Examples of MOB Property in a sentence
Any prior agreement or understanding between Seller and Purchaser concerning the purchase and sale of the MOB Property is hereby rendered null and void.
Seller shall have received approval of the sale of the MOB Property to Purchaser pursuant to this Agreement from limited partners in Seller owning at least fifty-one percent (51%) of all limited partnership interests in Seller.
Purchaser further acknowledges that, except as expressly provided in this Agreement, neither Seller nor any agent or representative of Seller has made, and Seller is not liable for or bound in any manner by, any express or implied warranties, guaranties, promises, statements, inducements, representations or information pertaining to the MOB Property.
Neither this Agreement nor any memorandum thereof shall be recorded against the MOB Property.
Seller shall maintain in full force and effect its existing insurance coverages on the MOB Property.
Any actual, pending or threatened litigation with respect to the MOB Property or arising from acts or omissions committed or alleged to have been committed at or related to the MOB Property on or before the Closing Date (collectively, all items contained in this Section 1.2 being the “Retained Liabilities”).
Seller acknowledges and agrees to assist Purchaser in conducting, no later than seventy-four (74) days following the Closing Date, an audit of property-level financials for the MOB Property as specified by Rule 3-14 of Regulation S-X of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, provided such audit shall be at the sole cost and expense of Purchaser.
Without the prior written consent of Purchaser, Seller shall neither enter into any new, nor terminate, modify, extend, amend or renew any existing, lease or service, management, maintenance, repair, employment, union, construction, leasing or other contract or agreement affecting the MOB Property, except that Seller may enter into any service, maintenance or repair contract in the ordinary course of business provided such contract terminates on or prior to the Closing Date.
Seller shall manage, maintain and operate the MOB Property in accordance with existing business practices and keep the Premises and the Tangible Personal Property in good condition and repair, ordinary wear and tear excepted, but in no event shall Seller be obligated to make any capital repairs, replacements or improvements.
Seller shall provide Purchaser, five (5) business days prior to Closing, an updated Rent Roll and profit and loss statement for the MOB Property.