Interest Conveyed. In the event a foreclosure occurs after the Cut-Off Date, or occurred on or before the Cut-Off Date but the Redemption Period had not expired on or before the Cut-Off Date, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with a special warranty deed to the Receiver Acquired Property purchased at such foreclosure sale. The Company acknowledges and agrees that the Company shall not acquire any interest in or to (a) any such Underlying Collateral that was foreclosed by the Initial Member or any of its predecessors-in-interest on or before the Cut- Off Date and for which the Redemption Period, if any, had expired on or before the Cut-Off Date and (b) any performance or completion bond or letter of credit or other assurance filed with any Governmental Authority with respect to any Loan for the purpose of ensuring that improvements constructed or to be constructed are completed in accordance with any governmental regulations or building requirements applicable to the proposed or completed improvement to the extent that any such performance or completion bond or letter of credit or other assurance constitutes a promise or obligation of the Initial Member or any Failed Bank to make any payment or otherwise provide any performance or satisfaction.
Interest Conveyed. In the event a foreclosure on Collateral for any Loan occurs after the Cut-Off Date, or occurred on or before the Cut-Off Date but the Redemption Period had not expired on or before the Cut-Off Date, the Transferor will convey to the Company all of the Transferor’s right, title and interest as of the Closing Date in and to such Loan and the related Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. With respect to any Receiver Acquired Property (including where the Transferor was the purchaser thereof at any such foreclosure sale pursuant to the preceding sentence), the Transferor will convey to the Company all right, title and interest of the Transferor as of the Closing Date in and to the related Underlying Loan and any Deficiency Balance with respect thereto, together with a Receiver’s Deed and Omnibus Property Assignment (in the case of Receiver Acquired Property other than Potentially Defectively Foreclosed Receiver Acquired Property) or a Receiver’s Quitclaim Deed (in the case of Potentially Defectively Foreclosed Receiver Acquired Property), as applicable, conveying such Receiver Acquired Property to an Ownership Entity, as specified on the Ownership Entity and Receiver Acquired Property Schedule (unless the Receiver Acquired Property was purchased by an Ownership Entity, in which case the Transferor will convey to the Company all equity interests in such Ownership Entity pursuant to an Assignment and Acceptance of Limited Liability Company Interest). The Company acknowledges and agrees that the Company is not (directly or indirectly through any Ownership Entity) acquiring any interest in or to (a) any Collateral that was foreclosed by the Transferor or any of its predecessors-in-interest on or before the Cut-Off Date and for which the Redemption Period, if any, had expired on or before the Cut-Off Date (other than Receiver Acquired Property (x) expressly described as “Owned Real Estate” on the Ownership Entity and Receiver Acquired Property Schedule, or (y) held as of the Closing Date by an Ownership Entity set forth in the Ownership Entity and Receiver Acquired Property Schedule); (b) [intentionally omitted]; or (c) any performance or completion bond or letter of credit or other assurance filed with any Governmental Authority with respect to any Asset for the purpose of ensuring that improvements constructed or to be constructed are completed in accordance with any governmental regulations or building req...
Interest Conveyed. The Initial Member shall convey all of its right, title and interest in and to each Loan. In the event a foreclosure occurs after the Cut-Off Date, or occurred on or before the Cut-Off Date, but the Redemption Period had not expired on or before the Cut-Off Date, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with a quitclaim deed to the property purchased at such foreclosure sale. The Company acknowledges and agrees that the Company shall not acquire any interest in or to any such property which was foreclosed by the Initial Member or any of its predecessors-in-interest on or before the Cut-Off Date and for which the Redemption Period, if any, had expired on or before the Cut-Off Date.
