Common use of Impairment of Property Clause in Contracts

Impairment of Property. No material adverse change shall have occurred in the condition or ownership of the Property or any part thereof from and after the conclusion of the Review Period. As of the Closing no part of the Property, or any interest of Seller therein, shall be encumbered by any lien, pledge, security interest, financing or due and unpaid charge, tax or other imposition (other than Permitted Exceptions and items which will be removed on or prior to the Closing Date), or damaged and not repaired to Buyer's satisfaction or taken in condemnation or other like proceeding and no such proceeding shall be pending or threatened, except as otherwise provided in Section 8.2 hereof. There shall have occurred no material adverse change in the financial condition of any tenant under any of the Leases demising 6,000 square feet or more of the Improvements (each, a "MAJOR LEASE"), and there shall be no default, or event that with the giving of notice or the passage of time or both would constitute a default, under any Major Lease.

Impairment of Property. No material adverse change shall have occurred in the condition or ownership of the Property or any part thereof from and after the conclusion of the Review Period. As of the Closing no part of the Property, or any interest of Seller therein, shall be encumbered by any lien, pledge, security interest, financing or due and unpaid charge, tax or other imposition (other than Permitted Exceptions and items which will be removed on or prior to the Closing Date), or damaged and not repaired to Buyer's satisfaction or taken in condemnation or other like proceeding and no such proceeding shall be pending or threatened, except as otherwise provided in Section 8.2 hereof. There shall have occurred no material adverse change in the financial condition of any tenant under any of the Leases demising 6,000 7,500 square feet or more of the Improvements (each, a "MAJOR LEASEMajor Lease"), and there shall be no default, or event that with the giving of notice or the passage of time or both would constitute a default, under any Major Lease.

Impairment of Property. No material adverse change shall have occurred in the condition or ownership of the Property or any part thereof from and after the conclusion of the Review Period. As of the Closing no part of the Property, or any interest of Seller therein, shall be encumbered by any lien, pledge, security interest, financing or due and unpaid charge, tax or other imposition (other than Permitted Exceptions and items which will be removed on or prior to the Closing Date), or damaged and not repaired to Buyer's satisfaction or taken in condemnation or other like proceeding and no such proceeding shall be pending or threatened, except as otherwise provided in Section 8.2 hereof. There shall have occurred no material adverse change in the financial condition of any tenant under any of the Leases demising 6,000 five thousand (5,000) square feet or more of the Improvements (each, a "MAJOR LEASE"), and there shall be no default, or event that with the giving of notice or the passage of time or both would constitute a default, under any Major Lease.

Impairment of Property. No material adverse change shall have occurred in the condition or ownership of the Property or any part thereof from and after the conclusion of the Review Period. As of the Closing no part of the Property, or any interest of Seller therein, shall be encumbered by any lien, pledge, security interest, financing or due and unpaid charge, tax or other imposition (other than Permitted Exceptions and items which will be removed on or prior to the Closing Date), or damaged and not repaired to Buyer's satisfaction or taken in condemnation or other like proceeding and no such proceeding shall be pending or threatened, except as otherwise provided in Section 8.2 hereof. There shall have occurred no material adverse change in the financial condition of any tenant under any of the Leases demising 6,000 five thousand (5,000) square feet or more of the Improvements (each, a "MAJOR LEASE")) from that reported to Buyer on or prior to the conclusion of the Review Period, and there shall be no default, or event that with the giving of notice or the passage of time or both would constitute a default, under any Major LeaseLease unless such an event of default is disclosed in a Tenant Estoppel that Buyer approves.