Common use of DEALER'S OBLIGATIONS Clause in Contracts

DEALER'S OBLIGATIONS. Upon DISTRIBUTOR's exercise of its right or option and tender of performance hereunder, DEALER shall forthwith transfer the affected real property by warranty deed or its equivalent, conveying marketable title free and clear of all liens, claims, mortgages, encumbrances, interests and occupancies. The warranty deed or its equivalent shall be in proper form for recording, and DEALER shall deliver complete possession of the property and deed at the time of closing. DEALER shall also furnish to DISTRIBUTOR all copies of any easements, licenses or other documents affecting the property or dealership operations and shall assign any permits or licenses that are necessary or desirable for the use of or appurtenant to the property or the conduct of such dealership operations. DEALER shall also forthwith execute and deliver to DISTRIBUTOR instruments satisfactory to DISTRIBUTOR conveying title to all affected personal property and leasehold interests involved in the transfer or sale to DISTRIBUTOR. If any personal property is subject to any lien or charge of any kind, DEALER agrees to procure the discharge and satisfaction thereof prior to the closing of sale of such property to DISTRIBUTOR.