Assignment Upon Exhaustion of Credit. At such time as the applicable Exchange Property Credit shall be reduced to zero, the Purchaser shall assign (unless sooner assigned to the Seller as herein provided) the Exchange Contract to the Seller (without representation or warranty other than that the Purchaser has not created any liens or encumbrances thereon). Upon assignment of an Exchange Contract to the Seller, the Purchaser shall have no further obligations hereunder with respect to the applicable Exchange Parcels or Exchange Contract.
Appears in 2 contracts
Samples: Purchase Agreement, Purchase Agreement
Assignment Upon Exhaustion of Credit. At such time as the ------------------------------------ applicable Exchange Property Credit shall be reduced to zero, the Purchaser shall assign (unless sooner assigned to the Seller as herein provided) the Exchange Contract to the Seller (without representation or warranty other than that the Purchaser has not created any liens or encumbrances thereon). Upon assignment of an Exchange Contract to the Seller, the Purchaser shall have no further obligations hereunder with respect to the applicable Exchange Parcels or Exchange Contract.
Appears in 2 contracts
Samples: Purchase Sale and Option Agreement (Hospitality Properties Trust), Purchase, Sale and Exchange Agreement (Hospitality Properties Trust)
