Common use of Termination of Property Contracts Clause in Contracts

Termination of Property Contracts. Seller shall have fifteen (15) days from the Effective Date of this Agreement to notify Buyer of any Property Contracts that cannot be terminated as of the Closing Date (the “Excepted Property Contracts”). Prior to the expiration of the Due Diligence Period, Buyer shall notify Seller of any Property Contract which Buyer wishes to retain and assume as of the Closing. Unless otherwise expressly agreed to by Buyer, all Property Contracts, including without limitation all property management agreements and leasing agreements, (except for the Excepted Property Contracts) shall be terminated by Seller, at Seller’s expense, as of the Closing Date.