Common use of Conditions for the Benefit of Seller Clause in Contracts

Conditions for the Benefit of Seller. Notwithstanding anything in this Agreement to the contrary, Seller’s obligation to sell and assign the Assigned Rights and Obligations shall be subject to and contingent upon the satisfaction (or waiver by Seller) of the following conditions precedent prior to or on the Closing Date: (a) Payment of the Purchase Price, plus sufficient funds to pay Buyer’s share of all escrow costs, prorations and closing expenses as set forth in Sections 6.5 and 6.6 below, to Seller at the Closing. (b) All Closing Documents necessary to consummate the transaction as contemplated in this Agreement shall have been executed and delivered by Buyer as required by this Agreement. (c) Neither Buyer nor Seller shall have terminated the Agreement pursuant to the terms of this Agreement. (d) Each and every representation and warranty of Buyer contained in this Agreement shall be true and correct as and when made and as of the Closing Date in all material respects.

Appears in 2 contracts

Samples: Loan Sale Agreement (Resource Real Estate Opportunity REIT, Inc.), Loan Sale Agreement (KBS Strategic Opportunity REIT, Inc.)

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Conditions for the Benefit of Seller. Notwithstanding anything in this Agreement to the contrary, Seller’s obligation to sell and assign the Assigned Rights and Obligations shall be subject to and contingent upon the satisfaction (or waiver by Seller) of the following conditions precedent prior to or on the Closing Date: (a) Payment of the Purchase Price, plus sufficient funds to pay Buyer’s share of all escrow costs, prorations and closing expenses as set forth in Sections Section 6.5 and 6.6 below, to Seller at the Closing. (b) All Closing Documents necessary to consummate the transaction as contemplated in this Agreement be executed by Buyer pursuant to Section 6.2 hereof shall have been executed and delivered by Buyer as required by this Agreementthereby. (c) Neither Buyer nor Seller shall have terminated the Agreement pursuant to the terms of this Agreement. (d) Each and every representation and warranty of Buyer contained in this Agreement shall be true and correct as and when made and as of the Closing Date in all material respects.

Appears in 2 contracts

Samples: Mortgage Loan Sale Agreement, Mortgage Loan Sale Agreement (Resource Real Estate Opportunity REIT, Inc.)

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Conditions for the Benefit of Seller. Notwithstanding anything in this Agreement to the contrary, Seller’s 's obligation to sell and assign the Assigned Rights and Obligations shall be subject to and contingent upon the satisfaction (or waiver by Seller) of the following conditions precedent prior to or on the Closing Date: (a) Payment of the Purchase Price, plus sufficient funds to pay Buyer’s 's share of all escrow costs, prorations and closing expenses as set forth in Sections 6.5 and 6.6 below, to Seller at the Closing. (b) All Closing Documents necessary to consummate the transaction as contemplated in this Agreement shall have been executed and delivered by Buyer as required by this Agreement. (c) Neither Buyer nor Seller shall have terminated the Agreement pursuant to the terms of this Agreement. (d) Each and every representation and warranty of Buyer contained in this Agreement shall be true and correct as and when made and as of the Closing Date in all material respects.

Appears in 1 contract

Samples: Loan Sale Agreement (American Insured Mortgage Investors Series 85 L P)

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