Common use of OCCUPIED PROPERTY Clause in Contracts

OCCUPIED PROPERTY. XXXXX UNDERSTANDS AND ACKNOWLEDGES THAT SELLER MAY HAVE ACQUIRED THE PROPERTY (AS DEFINED IN THE PURCHASE AGREEMENT) THROUGH FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, THAT SELLER HAS NEVER OCCUPIED THE PROPERTY, AND THAT SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. XXXXXX MAKES NO REPRESENTATIONS OR WARRANTIES AS TO WHETHER THE PROPERTY IS OCCUPIED AS OF THE CLOSE OF ESCROW BUT BELIEVES THE PROPERTY TO BE OCCUPIED. PROPERTY MAY BE SUBJECT TO LEASEHOLD INTERESTS OF VARIOUS TENANTS. Seller is under no obligation to provide any information regarding leases, amendments or any other documents, including but not limited to information regarding any current eviction proceedings to Buyer. Xxxxx understands and acknowledges that Seller will not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller’s attorney. Further, the progress and/or outcome of any current eviction case will have no bearing whatsoever in the transaction contemplated by the Purchase Agreement and its terms, any addenda thereto, including the mutually agreed upon Closing Date. Xxxxx further acknowledges that Buyer shall be solely responsible for notifying any tenants or occupants of the transfer of ownership of the Property, and shall be liable to any and all tenants for repayment of any outstanding security deposit, less lawful deductions. This provision shall survive the Close of Escrow and/or the Closing of the transaction contemplated by the Purchase Agreement and this Addendum and shall not be deemed to have merged into any of the documents executed or delivered at Closing. Because the Property was acquired by Seller through foreclosure, trustee’s sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff’s sale or deed in lieu of foreclosure, Seller has no security deposits or last month’s rent to surrender to Buyer. Buyer acknowledges that Buyer may be subject to the Protecting Tenant’s at Foreclosure Act reenacted May 24, 2018] (the “Act”) or to state law, as applicable.

OCCUPIED PROPERTY. XXXXX UNDERSTANDS AND ACKNOWLEDGES THAT SELLER MAY HAVE ACQUIRED THE PROPERTY Seller makes no representations or warranties as to whether the Property is occupied as of the Closing Date. (AS DEFINED IN THE PURCHASE AGREEMENT1) THROUGH FORECLOSUREIf the Property is occupied, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, THAT SELLER HAS NEVER OCCUPIED THE PROPERTY, AND THAT SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. XXXXXX MAKES NO REPRESENTATIONS OR WARRANTIES AS TO WHETHER THE PROPERTY IS OCCUPIED AS OF THE CLOSE OF ESCROW BUT BELIEVES THE PROPERTY TO BE OCCUPIED. PROPERTY MAY BE SUBJECT TO LEASEHOLD INTERESTS OF VARIOUS TENANTS. Seller is under no obligation to provide any information regarding leases, amendments or any other documents, including but not limited to information regarding any current eviction proceedings to Buyer. Xxxxx understands and acknowledges that Seller will endeavor (but shall not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller’s attorney. Further, be obligated) to evict or dispossess the progress and/or outcome of any current eviction case will have no bearing whatsoever in occupants prior to the transaction contemplated by the Purchase Agreement and its terms, any addenda thereto, including the mutually agreed upon Closing Date. Xxxxx further acknowledges that Buyer PURCHASER expressly waives any right to terminate this Agreement based on the status of occupancy of the Property. (2) The Property may be subject to leasehold interests of various tenants. Seller has included in the Disclosures true copies of all leases and amendments, if any, in Seller's possession. Seller makes no warranties or representations as to whether or not other leases of the Property are or will be in force; whether or not anyone else has a right of possession; whether or not any rent concessions were given to any tenant; whether or not any other agreements were made with the tenants; whether or not any rent charged violates any applicable statute, or law; whether or not any other violations of any applicable ordinance, statute or law exist; and whether or not Seller or any tenant is in default under any lease. Because the Property was acquired by Seller through foreclosure, trustee's sale pursuant to a power of sale under a deed of trust, power of sale under a security deed, sheriff's sale or deed in lieu of foreclosure, Seller has no security deposits or last month's rent