Closing. If Purchaser fails, by the applicable deadline as set forth in the preceding sentence, to elect to assume any Service Contract by providing Seller with a Contract Notice with respect to such Service Contract, then Seller shall terminate such Service Contract at or prior to Closing at Seller’s sole expense. If Purchaser does, by the applicable deadline as set forth above, elect to assume any Service Contract by providing Seller with a Contract Notice with respect to such Service Contract, then Purchaser shall assume such Service Contract at Closing, to the extent assignable. If Purchaser fails to provide Seller with any Contract Notice at all, Purchaser shall assume all assignable Service Contracts at Closing. The Service Contracts that Purchaser elects to assume or is deemed to have elected to assume are referred to herein as the “Assumed Service Contracts”.
Existing Service Contracts. Effective as of the Closing Date, Seller shall terminate or cause to be terminated any and all contracts for the management, operation, repair, maintenance and security of the Property.