Common use of Marketing of the Property Clause in Contracts

Marketing of the Property. Within [30] days after the date of the appraisal, Settling Party shall commence using best efforts to sell the Property. [Optional: Settling Party shall use best efforts to sell the Property.] “Best efforts” for purposes of this Paragraph includes: (i) entering into a listing agreement, for the purpose of marketing and selling the property, with a real estate broker, dealer, or agent licensed in the State of ______ who customarily deals with real property similar to the Property; (ii) advertising the Property for sale in appropriate publications; (iii) listing the Property with appropriate real estate listing services; (iv) maintaining the Property in a condition suitable for showing to prospective buyers; and (v) providing access to the Property, at reasonable times, to real estate brokers, dealers or agents and prospective buyers. [Optional: Settling Party shall submit to EPA reports regarding Settling Party’s efforts to market the property. The first such report shall be due three months after commencement of efforts to sell the Property, and successive reports shall be due quarterly thereafter.] If the proposed contract for the sale of the Property provides for Settling Party to receive all cash, is for at least [90%] of the appraised value of the Property, and provides for the property sale to occur within [60] days after the date of execution of the sales contract, then Settling Party may execute the contract without EPA’s prior written approval. Otherwise, Settling Party shall provide to EPA a copy of the proposed Property sales contract, and must obtain EPA’s written approval before executing the contract. [Optional: Settling Party shall provide to EPA a copy of any offer to purchase the Property within 48 hours after receipt of such offer in order to give EPA an opportunity to review and object to the offer. If EPA does not object to the offer within [15] days after receipt of a copy of the offer, then Settling Party may execute the contract for sale of the Property.] Settling Party shall provide to EPA a copy of the executed contract within [7] days after signing the contract.