Interest Conveyed. At closing, Seller shall execute and deliver to Buyer a statutory warranty deed in accordance with the provisions of Section 689.02, Florida Statutes, conveying marketable title to the Property in fee simple free and clear of all liens, reservations, restrictions, easements, leases, tenancies and other encumbrances, except for the Permitted Exceptions. No interest in (or any allocation of water permitted by) Water Use Permit 26-01112-W (the “WUP”) is being conveyed to Buyer. Buyer acknowledges and agrees that Seller will, either before or after closing, cause the WUP to be modified with SFWMD such that the allocation of any and all water allocated to the Property pursuant to the WUP will be reallocated to other lands owned by Seller and that after such modification the WUP will no longer apply to the Property. At closing, Seller shall disclaim any and all interest Seller may have in and to any other permits pertaining to the Property. For purposes of this Option Agreement, the term “Permitted Exceptions” shall mean: (i) applicable zoning and building ordinances and land use regulations; (ii) the lien of any and all taxes and assessments not yet due and payable; (iii) easements, licenses, covenants, conditions, restrictions, leases, reservations, exceptions and other encumbrances referenced in the Title Commitment and not specifically objected to by Buyer in the Notice of Title Objections (defined below); (iv) any exceptions caused by Buyer, its agents, representatives or employees; (v) any matters accepted or deemed accepted by Buyer pursuant to the terms and conditions of this Option Agreement, and (vi) any matters agreed to by the parties in writing. Seller agrees to attempt to have the Property removed from the affect of that certain Water Control Easement from Alico Land Development Company, a Florida corporation, to the Devils Garden Water Control District, a public corporation, dated June 25, 1973 and recorded March 8, 1974 in Official Records Book 177, Page 246; Partial Release of Easement as set forth in Official Records Book 544, Page 1589; Official Records Book 579, Page 1725; Official Records Book 961, Page 729, all of the Public Records of Hxxxxx County, Florida (collectively, the “WCD Easement”), prior to closing. In the event Seller is unable to obtain a partial release of the WCD Easement with respect to the Property prior to the closing date, (a) Seller may extend the closing date for a reasonable amount of time necessary to obtain the part...
Interest Conveyed. At closing, Seller shall execute and deliver to Buyer a perpetual, enforceable conservation easement in substantially the same form as attached hereto as Exhibit “B”, free and clear of all liens, reservations, restrictions, easements, leases, tenancies and other encumbrances, except for those that are acceptable encumbrances in the sole discretion of Buyer and do not impair the marketability of the title to the Easement, and the lien of ad valorem taxes for the year of closing that are not yet due and payable.
Interest Conveyed. In the event a foreclosure with respect to any Loan occurs after the Closing Date, or occurred on or before the Closing Date but the Redemption Period had not expired on or before the Closing Date, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with a special warranty deed to the property purchased at such foreclosure sale. The Company acknowledges and agrees that the Company shall not acquire any interest in or to any performance or completion bond or letter of credit or other assurance filed with any Governmental Authority with respect to any Loan for the purpose of ensuring that improvements constructed or to be constructed are completed in accordance with any governmental regulations or building requirements applicable to the proposed or completed improvement.
Interest Conveyed. This Lease is an agreement of lease ----------------- and the Lessor does not convey to the Lessee any right, title or interest in or to the Property except as a lessee.
Interest Conveyed. At closing, Seller shall execute and deliver to Purchaser a statutory warranty deed in accordance with Section 689.02, Florida Statutes, conveying marketable title to the Property in fee simple fee and clear of all liens, reservations, restrictions, easements, leases, tenancies and other encumbrances accepted, in writing, by Purchaser.
Interest Conveyed. Seller shall convey all of its right, title and interest in and to each Loan, including all of Seller's right, title and interest in and to any Deficiency Balance. In the event a foreclosure occurs after the Calculation Date, or occurred on or before the Calculation Date, but the Redemption Period had not expired on or before the Calculation Date, Seller shall convey to Buyer the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If Seller was the purchaser at such foreclosure sale, Seller shall convey to Buyer the Deficiency Balance, if any, together with a quitclaim deed to the property purchased at such foreclosure sale. Buyer acknowledges and agrees that Buyer shall not acquire any interest in or to any such property which was foreclosed by Seller or any of its predecessors-in-interest on or before the Calculation Date and for which the Redemption Period, if any, had expired on or before the Calculation Date; nor shall Buyer acquire any interest in or to any performance or completion bond filed with any governmental entity for the purpose of ensuring that improvements constructed or to be constructed on such property are completed in accordance with any governmental regulation(s) or building requirement(s) applicable to the proposed or completed improvement.
Interest Conveyed. 21 SECTION 14.2 Equipment as Personal Property .........................21
