Common use of Pending Actions or Investigations Clause in Contracts

Pending Actions or Investigations. There are no actions, suits, proceedings, claims, orders, decrees or judgments affecting the Property, or any portion thereof, or relating to or arising out of the ownership, management, operation, use or occupancy of the Property or any portion thereof which are pending or have been prosecuted for a period of thirty (30) days or more or, to the knowledge of the Seller, are pending or have been prosecuted for less than thirty (30) days, in any court or by or before any federal, state, or local government department, commission, board, bureau or agency or other governmental instrumentality; and, to the knowledge of the Seller, no such actions, suits, proceedings, claims, orders, decrees or judgments have been threatened or asserted. The Seller is not a party to or subject to any judgment, writ, decree, injunction or order enjoining or restraining it from conducting any business in respect of the Property. There are no outstanding unpaid judgments that are liens against the Property. In the event that any action, suit, proceeding, claim, order, decree or judgment described in this Section 8.1.7 exists or is pending as of the Closing Date, the parties shall deposit into an escrow account with the Escrow Agent at Closing a portion of the Purchase Price sufficient to provide for the timely payment of any and all claims, losses, costs and expenses (including reasonable attorneys’ fees) arising in connection therewith, which amount shall be determined by Purchaser in its reasonable discretion.