Physical Condition of Property. Subject to the provisions of Section 10 below, the physical condition of the Property shall be substantially the same on the Closing Date as on the Execution Date, except for reasonable wear and tear and any damages due to any act of Buyer or Buyer's representatives.
Physical Condition of Property. Subject to the Renovation Work, all of the Improvements are in good condition and repair except as otherwise expressly provided in the Property Condition Report dated as of January 16, 1998, prepared by Building Evaluation Services & Technology, Inc. (the "Property Condition Report"). Since the date of the Property Condition Report, there have been no material adverse changes to the physical condition of the Improvements. Borrower is aware of no latent or patent structural or other significant defect or deficiency in such Improvements except as may be disclosed in the Property Condition Report. Water supply, storm and sanitary sewers, and electrical, gas and telephone facilities are available to the Property within the boundary lines of the Property, are sufficient to meet the reasonable needs of the Property as now used or contemplated to be used, no other utility facilities are necessary to meet the reasonable needs of the Property as now used, and design and as-built conditions of the Property are such that surface and storm water does not accumulate on the Property and, except as otherwise disclosed in writing to Lender, does not drain from the Property across land of adjacent property owners. Except as otherwise disclosed in writing to Lender, no part of the Property is within a flood plain and none of the Improvements create an encroachment over, across or upon any of the Property's boundary lines, rights of way or easements, and no building or other improvement on adjoining land create such an encroachment.
Physical Condition of Property. The Improvements and the rights of way and easements on, over and across the Property remain as shown on the survey prepared by Xxxxxx-Xxxxxxx Associates, dated April 23, 2003.
Physical Condition of Property. A. Buyer acknowledges that Buyer has made at least a casual inspection of the Property. Subject to additional professional inspections, if any, as provided in this Contract, Buyer accepts the Property for purchase in its current condition, except as follows: Seller shall maintain the Property in its present condition through the date of possession. In the event of any material change in the condition of the Property before closing, Seller shall promptly notify Buyer.
Physical Condition of Property. Subject to the provisions of Article 13 hereof, the physical condition of the Property shall be substantially the same on the Closing Date as on the Execution Date, except for reasonable wear and tear.
Physical Condition of Property. Subject to the provisions of Paragraph , the physical condition of the Property shall be substantially the same on the Closing Date as on the date of the execution of this Agreement, except for reasonable wear and tear and any damages due to any act of Purchaser or Purchaser's representatives.
Physical Condition of Property. To the knowledge of the Company, all of the leased real estate of the Company and the structures erected thereon and all of the owned and leased tangible personal property of the Company are in good repair and condition and are suitable for the conduct of the present business of the Company.
Physical Condition of Property. 8.1 As-Is/Where-Is Purchase. Seller and Buyer have negotiated for the sale of the Property on an “AS IS, WITH ALL FAULTS” basis, and a fundamental premises underlying Seller’s willingness to enter into this Agreement is Buyer’s agreement to purchase the Property and consummate all aspects of the transaction which this Agreement contemplates on an “AS IS, WITH ALL FAULTS” basis. If this Agreement required Seller to make any representation or warranty, express or implied, relating to the Property or to accept any liability with respect to the Property, Seller would have required a materially higher Purchase Price for the Property (because of the contingent risk to the Seller of post-closing liability) or refused to sell the Property. Buyer acknowledges and represents as follows:
Physical Condition of Property. Seller has not received any summons, citation, directive, letter or other communication or notice, written or oral, and has no independent knowledge, that the Property has even been used by previous owners and/or operators and/or by Seller to generate, manufacture, refine, transport, treat, store (including, without limitation, in any storage tanks), handle, use or dispose of hazardous substances in violation of any applicable law, ordinance or requirement, or is, or has ever been, the subject of any release, spill, leak, emission, pumping, pouring, dumping or other contamination by any hazardous substances. Seller agrees that it will not dispose of or release, or permit the disposal or release of, hazardous substances on the Property from the date hereof through the Closing Date. Seller has not obtained and is not required to obtain any permits, licenses, or similar authorizations to occupy, operate or use the Property by reason of any laws dealing with hazardous substances. If any portion of the Property is condemned or under or subject to condemnation proceedings or threatened to be condemned pursuant to a notice of taking by appropriate authority prior to the Closing Date, Seller shall promptly notify Buyer and Escrow Agent of such facts. If a material portion of the Property is subject to such condemnation or condemnation proceedings or condemnation threat, then by notice given by Buyer to Seller and Escrow Agent, within ten (10) Business Days following Seller’s notice to Buyer, Buyer shall elect in writing to either (a) terminate this Agreement whereupon the Deposit shall be paid to Buyer and thereafter all rights, obligations and liabilities of the parties shall terminate, except for those set forth herein which expressly survive the termination of this Agreement, or (b) consent to purchase the Property subject to the condemnation and Buyer shall receive an assignment from Seller of all of Seller’s rights in and to any condemnation award, whereupon this Agreement shall continue in full force and effect and any award or payment in lieu of condemnation received by Seller prior to the Closing shall be credited against the cash portion of the Purchase Price at Closing. For purposes of this Section, a “material” portion of the Property is defined to mean a portion of the Property having a fair market value of $100,000 or more, or a portion which would adversely affect the use of any remaining portion of the Property for its intended purpose (including ac...
Physical Condition of Property. To the best of Seller’s knowledge, as of the Closing Date: (a) the Property and every part thereof shall be in good repair and working order and sound condition and there neither are nor shall be any physical, structural, or mechanical defects or deficiencies in the Property or any part thereof, including without limitation the roof, exterior walls, structural components, utilities, sprinklers, and other mechanical and electrical systems required to be constructed by Seller as part of the Shell Improvements; (b) the Improvements will be constructed in accordance with applicable plans and specifications; and (c) the Property has been and will be operated, maintained, and repaired in accordance with sound property management practice during Seller’s period of ownership.
