Maintenance; New Leases Sample Clauses

Maintenance; New Leases. Between the Effective Date and the Closing: (a) Seller shall maintain the Property in substantially the same condition as the same is in at the Effective Date, and in accordance with the Leases and the requirements of any governmental authority, the Contracts and all instruments affecting title to the Premises, reasonable wear and tear excepted. Until the Closing Date, Seller shall maintain such insurance on the Premises as is currently in effect; (b) Seller shall not remove any material item of the Personal Property from the Property unless the same is obsolete and is replaced by tangible personal property of equal or greater utility and value. (c) Prior to the end of the Due Diligence Period, Seller shall not (i) enter into any lease, (ii) amend, modify, or cancel any Lease (or guaranty thereof), (iii) grant any consents under, or waive any provisions of, any Lease, (iv) enter into any contract or grant any easement which could bind Buyer or the Property after Closing, or (v) grant easements over the Premises without giving Buyer prior written notice of any such proposed action. After the end of the Due Diligence Period, Seller may not do any of the foregoing without Buyer's prior written consent, which consent may be granted or withheld in Buyer's sole discretion. Buyer's failure to deny its approval within ten (10) days after receipt of Seller's request shall be deemed to constitute its approval. (d) Seller shall not, without the prior written consent of Buyer, which consent may be withheld, conditioned or delayed in Buyer's sole discretion, sell, transfer, mortgage, pledge or subject the Property or any portion thereof to a lien and shall not cause to be placed or recorded any document affecting the title thereto other than the Leases or easements as aforesaid. (e) Seller shall promptly notify Buyer of any casualty, receipt of written notice of any overtly threatened or noticed condemnation or any noticed violation of law or insurance policy. (f) Seller will give Buyer prompt notice of the commencement prior to Closing of any litigation, or receipt of written notice containing an overt threat of commencement of litigation, affecting the Property or any part thereof, or impairing Seller's right to sell the Property. (g) At Closing, Buyer shall reimburse Seller for any and all leasing commissions and costs of tenant improvements to the extent incurred by Seller from and after the Effective Date and prior to the Closing Date to the extent incurred in con...