Common use of Encumbrances Arising After the Effective Date Clause in Contracts

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective Date, without the prior written consent of the Purchaser. If either a Seller or Purchaser becomes aware that an Encumbrance has arisen after the Effective Date, or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five (5) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five (5) Business Days of Purchaser’s objection notice, as to whether such Seller agrees to Cure such New Encumbrance. If such Seller declines to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentence, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective Date, without the prior written consent of the Purchaser. If either a Seller or Purchaser becomes aware that an Encumbrance has arisen after the Effective Date, or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five (5) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five (5) Business Days of Purchaser’s objection notice, as to whether such Seller agrees to Cure such New Encumbrance. If such Seller declines to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing. If Purchaser terminates this Agreement pursuant to clause WRIT Industrial V (b) of the preceding sentence, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective Date, without the prior written consent of the Purchaser. If either a Seller or Purchaser becomes aware that an Encumbrance has arisen after the Effective Date, or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its WRIT Industrial II objection within five (5) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five (5) Business Days of Purchaser’s objection notice, as to whether such Seller agrees to Cure such New Encumbrance. If such Seller declines to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentence, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective DateDate (other than Encumbrances that are Cured at or prior to Closing), without the prior written consent of the Purchaser. Any New Encumbrance that a Seller creates or subjects a Property to after the Effective Date and prior to Closing is referred to herein as a “Seller-Created Encumbrance”). Seller-Created Encumbrances are not Permitted Exceptions. If after the Effective Date either a Seller or Purchaser first becomes aware that of an Encumbrance has arisen after (other than a Seller-Created Encumbrance) that was not disclosed by any of the Effective Date, Title Commitments or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance revisions thereof prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five ten (510) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five ten (510) Business Days days of Purchaser’s objection noticenotice (the “Seller Response Period”), as to whether such Seller agrees to attempt to Cure such New Encumbrance. If such a Seller declines elects in writing to attempt to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing (provided however, the Closing may be extended for such reasonable time as may be necessary to Cure such New Encumbrance, not to exceed an additional sixty (60) days), and such New Encumbrance shall not be a Permitted Exception. If such Seller declines to attempt to Cure such New Encumbrance or fails to respond to Purchaser’s notice of the same within the Seller Response Period, then Purchaser shall be entitled to terminate this Agreement by written notice to Seller given not more than five (5) days after expiration of the Seller Response Period. If Purchaser does not terminate this Agreement by written notice to Seller within such five (5) day period, then Purchaser shall be deemed to have elected to proceed with Closing, Purchaser shall not have any right to terminate this Agreement on account of such New Encumbrance, and such New Encumbrance shall be a Permitted Exception. If the Sellers fail to Cure all Seller-Created Encumbrances prior to or at Closing, then Purchaser shall have the remedies, if any, set forth in Article 9 as a result of such failure. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentencethis Section 4.1.3, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree Seller agrees not to create or subject any the Property to any Encumbrance after the Effective Date, without the prior written consent of the Purchaser. If either a Seller or Purchaser becomes aware that an Encumbrance has arisen after the Effective Date, or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance prior to the Effective Date but not previously disclosed in a the Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five (5) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five (5) Business Days of Purchaser’s objection notice, as to whether such Seller agrees to Cure such New Encumbrance. If such Seller declines to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentence, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective DateDate (other than Encumbrances that are Cured at or prior to Closing), without the prior written consent of the Purchaser. Any New Encumbrance that a Seller creates or subjects a Property to after the Effective Date and prior to Closing is referred to herein as a “Seller-Created Encumbrance”). Seller-Created Encumbrances are not Permitted Exceptions. If after the Effective Date either a Seller or Purchaser first becomes aware that of an Encumbrance has arisen after (other than a Seller-Created Encumbrance) that was not disclosed by any of the Effective Date, Title Commitments or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance revisions thereof prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five ten (510) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five ten (510) Business Days days of Purchaser’s objection noticenotice (the “Seller Response Period”), as to whether such Seller agrees to attempt to Cure such New Encumbrance. If such a Seller declines elects in writing to attempt to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing (provided however, the Closing may be extended for such reasonable time as may be necessary to Cure such New Encumbrance, not to exceed an additional sixty (60) days), and such New Encumbrance shall not be a Permitted Exception. If such Seller declines to attempt to Cure such New Encumbrance or fails to respond to Purchaser’s notice of the same within the Seller Response Period, then Purchaser shall be entitled to terminate this Agreement by written notice to Seller given not more than five (5) days after expiration of the Seller Response Period. If Purchaser does not terminate this Agreement by written notice to Seller within such five (5) day period, then Purchaser shall be deemed to have elected to proceed with Closing, Purchaser shall not have any right to terminate this Agreement on account of such New Encumbrance, and such New Encumbrance shall be a Permitted Exception. If the Sellers fail to Cure all Seller-Created Encumbrances prior to or at WRIT MOB - Transaction I Closing, then Purchaser shall have the remedies, if any, set forth in Article 9 as a result of such failure. