Financing Condition. (Check Applicable Box)
Financing Condition. (check applicable box)
(a) [ ] Buyer's obligation to purchase the Property IS conditioned upon Buyer qualifying for the applicable loan(s) referenced in Section 2.1(b) or (c) (the "Loan"). This condition is referred to as the "Financing Condition."
(b) [X ] Buyer's obligation to purchase the Property IS NOT conditioned upon Buyer qualifying for a loan. Section 2.3 does not apply.
Financing Condition. If any lender or ground lessor that intends to acquire an interest in, or holds a mortgage, ground lease or deed of trust encumbering any portion of the Real Property should require either the execution by Tenant of an agreement requiring Tenant to send such lender written notice of any default by Landlord under this Lease, giving such lender the right to cure such default until such lender has completed foreclosure, and preventing Tenant from terminating this Lease (to the extent such termination right would otherwise be available) unless such default remains uncured after foreclosure has been completed, and/or any modification of the agreements, covenants, conditions or provisions of this Lease, then Tenant agrees that it shall, within ten (10) days after Landlord’s request, execute and deliver such agreement and modify this Lease as required by such lender or ground lessor; provided, however, that no such modification shall affect the length of the term or increase the rent payable by Tenant under Paragraphs 5 and 7 or otherwise materially adversely affect Tenant’s rights or materially increase Tenant’s obligations (other than notice requirements and other similar ministerial obligations). Tenant acknowledges and agrees that its failure to timely execute any such agreement or modification required by such lender or ground lessor may cause Landlord serious financial damage by causing the failure of a financing transaction and giving Landlord all of its rights and remedies under Paragraph 25 below, including its right to damages caused by the loss of such financing.
Financing Condition. If any lender or ground lessor that intends to acquire an interest in, or holds an Encumbrance should require either the execution by Tenant of an agreement requiring Tenant to send such lender written notice of any default by Landlord under this Lease and giving such lender the right to cure such default until such lender has completed foreclosure, and preventing Tenant from terminating this Lease (to the extent such termination right would otherwise be available) unless such default remains uncured after foreclosure has been completed (provided that in no event shall such agreement prohibit Tenant from exercising its non-termination remedies against Landlord for such breach pursuant to the terms of this Lease), and/or any modification of the agreements, covenants, conditions or provisions of this Lease, then Tenant agrees that it shall; within ten (10) Business Days after Landlord’s request, execute and deliver such agreement and modify this Lease as required by such lender or ground lessor; provided, however, that no such modification shall affect the length of the Lease term, increase the rent payable by Tenant hereunder, increase Tenant’s non-monetary obligations hereunder (other than in a non-substantial manner, such as requiring that Tenant send additional copies of notices to one or more additional parties) or diminish Tenant’s rights hereunder (other than in a non-substantial manner). Tenant acknowledges and agrees that its failure to timely execute any such agreement or modification required by such lender or ground lessor within such ten (10) Business Day period, and subsequent failure to deliver the agreement or modification within five (5) Business Days following Landlord’s second written request for the agreement or modification, may cause Landlord serious financial damage by causing the failure of a financing transaction and giving Landlord all of its rights and remedies under Paragraph 25 below, including its right to damages caused by the loss of such financing. If Tenant receives a non-disturbance agreement from a particular lender under Paragraph 21 above, then, in the event of any inconsistency between the terms of that agreement and the terms of this Paragraph 22, the terms of the non-disturbance agreement shall govern as to that lender.
Financing Condition. Buyer’s obligation to purchase the property: [ ] IS [ ] IS NOT conditioned upon Buyer obtaining the Loan referenced in Section 2(b). This condition is referred to as the “Financing Condition.” If checked in the affirmative, Sections 8.3(a) and 8.3(b) apply; otherwise they do not. If the Financing Condition applies, Buyer agrees to work diligently and in good faith to obtain the Loan.
Financing Condition. This Contract is subject to the Buyer securing New Financing as follows: • as per clause 2.2 (plus applicable mortgage insurance fee, if any) • interest rate not to exceed percent a year calculated semi-annually not in advance • a term of not less than years Monthly payment of principal and interest not to exceed $ (including mortgage insurance fee, if applicable) for an amortization of 25 years. Before 9 p.m. on , 20 , (the “Condition Day”) The Buyer will pay for all costs associated with the New Financing.
