Service Contracts and Equipment Leases Sample Clauses

Service Contracts and Equipment Leases. Any amounts prepaid -------------------------------------- or payable under any Service Contracts or Equipment Leases which the Operating Partnership has elected to assume shall be prorated at the date of the Final Closing as of the date of the Final Closing with the Asset Entity obligated for all sums accrued prior to the Adjustment Time and the Operating Partnership obligated for all sums accrued after the Adjustment Time.
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Service Contracts and Equipment Leases. Amounts paid under any assumed Service Contracts and Equipment Leases shall be prorated on the basis of the charge or premium for the period involved.
Service Contracts and Equipment Leases. Manager is authorized to negotiate and enter into by and on behalf of Owner and at Owner's expense, all contracts and equipment leases as are required in the ordinary course of business for the management, operation, maintenance, and leasing of the Property for which the total amount payable is Ten Thousand Dollars ($10,000) or less, and the term of which does not exceed one (1) year. All other contracts and equipment leases shall be subject to the prior approval of Owner. Manager shall not enter into any contracts or equipment leases with any affiliate except upon terms that would be obtained in contracts negotiated at arm’s length with an unrelated third-party, or upon terms which are more favorable to Owner than an arm’s length contract. Notwithstanding the foregoing, Manager is authorized to enter into any contract in an emergency which is immediately necessary for the preservation or safety of the Property or persons, or which is required to avoid suspension of necessary services to the Property, without the prior written consent of Owner; provided, however, that Manager shall use reasonable efforts to contact and secure the prior approval of Owner if Manager, in its reasonable discretion, estimates that any such emergency expenditure may exceed Ten Thousand Dollars ($10,000).
Service Contracts and Equipment Leases. There are no Service Contracts, including without limitation Equipment Leases, which will affect the Property in any material respect after the Closing Date except as set forth on Schedule 1.1(e)-1(a), Schedule 1.1(e)-1(b), Schedule 1.1(e)-2(a), Schedule 1.1(e)-2(b), or Service Contracts entered into after the Effective Date which Seller is permitted to enter into under the terms of this Agreement. No Service Contracts, including without limitation Equipment Leases, have been amended except as set forth in said Schedules or as otherwise permitted pursuant to this Agreement. As of the Effective Date and the Closing Date, no written notice of material default has been delivered by Seller or Manager or, to Seller’s knowledge, received by Seller or Manager with respect to any Service Contracts or Equipment Leases that, to Seller’s knowledge, remain uncured. The copies of Service Contracts and Equipment Leases made available to Purchaser by Seller are true and complete in all material respects.
Service Contracts and Equipment Leases. To Seller’s knowledge, there are no Service Contracts or Equipment Leases which will affect the Property after the Closing Date except as set forth on the Schedule 1.1(e)-1 and Schedule 1.1(e)-2, respectively, and no Service Contracts or Equipment Leases have been amended except as set forth in said Schedules. To Seller’s knowledge, no uncured written notice of default has been delivered by Seller or received by Seller with respect to any Service Contracts or Equipment Leases. To Seller’s Knowledge, the copies of Service Contracts and Equipment Leases delivered or made available to Purchaser by Seller are true and complete.
Service Contracts and Equipment Leases. A list of all service contracts and equipment leases relating to the operation and management of the Property is attached hereto as Exhibit B as a part hereof (the “Contracts”). Except as noted in Exhibit B, Purchaser shall not be obligated to assume responsibility for or to pay any sums due at Closing attributable to the Contracts unless Purchaser elects during the Investigation Period by written notice to Seller to assume such Contracts at Closing, in either of which events, such Contracts shall be assigned to and assumed by Purchaser at Closing. Seller agrees, at Seller’s expense, to cancel all Contracts which are not to be assumed by Purchaser as of the Closing Date. All prepayments made or payments due under any of the Contracts to be assigned to Purchaser shall be prorated as of the Closing Date.
Service Contracts and Equipment Leases. On the Closing Date, the Contracts and the Tenant Leases approved in writing by Buyer during the Due Diligence Period shall be assigned by Seller and assumed by Buyer as of the Closing Date pursuant to the
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Service Contracts and Equipment Leases. Any amounts prepaid or payable under any Service Contracts or equipment leases shall be prorated at the Closing as of the date of Closing, with Seller obligated for all sums accrued on or prior to 11:59 p.m. on the day preceding Closing and Purchaser obligated for all sums accrued after 11:59 p.m. on the day preceding Closing.
Service Contracts and Equipment Leases. During the Due Diligence Period, the Purchaser shall identify in writing to the Seller any Contracts that must be terminated prior to the Closing, and the Seller shall cause the Company and its Subsidiaries to terminate such disapproved Contracts, at the sole cost and expense of the Company and its Subsidiaries, as of the Closing Date.
Service Contracts and Equipment Leases. Operator is authorized to make and enter into for the account of Owner all contracts and equipment leases as are required in the ordinary course of business for the operation, maintenance, and service of the Property and to pay the same when due; provided however, Operator shall be required to obtain the prior written consent of Owner before entering into any contract or equipment lease for the account of Owner in which (i) the total amount payable exceeds $5,000 or (ii) the term exceeds one (1) year, unless such contract or lease is made under circumstances which shall reasonably be considered to constitute an emergency. Notwithstanding the foregoing, Operator shall use its best efforts to contact and secure prior approval of Owner in the event any such emergency expenditure should be likely to exceed $5,000.
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