IMPAIRED PARCELS Sample Clauses

IMPAIRED PARCELS. In the event that any of the Purchased Line or the Leased Lands are determined, either before the Closing or during the period of two years after the Closing, to contain any "hazardous material" which was placed, held, located, released, discharged or disposed of on, under or at the Purchased Line and the Leased Lands prior to the Closing and which (i) materially impairs the value or utility of the Purchased Line or the Leased Lands, or (ii) would require material costs of remediation in accordance with applicable environmental laws, in each case based upon the use of such lands as at the Closing (in either case referred to herein as an "Impaired Parcel"), then the Purchaser may at its option reconvey such lands, if an owned parcel, or surrender its lease of such lands, if a leased parcel, for one dollar ($1.00) to the Vendor delivered no later than 30 days after the second anniversary of the Closing Date. Neither the Purchaser nor the Vendor shall be entitled to an adjustment in the Purchase Price or an abatement in rent as a result of any such reconveyance or surrender. For the purposes of this Section 15, "hazardous material" means any hazardous substance or any pollutant or contaminant, toxic or dangerous waste substance or material and "hazardous material" shall also include materials or substances which are found to be on, in or under the Purchased Line or the Leased Lands or in the groundwater within the Purchased Line or the Leased Lands in amounts exceeding levels determined to be acceptable by any governmental or other body having administrative or regulatory jurisdiction over the same, whether municipal, provincial or federal. Notwithstanding the foregoing, the existence of coal or mine product tailings (in moderate concentration), ties containing creosote (except in a creosote tie burial hole), or leakage at any rail lubricator site on any lands sold or leased to the Purchaser under this Agreement shall not provide a basis for designating said lands an "Impaired Parcel".
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Related to IMPAIRED PARCELS

  • Additions to Mortgaged Property All right, title and interest of Mortgagor in and to all extensions, improvements, betterments, renewals, substitutes and replacements of, and all additions and appurtenances to, the Mortgaged Property hereafter acquired by or released to Mortgagor or constructed, assembled or placed by Mortgagor upon the Premises or the Improvements, and all conversions of the security constituted thereby, immediately upon such acquisition, release, construction, assembling, placement or conversion, as the case may be, and in each such case without any further mortgage, conveyance, assignment or other act by Mortgagor, shall become subject to the lien and security interest of this Mortgage as fully and completely and with the same effect as though now owned by Mortgagor and specifically described in the grant of the Mortgaged Property above, but at any and all times Mortgagor will execute and deliver to Mortgagee any and all such further assurances, mortgages, conveyances or assignments thereof as Mortgagee may reasonably require for the purpose of expressly and specifically subjecting the same to the lien and security interest of this Mortgage.

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Entry on Mortgaged Property Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property following the occurrence and during the continuance of an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

  • Real Property; Fixtures Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property having a fair market value in excess of $1,000,000 it will promptly (and in any event within two (2) Business Days of acquisition) notify Agent of the acquisition of such Real Property and will grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a first priority Mortgage on each fee interest in Real Property now or hereafter owned by such Grantor and shall deliver such other documentation and opinions, in form and substance satisfactory to Agent, in connection with the grant of such Mortgage as Agent shall request in its Permitted Discretion, including title insurance policies, financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other fees and costs (including reasonable attorneys fees and expenses) incurred in connection therewith. Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its attachment or affixation to real property;

  • Photograph of the Mortgaged Property 9. Survey of the Mortgaged Property, unless a survey is not required by the title insurer.

  • Occupancy of the Mortgaged Property As of the date of origination, the Mortgaged Property was lawfully occupied under applicable law;

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the holders of the Cooperative Shares of the Cooperative Corporation.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

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