Common use of Lease Changes Clause in Contracts

Lease Changes. After the Effective Date, Seller shall continue to administer the Leases consistent with Seller’s administration thereof prior to the Effective Date. After the Effective Date, Seller will not enter into any new Leases or terminate any of the Leases then in effect or enter into modifications or amendments to any of the Leases then in effect (each, a “Proposed New Lease”) or make any material changes to the Property without giving notice to Buyer thereof at least five (5) business days prior to the expiration of the Inspection Period and, following the end of the Inspection Period, Seller shall not take such actions without first obtaining Buyer’s prior written consent to such actions, which consent will not be unreasonably withheld or delayed. Each Proposed New Lease that is approved by Buyer pursuant to this Section 5.7 shall be referred to herein as a “New Lease” and collectively as “New Leases.” All references in this Agreement to a “Lease” or to the “Leases” shall include a “New Lease” or the “New Leases,” as the context requires. Notwithstanding the foregoing, if any of the Leases are terminated by action of the Tenant or if any action is required with respect to the Property due to casualty or other unforeseen event, or if a Tenant defaults under a Lease and Seller reasonably determines such Lease should be terminated due to such default, Seller will provide notice thereof to Buyer, and Buyer hereby agrees Seller will have the right to take all actions deemed reasonable and necessary by Seller, in Seller’s commercially reasonable judgment, in response to such events, except that Buyer’s prior written consent (not to be unreasonably withheld or delayed) will be required for any termination, modification or amendment of any existing Lease.