Other Mall Contracts. Cross Default; Cross Termination. (A) Any default or material breach of a representation or warranty by the property owner and/or contributors under either of the Other Mall Contracts shall constitute a default of Property Owner and/or Contributors under this Agreement, and any proper termination prior to Closing by CBL/OP of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by the property owner and/or contributors thereunder, shall constitute CBL/OP's proper election to terminate this Agreement and recover the Letter of Credit or Deposit, as applicable; and (B) any default or material breach of a representation or warranty by CBL/OP under either of the Other Mall Contracts shall constitute a default of CBL/OP under this Agreement, and any proper termination prior to Closing by the property owner of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by CBL/OP thereunder, shall constitute Property Owner's proper election to terminate this Agreement that entitles Property Owner to draw on the Letter of Credit and receive payment of the Deposit.
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Samples: Contribution Agreement and Joint Escrow Instructions (CBL & Associates Properties Inc), Contribution Agreement and Joint Escrow Instructions (CBL & Associates Properties Inc)
Other Mall Contracts. Cross Default; Cross Termination. (A) Any default or material breach of a representation or warranty by the property owner and/or contributors under either of the Other Mall Contracts shall constitute a default of Property Owner and/or Contributors under this Agreement, and any proper termination prior to Closing by CBL/OP of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by the property owner and/or contributors thereunder, shall constitute CBL/OP's proper election to terminate this Agreement and recover the Letter of Credit or Deposit, as applicable; and (B) any default or material breach of a representation or warranty by CBL/OP under either of the Other Mall Contracts shall constitute a default of CBL/OP under this Agreement, and any proper termination prior to Closing by the property owner of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by CBL/OP thereunder, shall constitute Property Owner's proper election to terminate this Agreement that entitles Oak Park Property Owner to draw on the Letter of Credit and receive payment of the Deposit.
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Samples: Purchase and Sale Agreement and Joint Escrow Instructions (CBL & Associates Properties Inc)
Other Mall Contracts. Cross Default; Cross Termination. (A) Any default or material breach of a representation or warranty by the property owner and/or contributors under either of the Other Mall Contracts shall constitute a default of Property Owner and/or Contributors under this Agreement, and any proper termination prior to Closing by CBL/OP of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by the property owner and/or contributors thereunder, shall constitute CBL/OP's proper election to terminate this Agreement and recover the Letter of Credit or DepositDeposit paid by CBL/OP under the Other Mall Contracts, as applicable; and (B) any default or material breach of a representation or warranty by CBL/OP under either of the Other Mall Contracts shall constitute a default of CBL/OP under this Agreement, and any proper termination prior to Closing by the property owner of either of the Other Mall Contracts as a result of a default or material breach of a representation or warranty by CBL/OP thereunder, shall constitute Property Owner's proper election to terminate this Agreement that entitles Oak Park Property Owner to draw on the Letter of Credit and receive payment of the Deposit.
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