Property Sale. If the Developer sells the Project to an unrelated third party during the first 6 years of the term of this Agreement, the Developer agrees to provide to the Consultant certified cost (if sold before stabilization, but not necessary if after the lookback is performed under Section 3.9 as those costs will have been certified to the Consultant) and revenue information (inclusive of the annual tax increment payments for that year) related to the Project and expenses for the year in which the sale takes place. If the sale takes place prior to year-end, current revenue and expenses shall be provided and will be utilized for purposes of projecting forward to determine total expenses for that year. If the sale is prior to stabilization, revenue and expense assumptions will include revenue and expenses to date which will then be utilized to project revenue and expenses as if the project were stabilized. The expense and revenue information will be prepared in accordance with generally accepted accounting principles. If the Consultant determines, based on such review, that the COC as calculated in Exhibit E exceeds 6.0% in any given year, then 50% of the excess amount of such net operating income over the 6.0% COC in that year will be applied to reduce the amount payable under the TIF Note and the principal amount of the TIF Note will be reduced accordingly. Such reduction will be effective upon delivery to Developer of a written notice stating the amount of such excess profit as determined by the EDA in accordance with this Section, accompanied by the Consultant's report.
Property Sale. In the event that parcels of the AFRH-W are sold or otherwise have title transferred to non- Federal entities, AFRH shall ensure that adequate conditions are included in the sales instrument to ensure that any eventual development activities are respectful of the historic (built, natural, and designed landscape) and cultural (archaeological) resources on AFRH-W. These covenants shall be developed as part of the Section 106 consultation required as part of the sale action and shall be consistent with the intent of Section 106 for the protection of historic property.
Property Sale. In the event that the Landlord decides to sell the leased property, the Landlord shall have the right to terminate this Lease Agreement by providing the Tenant with a written notice of termination at least sixty (60) days in advance. The termination notice shall specify the effective date of termination, which shall be a date no less than sixty (60) days from the date of the notice. Xxxxxx's Obligations: Upon receiving the termination notice, the Tenant shall be responsible for vacating the property and returning it to the Landlord in the same condition as it was at the commencement of the Lease Agreement, subject to normal wear and tear. The Tenant shall continue to pay rent as per the terms of this Lease Agreement for the duration of the notice period, even if the property is vacated prior to the effective termination date.
Property Sale. The full sale of the Property shall require Super Majority Approval. In this event, the Property Manager will arrange with a registered local real estate agent for a valuation to be provided, and for the Property to be listed for sale. The Property shall be sold at or above the valuation provided, or at a lower value only upon Super Majority Approval. All Owners shall first be offered the opportunity to purchase the entire Property at the valuation provided before it is opened to the market. Owners will be responsible for any resl estate agent sales fees, stamp duties, Property Manager fees applicable in the sales process.
Property Sale. 13 4.4 Audit............................................................................ 13 4.5 Certain Payables and Receivables................................................. 13 4.6 Pre-Closing Covenants and Agreements............................................. 13 4.7 Confidentiality.................................................................. 13 4.8 Tax-Free Reorganization.......................................................... 13 4.9
Property Sale. On, prior to or within 30 days after the Closing Date, ------------- Xxxxx X. Xxxxxxx will purchase from the Company (or the Surviving Corporation, as the case may be) and the Company (or the Surviving Corporation, as the case may be) shall sell to Xxxxx X. Xxxxxxx the land and buildings listed on Exhibit 4.3 attached hereto for the cash amount equal to the fair market value of such land and buildings as set forth on Exhibit 4.3, pursuant to conveyance instruments in form reasonably satisfactory to the Parent (the "Property Sale"). -------------
Property Sale. This Contract can terminate upon negotiation of a sale of the Property listed as long as it is not known, actual or implied, to the acquirer of the new Property. Any existing Earned Revenue Share will remain in effect and governed by this Contract. [Space below is intentionally left blank.] Initials This Contract shall become effective as of the latest of the two dates set forth below and is hereby agreed to and acknowledged by: Engineered Technology Services, Inc. Authorized Signature Print Name and Title Date Authorized Signature Print Name and Title Date Email Email Street City, State Zip Page 5 of 6 Version 12032020 InitialsInitials Initials Exhibit A Property(ies) Legal Name of Property Executive Signer for each Property Properties Under Each Legal Entity
Property Sale
