Non-Conforming Properties Clause Samples
The Non-Conforming Properties clause defines how properties that do not meet certain legal, zoning, or contractual standards are addressed in an agreement. Typically, this clause outlines the responsibilities of the parties if a property fails to comply with applicable codes, regulations, or agreed-upon conditions, such as requiring the seller to remedy the non-conformity or allowing the buyer to withdraw from the transaction. Its core function is to allocate risk and clarify procedures when a property does not conform to required standards, thereby protecting both parties from unforeseen legal or financial liabilities.
POPULAR SAMPLE Copied 1 times
Non-Conforming Properties. Borrower shall, or shall cause Owner to, cause any Non-Conforming Properties to be classified as “conforming” or “legal non-conforming” as to parking by the earlier to occur of (a) the Maturity Date and (b) the date required by any applicable Governmental Authority, which compliance may be evidenced by delivery of a zoning report stating the same.
Non-Conforming Properties. Borrower shall, or shall cause Owner to, cause any Non-Conforming Properties to be classified as “conforming” or “legal non-conforming” as to parking by the earlier to occur of (a) the Maturity Date and (b) the date required by any applicable Governmental Authority, which compliance may be evidenced by delivery of a zoning report stating the same. Additionally, Borrower shall use commercially reasonable and diligent efforts to promptly clear all use, zoning, fire or building code violations at the Properties where any such violation(s) exist of which Borrower has actual knowledge, except for such violations the failure to remediate which would not have nor be reasonably likely to have a Material Adverse Effect. -116- Mezzanine Loan Agreement
Non-Conforming Properties. Courtyard, Orlando, FL