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentencethis Section 4.1.3, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree not to create or subject any Property to any Encumbrance after the Effective DateDate (other than Encumbrances that are Cured at or prior to Closing), without the prior written consent of the Purchaser. Any New Encumbrance that a Seller creates or subjects a Property to after the Effective Date and prior to WRIT MOB – Transaction IV Closing is referred to herein as a “Seller-Created Encumbrance”). Seller-Created Encumbrances are not Permitted Exceptions. If after the Effective Date either a Seller or Purchaser first becomes aware that of an Encumbrance has arisen after (other than a Seller-Created Encumbrance) that was not disclosed by any of the Effective Date, Title Commitments or if an update of title with respect to a Property after the Effective Date reveals an Encumbrance revisions thereof prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five ten (510) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five ten (510) Business Days days of Purchaser’s objection noticenotice (the “Seller Response Period”), as to whether such Seller agrees to attempt to Cure such New Encumbrance. If such a Seller declines elects in writing to attempt to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before Closing (provided however, the Closing may be extended for such reasonable time as may be necessary to Cure such New Encumbrance, not to exceed an additional sixty (60) days), and such New Encumbrance shall not be a Permitted Exception. If such Seller declines to attempt to Cure such New Encumbrance or fails to respond to Purchaser’s notice of the same within the Seller Response Period, then Purchaser shall be entitled to terminate this Agreement by written notice to Seller given not more than five (5) days after expiration of the Seller Response Period. If Purchaser does not terminate this Agreement by written notice to Seller within such five (5) day period, then Purchaser shall be deemed to have elected to proceed with Closing, Purchaser shall not have any right to terminate this Agreement on account of such New Encumbrance, and such New Encumbrance shall be a Permitted Exception. If the Sellers fail to Cure all Seller-Created Encumbrances prior to or at Closing, then Purchaser shall have the remedies, if any, set forth in Article 9 as a result of such failure. If Purchaser terminates this Agreement pursuant to clause (b) of the preceding sentencethis Section 4.1.3, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.

Encumbrances Arising After the Effective Date. The Sellers agree Seller agrees not to create or subject any the Property to any Encumbrance after the Effective DateDate (other than Encumbrances that are Cured at or prior to Closing), without the prior written consent of the Purchaser. If either a Any New Encumbrance that Seller creates or Purchaser becomes aware that an Encumbrance has arisen after subjects the Effective Date, or if an update of title with respect Property to a Property after the Effective Date reveals and prior to Closing is referred to herein as a “Seller-Created Encumbrance”). Seller-Created Encumbrances are not Permitted Exceptions. If after the Effective Date either Seller or Purchaser first becomes aware of an Encumbrance (other than a Seller-Created Encumbrance) that was not disclosed by the Title Commitment or revisions thereof prior to the Effective Date but not previously disclosed in a Title Commitment (in either case, a “New Encumbrance”), Purchaser or such Seller, as applicable, shall promptly give notice to the other of such New Encumbrance. If Purchaser objects to such New Encumbrance, Purchaser shall give notice to such Seller of its objection within five ten (510) Business Days after discovering such New Encumbrance or receiving notice of such New Encumbrance pursuant to the preceding sentence. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception. If Purchaser timely objects to such New Encumbrance, such Seller shall give notice to Purchaser, within five ten (510) Business Days days of Purchaser’s objection noticenotice (the “Seller Response Period”), as to whether such Seller agrees to attempt to Cure such New Encumbrance. If such Seller declines elects in writing to attempt to Cure such New Encumbrance, then the following shall apply: (a) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and any Seller has declined to Cure, does not exceed $500,000, then such New Encumbrance shall be a Permitted Exception; (b) if the cost to Cure such New Encumbrance, together with the cost to Cure all other New Encumbrances to which Purchaser has timely objected and which any Seller has declined to Cure, exceeds $500,000, then Purchaser shall be entitled to terminate this Agreement; and (c) if such Seller agrees to cure a New Encumbrance to which Purchaser timely objects pursuant to this Section 4.1.3, such Seller shall use commercially reasonable efforts to Cure such New Encumbrance at or before ClosingClosing (provided however, the Closing may be extended for such reasonable time as may be necessary to Cure such New Encumbrance, not to exceed an additional sixty (60) days), and such New Encumbrance shall not be a Permitted Exception. If Seller declines to attempt to Cure such New Encumbrance or fails to respond to Purchaser’s notice of the same within the Seller Response Period, then Purchaser terminates shall be entitled to terminate this Agreement pursuant by written notice to clause Seller given not more than five (b5) days after expiration of the preceding sentence, the Xxxxxxx Money Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party hereunder except for obligations that expressly survive termination of this Agreement.Seller WRIT MOB – Transaction II