Common use of Public Sale Clause in Contracts

Public Sale. In addition, prior to any Public Sale of a Condominium, Declarant shall provide to the party conducting the Public Sale a written statement, upon which the party conducting the Public Sale shall be entitled to rely without further investigation, containing the value of the Condominium being sold at the Public Sale, as determined pursuant to Section 3 of this Article XIV (defined herein as the "Section 3 Price") and the purchase priority of all qualified persons listed with Declarant pursuant to procedures to be established from time to time by Declarant in its sole discretion. If, and when, the bidding at the Public Sale reaches the Section 3 Price, the party conducting the Public Sale shall sell the Condominium to the highest priority qualified person shown on the above- described written statement of the Declarant who shall bid the Section 3 Price; provided, however, that if the Section 3 Price is less than the maximum amount which the foreclosing lender would be entitled to bid as a credit bid at the Public Sale ("maximum credit bid"), the bidding shall continue as long as bidding continues up to and until the maximum credit bid is reached, at which point the highest priority qualified bidder, as described above, if any, shall be entitled to purchase the Condominium. If no qualified person bids the Section 3 Price, or the maximum credit bid, as described above, the Condominium shall be sold to the first unqualified person who bids the Section 3 Price, or if greater than the Section 3 Price, the maximum credit bid; provided, however, that such purchaser shall acquire title to said Condominium subject to all of the Protective Covenants contained in this Declaration, including, but not limited to the restrictions and limitations on ownership and transfer of such Condominium set forth in Articles XIII and XIV herein, and shall be required to sell the Condominium to a qualified Owner, Association or Declarant within one hundred and twenty (120) days of obtaining title, pursuant to subparagraphs 1(a) and 1(b) of Article XIV and as provided in Section 3 of Article XIII. In the event the bidding does not reach the Section 3 Price, but one or more qualified persons and an unqualified person bid the same highest amount then the party conducting the Public Sale shall deliver the property to the qualified person having the highest purchase priority.

Public Sale. In addition, prior to any Public Sale of a Condominium, Declarant shall provide to the party conducting the Public Sale a written statement, upon which the party conducting the Public Sale shall be entitled to rely without further investigation, containing the value of the Condominium being sold at the Public Sale, as determined pursuant to Section 3 of this Article XIV (defined herein as the "Section 3 Price") and the purchase priority of all qualified persons listed with Declarant pursuant to procedures to be established from time to time by Declarant in its sole discretion. If, and when, the bidding at the Public Sale reaches the Section 3 Price, the party conducting the Public Sale shall sell the Condominium to the highest priority qualified person shown on the above- above-described written statement of the Declarant who shall bid the Section 3 Price; provided, however, that if the Section 3 Price is less than the maximum amount which the foreclosing lender would be entitled to bid as a credit bid at the Public Sale ("maximum credit bid"), the bidding shall continue as long as bidding continues up to and until the maximum credit bid is reached, at which point the highest priority qualified bidder, as described above, if any, shall be entitled to purchase the Condominium. If no qualified person bids the Section 3 Price, or the maximum credit bid, as described above, the Condominium shall be sold to the first unqualified person who bids the Section 3 Price, or if greater than the Section 3 Priceprice, the maximum credit bid; provided, however, that such purchaser shall acquire title to said Condominium subject to all of the Protective Covenants contained in this Declaration, including, but not limited to the restrictions and limitations on ownership and transfer of such Condominium set forth in Articles XIII and XIV herein, and shall be required to sell the Condominium to a qualified Owner, Association or Declarant within one hundred and twenty (120) days of obtaining title, pursuant to subparagraphs 1(a) and 1(b) of Article XIV and as provided in Section 3 of Article XIII. In the event the bidding does not reach the Section 3 Price, but one or more qualified persons and an unqualified person bid the same highest amount then the party conducting the Public Sale shall deliver the property to the qualified person having the highest purchase priority.

Public Sale. In addition(a) On the Closing Date, prior to any Public Sale of a Condominium, Declarant the Company shall provide to an effective registration statement (the party conducting "Registration Statement") registering under the Public Sale a written statement, upon which the party conducting the Public Sale shall be entitled to rely without further investigation, containing the value Securities Act resales of the Condominium being sold at the Public Sale, as determined Resale Stock deliverable pursuant to Section 3 3.1 having a maximum aggregate offering price (net of this Article XIV underwriting fee and commissions) equal to the Stock Proceeds Amount. Such Resale Stock shall be sold (defined at the Company's discretion but in the form of one or more secondary offerings on behalf of each Seller) under the Registration Statement during the period of not more than 45 days following the Closing Date as specified by the Company (the "Offering Period"). The Company may by notice to each Seller at any time shorten the Offering Period, and in such event, the Offering Period as referred to herein shall mean such shorter period. All sales (the "Sales") of the Resale Stock shall be made on behalf of each Seller by underwriters selected by the Company (the "Underwriters") pursuant to one or more block trades, underwritten offerings or otherwise, in each case as determined by the Company. The actual net proceeds from the Sales (after deduction of underwriting discounts and commissions) are referred to as the "Section 3 PriceNet Proceeds". The Company shall pay all expenses of registration and sale of the Resale Stock. (b) On the fifth Business Day following the termination of the Offering Period, the Company shall deliver the Net Proceeds to the Xxxxxxx Group Representative, as agent for the Member(s) and the purchase priority of all qualified persons listed with Declarant pursuant to procedures to be established from time to time by Declarant in its sole discretion. If, and when, the bidding at the Public Sale reaches the Section 3 Price, the party conducting the Public Sale shall sell the Condominium to the highest priority qualified person shown on the above- described written statement of the Declarant who shall bid the Section 3 Price; provided, however, that if the Section 3 Price is less than the maximum amount which the foreclosing lender would be entitled to bid as a credit bid at the Public Sale ("maximum credit bid"Permitted Transferee(s), the bidding shall continue as long as bidding continues up to and until the maximum credit bid is reached, at which point the highest priority qualified bidder, as described above, if any, comprising the Seller, and if the Net Proceeds are less than the Stock Proceeds Amount, the difference (the "Difference") shall be entitled paid by the Company in cash on such date to purchase the Condominium. If no qualified person bids the Section 3 Price, or the maximum credit bidXxxxxxx Group Representative, as described above, the Condominium shall be sold such agent. The Company may elect to the first unqualified person who bids the Section 3 Price, pay some or if greater than the Section 3 Price, the maximum credit bid; provided, however, that such purchaser shall acquire title to said Condominium subject to all of the Protective Covenants contained Difference prior to such date and in this Declarationsuch event the interest component of the portion of the Difference so paid early shall be calculated with respect to such earlier payment date. If the Net Proceeds exceed the Stock Proceeds Amount, including, but not limited the Company may retain the excess. (c) The Company shall indemnify the Seller and the Underwriters in respect of the Sales to the restrictions same extent as the Company would indemnify the Holder and limitations on ownership and transfer of such Condominium set forth in Articles XIII and XIV herein, and shall be required to sell the Condominium to a qualified Owner, Association or Declarant within one hundred and twenty (120) days of obtaining title, pursuant to subparagraphs 1(a) and 1(b) of Article XIV and Underwriters as provided in Section 3 of Article XIII. In the event the bidding does not reach the Section 3 PriceRegistration Rights Agreement, but one or more qualified persons and an unqualified person bid the same highest amount then the party conducting the Public Sale Sales shall deliver the property not be deemed to have been made pursuant to the qualified person having the highest purchase priorityRegistration Rights Agreement.