to surrender to PURCHASER. PURCHASER shall be solely responsible for notifying any tenants or occupants of the transfer of ownership of the Property, and shall be liable to any and all tenants for repayment of any outstanding security deposit, less lawful deductions. This provision shall survive the Close of Escrow and/or the Closing of the this transaction contemplated by the Purchase Agreement and this Addendum and shall not be deemed to have merged into any of the documents executed or delivered at Closingclosing. Because PURCHASER shall defend, indemnify and hold harmless Seller, its affiliates, parent companies, officers, directors, shareholders, agents, attorneys and representatives from and against any claims, demands, actions or expenses, including reasonable attorney's fees, arising out of any and all actions concerning security deposits, and for any eviction or unlawful detainer or other litigation arising out of the tenancy, occupancy or lease of the Property was acquired by Seller through foreclosure, trustee’s sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff’s sale or deed in lieu of foreclosure, Seller has no security deposits or last month’s rent to surrender to Buyer. Buyer acknowledges that Buyer may be subject to after the Protecting Tenant’s at Foreclosure Act reenacted May 24, 2018] (the “Act”) or to state law, as applicableClosing Date.

OCCUPIED PROPERTY. XXXXX UNDERSTANDS AND ACKNOWLEDGES THAT SELLER MAY HAVE ACQUIRED THE PROPERTY Seller makes no representations or warranties as to whether the Property is occupied as of the Closing Date. (AS DEFINED IN THE PURCHASE AGREEMENT1) THROUGH FORECLOSUREIf the Property is occupied, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, THAT SELLER HAS NEVER OCCUPIED THE PROPERTY, AND THAT SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. XXXXXX MAKES NO REPRESENTATIONS OR WARRANTIES AS TO WHETHER THE PROPERTY IS OCCUPIED AS OF THE CLOSE OF ESCROW BUT BELIEVES THE PROPERTY TO BE OCCUPIED. PROPERTY MAY BE SUBJECT TO LEASEHOLD INTERESTS OF VARIOUS TENANTS. Seller is under no obligation to provide any information regarding leases, amendments or any other documents, including but not limited to information regarding any current eviction proceedings to Buyer. Xxxxx understands and acknowledges that Seller will endeavor (but shall not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller’s attorney. Further, be obligated) to evict or remove the progress and/or outcome of any current eviction case will have no bearing whatsoever in occupants prior to the transaction contemplated by the Purchase Agreement and its terms, any addenda thereto, including the mutually agreed upon Closing Date. Xxxxx further Buyer expressly waives any right to cancel this Agreement based on the status of occupancy of the Property. (2) Buyer acknowledges that Buyer shall may be solely responsible for notifying any tenants or occupants subject to the Protecting Tenant’s at Foreclosure Act of 2009, set forth as Division A, Title VII of the transfer Helping Families Save Their Homes Act of ownership 2009 [Pub.L. 111-22, 123 Stat. 1632, S. 896, enacted May 20, 2009] (the “Act”) or state law, as applicable. SAMPLE (3) The Property may be subject to leasehold interests of various tenants. Seller has included in the Disclosures true copies of all leases and amendments, if any, in Seller’s possession. Seller makes no warranties or representations as to whether or not other leases of the Property, and shall Property are or will be liable in force; whether or not anyone else has a right of possession; whether or not any rent concessions were given to any and all tenants for repayment tenant; whether or not any other agreements were made with the tenants; whether the Property is subject to any rent control, rent stabilization or other similar ordinance, statute or law and, if so, whether the Property is properly registered under such ordinance, statute or law; whether or not any rent charged violates (or in the past has violated) any applicable rent control, or rent stabilization or other similar ordinance, statute, or law; whether or not any other violations of any outstanding security depositapplicable ordinance, less lawful deductions. This provision shall survive the Close of Escrow and/or the Closing of the transaction contemplated by the Purchase Agreement statute or law exist; and this Addendum and shall whether or not be deemed to have merged into Seller or any of the documents executed or delivered at