Financing Condition. Prior to Tenant’s commencement of construction on the Premises, Tenant shall provide written evidence to Landlord, in form and substance reasonably acceptable to Landlord, that Tenant has obtained actual or committed funds (through actual contributions, pledges for contributions, debt financing or a combination thereof) equal to 100% of the Estimated Budget (as hereinafter defined) to complete construction of a museum building substantially in accordance with the Approved Plans, provided that committed funds may not constitute more than fifty percent (50%) of the Estimated Budget. For purposes of the foregoing, a “committed fund” shall mean a written pledge from a person or entity to contribute funds to Tenant over a period of not more than five (5) years for the purpose of funding the construction of the museum building. The “Estimated Budget” shall mean the total construction cost for the museum building as specified in the permit issued by The Town of Chapel Hill (or an affiliated governmental agency such as a planning board or building department) in connection with the Approved Plans or, in the event the permit does not specify such construction cost, the Estimated Budget shall be stipulated in writing by Tenant’s general contractor, which stipulation shall be binding on Landlord and Tenant.
Financing Condition. Landlord may from time to time desire to mortgage all or a portion of the Facility for the purpose of securing financing from an institutional lender. In the event such institutional lender not affiliated to Landlord requires, as a condition of granting Landlord such financing, that this Lease be amended or modified, then Tenant shall, within ten (10) days after Landlord’s request, consent to and execute any such reasonable amendment or modification of this Lease; provided, however, that such modification or amendment only concerns (a) the lender’s right to notification, (b) requirements for the lender’s prior consent or approval for any amendment, modification, or early termination of the Lease unless specifically granted in the Lease, for any waiver of any of the terms or conditions of the Lease to be performed or observed by Tenant, or for any estoppel certificate to be provided by Landlord, (c) restrictions on prepayments of Rent (unless required by this Lease), (d) the lender’s right to require that rents be paid directly to the lender upon default of Landlord under the loan made by such lender and Notice to Tenant, (e) the resolution of ambiguities or correction or errors or omissions contained in this Lease, (f) restrictions on Tenant’s ability to subordinate this Lease to junior financing, and/or (g) such other matters as Tenant may consent to, which consent shall not be unreasonably withheld. The parties acknowledge, however, that it would not be unreasonable for Tenant to withhold consent to any modification that affects the length of the Term or increases the Rent payable by Tenant hereunder or otherwise increases Tenant’s obligations (other than notice requirements and other similarly ministerial obligations) or diminishes Tenant’s rights under this Lease.
Financing Condition. The Buyer’s obligation to deliver the Purchase Price is conditioned upon the ability of the Buyer to obtain a loan with the Property as security for such loan in the amount of $ or % of the Purchase Price at an interest rate not to exceed % payable in monthly installments over not less than years or on such other terms approved by the Buyer (a “Qualified Loan”). Buyer shall make a good faith application for the loan within 10 days after the Effective Date of this Agreement. A commitment by a lender to make a loan subject to approval of title, appraisal and/or final inspection of improvements, shall constitute obtaining a Qualified Loan and satisfy the condition provided herein unless the Buyer notifies the Seller of the failure of a commitment to satisfy the requirements of a Qualified Loan within 2 days of the Buyer’s receipt of the loan commitment. In the event the said loan cannot be closed within 60 days of the Buyer’s application, due to delays in the completion of the Property, the Seller may, at Seller’s option, pay discount points and/or buy-down costs necessary to maintain the interest rate of the loan within one percentage point of the committed interest rate. In the event that the prior committed interest rate or a rate within one percentage point of said original rate cannot be obtained by the Seller paying discount points or buy-down costs, the Buyer, at the Buyer’s option, may either proceed to Closing or terminate this Agreement. Buyer’s termination of this Agreement based on the financing condition described herein shall automatically entitle the Seller to receive the Deposit as a fully earned payment, whether such termination is based upon the failure to obtain a loan or election to terminate after an interest rate has increased for any reason (including construction delays).
Financing Condition. It is understood that, subject to reimbursement (see section 4.1.2.2), PJM will be required to make initial expenditures to cover Capitalized Expansion Costs as defined herein (see section 4.1.
2.1). It is agreed that, except for the development of the Project Implementation Plan, PJM shall not be required to incur any Capitalized Expansion Costs until and unless one or more financial closings have occurred under which PJM has obtained financing in a total amount no less than that specified in section 4.1.2.1.
