OPERATE PROPERTY Sample Clauses

OPERATE PROPERTY. After the expiration of the Inspection Period, except as or as required by 4.1.15 or approved in writing by Buyer, which approval will not be unreasonably withheld or delayed, to (i) operate the Property in the ordinary course of Seller's business consistent with historical business practices; (ii) not enter into new Tenant Leases, (iii) not grant rent concessions to any Tenants; (iv) not collect rents from Tenants in advance for more than one (1) month; and (v) not to amend any agreement or other instrument related to any Property or its business to which it is a party or by which it or any of the Property may be bound (vi) maintain and repair the Property (vii) to pay all income and withholding taxes and all ad valorem and other taxes and/or assessments upon its Property and business as they become due (viii) not to dispose of or encumber any Property (ix) not to do any act or omit any act which would cause a breach of any contract, commitment or obligation which would have a material adverse affect on the financial condition of any Property; (x) not to commit or make any capital expenditure, capital addition or capital improvement related to any Property; (xi) to give all notices and obtain all approvals from Governmental Authorities required by law for the transfer of the Property to Buyer and (xii) not enter into any new contracts or agreements with regard to the Property which are in addition to the Business Contracts disclosed to Buyer pursuant to SECTION 7.1. In the event that Seller takes any action that requires Buyer's written approval under this Section after the expiration of the Inspection Period, but such action is taken by Seller prior to the expiration of the Inspection Period, Seller shall provide Buyer written notice of such action.
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OPERATE PROPERTY. After the expiration of the Inspection Period, except as approved in writing by Buyer, which approval will not be unreasonably withheld or delayed, to (i) operate the Property in the ordinary course of Seller's business consistent with historical business practices; (ii) not enter into new Tenant Leases; (iii) not grant rent concessions to any Tenants, waive any Tenant default or terminate any Tenant Lease; (iv) not collect rents from Tenants in advance for more than one (1) month; and (v) not amend any agreement or other instrument related to any Property or its business to which it is a party or by which it or any of the Property may be bound (vi) maintain and repair the Property (vii) pay all income and withholding taxes and all ad valorem and other taxes and/or assessments upon its Property and business as they become due (viii) not to dispose of or encumber any Property (ix) not to do any act or omit any act which would cause a breach of any contract, commitment or obligation which would have a material adverse affect on the financial condition of any Property; (x) not to commit or make any capital expenditure, capital addition or capital improvement related to any Property; (xi) to give all notices and obtain all approvals from Governmental Authorities required by law for the transfer of the Property to Buyer and (xii) not enter into any new contracts or agreements with regard to the Property which are in addition to the Business Contracts disclosed to Buyer pursuant to SECTION 7.1. In the event that Seller takes any action that requires Buyer's written approval under this Section after the expiration of the Inspection Period, but such action is taken by Seller prior to the expiration of the Inspection Period, Seller shall provide Buyer written notice of such action.
Sample 1

Related to OPERATE PROPERTY

  • Real Property; Assets (a) Neither the Company nor any of its Subsidiaries owns any real property.

  • The Properties 3.1 All of the Properties are in England, Wales or Scotland.

  • Leased Properties Section 3.22 of the Disclosure Schedule sets forth a list of all of the leases and subleases ("Leases") and each leased and subleased parcel of real property in which the Company has a leasehold or subleasehold interest or to which the Company is a party either as landlord or sublandlord (the "Leased Real Property"). Each of the Leases are in full force and effect, and the Company holds a valid and existing leasehold or subleasehold interest or Landlord or Sublandlord interest as applicable, under each of the Leases described in Section 3.22 of the Disclosure Schedule. The Company has delivered to HK true, correct, complete and accurate copies of each of the Leases. With respect to each Lease set forth on Section 3.22 of the Disclosure Schedule: (i) the Lease is legal, valid, binding, enforceable and in full force and effect; (ii) to the Knowledge of the Company the Lease will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms following the Closing; (iii) neither the Company, nor, to the Knowledge of the Company, any other party to the Lease, is in breach or default, and no event has occurred which, with notice or lapse of time, would constitute such a breach or default by the Company or permit termination, modification or acceleration under the Lease by any other party thereto; (iv) the Company has not, and, to the Knowledge of the Company, no third party has repudiated any provision of the Lease; (v) there are no disputes, oral agreements, or forbearance programs in effect as to the Lease; (vi) the Lease has not been modified in any respect, except to the extent that such modifications are disclosed by the documents delivered to HK; (vii) the Company has not assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered any interest in the Lease (except for Permitted Liens); and (viii) the Lease is fully assignable to HK without the necessity of any consent or the Company shall obtain all necessary consents prior to the Closing.

  • The Property The term “Property” shall also include the following:

  • Assets and Properties The Borrower and each of its Subsidiaries has good and marketable title to all of its assets and properties (tangible and intangible, real or personal) owned by it or a valid leasehold interest in all of its leased assets (except insofar as marketability may be limited by any laws or regulations of any Governmental Authority affecting such assets), and all such assets and property are free and clear of all Liens, except Liens permitted under Section 7.3(C). Substantially all of the assets and properties owned by, leased to or used by the Borrower and/or each such Subsidiary of the Borrower are in adequate operating condition and repair, ordinary wear and tear excepted. Neither this Agreement nor any other Loan Document, nor any transaction contemplated under any such agreement, will affect any right, title or interest of the Borrower or such Subsidiary in and to any of such assets in a manner that could reasonably be expected to have a Material Adverse Effect.

  • Real Property Interests Except for leasehold interests disclosed on Schedule 3.20, and except for the ownership or other interests set forth on Schedule 3.20, no Credit Party has, as of the Closing Date, any ownership, leasehold or other interest in real property. Schedule 3.20 sets forth, with respect to each parcel of real estate owned by any Credit Party as of the Closing Date, the address and legal description of such parcel.

  • Real Properties The Company does not have an interest in any real property, except for the Leases (as defined below).

  • Owned Properties The Company does not own any real property.

  • Business and Properties No business of any Loan Party or any of its Subsidiaries is affected by any fire, explosion, accident, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

  • Existence; Businesses and Properties (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.05.

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