Closingtenant is in default under any lease. Because the Property was acquired by Seller through foreclosure, trustee’s sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff’s sale or deed in lieu of foreclosure, Seller has no security deposits or last month’s rent to surrender to Buyer. Buyer acknowledges shall be solely responsible for notifying tenants of the transfer of ownership of the Property, and for the registration of the Property or notice of transfer of the Property (including notice of Buyer’s ownership or that no registration is necessary) required under any multiple dwelling law or any such rent control, rent stabilization or other similar ordinance, statute or law, and shall be liable to any and all tenants for repayment of any rent charged in the past (plus interest and penalties in excess of the highest lawful rate, and any outstanding security deposit, plus interest accrued thereon, less lawful deductions or any prior rent overcharges pursuant to applicable law. This provision shall survive the Closing of Title and shall not be deemed to have merged into any of the documents executed or delivered at Closing. Buyer shall defend, indemnify and hold harmless Seller, its affiliates, parent companies, officers, directors, shareholders, auctioneer, broker, agents, attorneys and representatives from and against any claims, demands, actions or expenses, including reasonable attorney’s fees, arising out of any and all actions concerning security deposits, and for any eviction or unlawful detainer or other litigation arising out of the tenancy, occupancy or lease of the Property after the Closing Date, including but not limited to, any violation of any state or federal law, rule or regulation regarding tenant’s occupancy of the Property.. (4) Buyer shall be responsible for installing new locks on the Property immediately after the Closing, and Buyer shall hold Seller and Seller's representatives and agents harmless from and indemnify Seller and Seller's representatives and agents against any and all damages, claims, liens, liabilities, costs, injuries, attorney's fees and expenses of every kind and nature that may be subject made against Seller as a result of Buyer's failure to install new locks on the Protecting Tenant’s at Foreclosure Act reenacted May 24, 2018] (the “Act”) or to state law, as applicableProperty.

OCCUPIED PROPERTY. XXXXX BUYER UNDERSTANDS AND ACKNOWLEDGES THAT SELLER MAY HAVE ACQUIRED THE PROPERTY (AS DEFINED IN THE PURCHASE AGREEMENT) THROUGH FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, OR A SIMILAR PROCESS, THAT SELLER HAS NEVER OCCUPIED THE PROPERTY, AND THAT SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. XXXXXX SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO WHETHER THE PROPERTY IS OCCUPIED AS OF THE CLOSE OF ESCROW CLOSING BUT BELIEVES THE PROPERTY TO BE OCCUPIED. THE PROPERTY MAY BE SUBJECT TO LEASEHOLD INTERESTS OF VARIOUS TENANTS. Seller is under no obligation to provide any information regarding leases, amendments or any other documents, including but not limited to information regarding any current eviction proceedings proceedings, to Buyer. Xxxxx Buyer understands and acknowledges that Seller will not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller’s attorney. Further, the progress and/or outcome of any current eviction case will have no bearing whatsoever in the transaction contemplated by the Purchase Agreement and its terms, any addenda thereto, including the mutually agreed upon Closing Dateclosing. Xxxxx Buyer further acknowledges that Buyer shall be solely responsible for notifying any tenants or occupants of the transfer of ownership of the Property, and shall be liable to any and all tenants for repayment of any outstanding security depositdeposit and pre-paid rent, less lawful deductions. This provision shall survive the Close of Escrow and/or the Closing closing of the transaction contemplated by the Purchase Agreement and this Addendum and shall not be deemed to have merged into any of the documents executed or delivered at Closingclosing. Because the Property was acquired by Seller through foreclosure, trustee’s sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff’s sale or deed in lieu of foreclosure, or a similar process, Seller has no security deposits or last month’s pre-paid rent to surrender to Buyer. Buyer acknowledges that Buyer may be subject to the Protecting Tenant’s at Foreclosure Act reenacted May 24, 2018] (the “Act”) or to state law, as applicable.