IRC Section 1031 Exchange. Seller, Beneficiaries and Purchaser shall each accommodate the other, at no liability, cost or expense to either, in selling and acquiring the Real Estate as part of a tax-deferred like-kind exchange under Section 1031 of the Internal Revenue Code. Each party consents to the assignment of this Agreement by the other to an Exchange Trustee or Accommodation Party. Seller, Beneficiaries and Purchaser shall execute such additional instruments, documents and agreements as may be reasonably required to effectuate the exchange, and which are customarily used in such transactions. A failure or delay in completion of the contemplated exchange shall not terminate or delay any party’s obligation to the other Parties under this Agreement. Neither Party shall be required to take title to the replacement property of the other.
Appears in 5 contracts
Samples: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement
