Estoppel Condition Sample Clauses

Estoppel Condition. Sellers shall use commercially reasonable efforts to satisfy the Estoppel Condition. Drafts of all estoppel letters shall be prepared by the Sellers and, before delivery to the tenants, furnished to Purchaser, for its review and approval, on or before the date forty-five (45) days prior to the anticipated date of Closing, such approval not to be unreasonably withheld and to be granted or denied within three (3) business days after receipt thereof, failing of which the same shall be deemed approved by Purchaser for delivery to the tenants. If Purchaser does not approve the draft estoppel letters, Purchaser shall notify Seller in writing the corrections or changes required for any estoppel letter to be approved by Purchaser within three (3) business days of Seller’s submission of such draft estoppel letters. Notwithstanding the foregoing, Purchaser shall have the right but not the obligation to seek to satisfy the Estoppel Condition for and on behalf of Sellers and Sellers shall cooperate with Purchaser in connection therewith. In the event that the Estoppel Condition has not been satisfied on or before the date that is two (2) business days before the date set for Closing, then Purchaser shall have the right to terminate this Agreement, upon notice to Sellers. If Purchaser terminates the Agreement pursuant to this Section, the Deposit shall be returned to Purchaser, and neither party shall have any further liability or obligation hereunder, except for those that expressly survive termination of this Agreement.

Estoppel Condition. (A) Sellers providing to Purchaser estoppel letters from the Major Tenant of each of the Real Properties and from tenants of 70% of the balance of the leased area of each of the Real Properties (collectively, the “Required Tenant Estoppels”), same to be on the form attached hereto as Exhibit 1.4(iv) (which is the form previously delivered by the Major Tenant and accepted by Lender for the Staunton Property) and incorporated herein by reference (or on such form as provided by the Major Tenant or the forms otherwise required under the applicable tenant Lease (defined below)); and (B) Sellers providing Purchaser estoppel letters (acceptable to Purchaser in its reasonable discretion) from each party to any reciprocal easement agreement or declaration of covenants or the like binding on each of the Real Properties and property adjacent thereto, same to be in the forms called for under any such easement agreement or declaration or, if no form is called for therein, in a form reasonably satisfactory to Purchaser. Estoppel letters that (1) are dated not more than forty-five (45) days prior to the Closing Date, (2) have all blanks completed or marked not applicable, as appropriate, (3) have all exhibits completed and attached, as applicable, and (4) do not indicate (x) any material discrepancy from the applicable Rent Roll (as defined below) or (y) any adverse claim or landlord default shall deemed acceptable to Purchaser.

Estoppel Condition. Seller providing to Purchaser “acceptable estoppel letters” (defined below) from all of the Major Tenants (as defined below) and tenants under Leases covering 80% of the square foot area of the Property leased, excluding the rentable area leased to the Major Tenants. For purposes hereof, an “acceptable estoppel letter” shall be deemed to be an estoppel letter (A) on the form attached hereto as Exhibit F and incorporated herein by reference (or the form, if any, required by Purchaser’s lender, or the forms otherwise required under the applicable tenant Lease or the form routinely used by the Tenant (defined below)), (B) dated no earlier than seventy five (75) days prior to the first anticipated Closing date, (C) which does not allege any default under the applicable Lease by the landlord thereunder and which does not set forth information therein which is materially and adversely different than the information set forth in the copies of the respective Leases supplied to Purchaser for review and Seller’s representations and warranties set forth in this Agreement.

Estoppel Condition. Seller providing to Purchaser estoppel letters from tenant Giant Eagle and estoppel letters from the tenants under the Leases of 75% or more of the remaining leased gross leasable area at the Property (excluding Blockbuster) on the forms substantially as attached hereto as Exhibit F and incorporated herein by reference (or the forms otherwise required or permitted under the applicable tenant Leases), which estoppel letters shall be dated no earlier than 45 days prior to Closing and which, as to the Giant Eagle Lease, shall not disclose any alleged material defaults under the such Lease or any material discrepancies between such Lease and the matters set forth on the Rent Roll (defined below), and, with respect to all other Leases, which shall not disclose any alleged material defaults under the applicable Leases or material discrepancies with the Leases as it relates to the rental reserved thereunder, the expiration dates of the terms thereof and the gross leased area reserved in the Leases; and Seller providing a subordination, non-disturbance and attornment agreement from tenant Giant Eagle in the form required or permitted under the Giant Eagle Lease.

Estoppel Condition. Purchaser shall have received, on or before the expiration of the Due Diligence Period, an estoppel certificate dated a date no earlier than thirty (30) days prior to Closing, from Tenant under the Lease (the “Estoppel Condition”), which estoppel certificate shall meet the following conditions: (a) it is: (i) substantially in the form attached as Exhibit G to the Lease; (b) it shall not disclose any material non-monetary or monetary defaults by Seller or tenant under the applicable Lease; and (c) it shall not contain any information which is inconsistent with the information contained in the Lease or the representations contained herein. Seller shall promptly forward to Purchaser such estoppel certificate as and when the same is received. In the event that the Estoppel Condition has not been timely satisfied in all respects, then Purchaser may, by giving Seller written notice at any time after the occurrence of any failure to satisfy the Estoppel Condition, and Seller shall have ten (10) business days to cure such failure. If upon the expiration of said cure period Seller has been unable to satisfy the Estoppel Condition, Buyer may terminate this Agreement and receive refund of any Xxxxxxx Money made by Purchaser and any third-party out-of-pocket expenses incurred during the Due Diligence Period not to exceed $50,000, and neither party shall have any further right or obligation hereunder other than those obligations which survive termination.

Estoppel Condition. Seller providing to Purchaser estoppel letters (acceptable to Purchaser in its sole discretion) and subordination, non-disturbance and attornment agreements (acceptable to Purchaser’s intended mortgagee in its sole discretion) from the tenants under Leases of the Major Tenants and 11 of the remaining non-Major Tenants of the Property, same to be substantially in the forms attached hereto as Exhibit F and incorporated herein by reference (or, with respect to the Major Tenants, in the forms otherwise required under the applicable tenant Lease or in such Major Tenant’s standard forms), which estoppel letters and subordination, non-disturbance and attornment agreements shall be dated no earlier than 30 days prior to Closing or the date otherwise designated by Purchaser’s intended mortgagee.