REA Estoppels. Borrower shall have delivered to Lender an executed REA estoppel letter, which shall be in form and substance satisfactory to Lender, from each party to any REA required by Lender with respect to any Individual Property.
REA Estoppels. Borrowers shall have provided Lender with copies of all reciprocal easement and operating agreements affecting any of the Properties, together with original executed estoppel certificates in form and substance satisfactory to Lender from each of the parties (other than a Borrower) to such agreements as is required by Lender.
REA Estoppels. Buyer shall have received and approved such written estoppel statements from each holder of a reciprocal easement agreement affecting the Property as Buyer shall reasonably require. Each such estoppel statement shall be in form and substance reasonably acceptable to Buyer. Buyer shall have 5 days after the date of Buyer's receipt of each such "REA Estoppel" to notify Seller of any objection Buyer may have regarding such estoppel, and in the event Buyer fails to so notify Seller, Buyer shall be deemed to have approved such estoppel.
REA Estoppels. Purchaser acknowledges that, prior to the Effective Date, it has received (i) the reciprocal easement agreement estoppel from JT 620, LP, successor to JTTT Enterprises, L.P., (“JT 620”) with regard to that certain Reciprocal Easements Agreement dated September 25, 2014 and recorded under Document No. 2014147113 of the Official Public Records of Xxxxxx County, Texas, as amended by that certain First Amendment to Reciprocal Easements Agreement dated November 4, 2016 and recorded under Document No. 2016210607 of the Official Public Records of Xxxxxx County, Texas, and (ii) the reciprocal easement agreement estoppel from Xxxxxx X. Xxxxxx and Xxxxx X. Xxxxxxx with regard to that certain Reciprocal Easements Agreement dated July 28, 2014 and recorded under Document No. 2014112714 of the Official Public Records of Xxxxxx County, Texas. Accordingly, Purchaser acknowledges and agrees that the requirements of this Section 7.06 have been satisfied prior to the Effective Date.
REA Estoppels. Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing, estoppel certificates from all REA parties substantially in the form attached as Exhibit I, and shall have delivered to Lender all such estoppels received by Borrower.
REA Estoppels. Receipt by Purchaser of an executed estoppel certificate from each “REA Party” identified on Exhibit U (an “REA Party”) to the REAs, if, as and to the extent that an REA Party is contractually obligated to deliver an estoppel certificate to the applicable Seller (individually, an “REA Estoppel” and collectively, the “REA Estoppels”), which shall (i) contain substantially such information as is expressly specified in such REA to be provided by such REA Party, (ii) if such REA is silent on what information the REA Estoppel must contain but such REA Party has delivered an estoppel to Seller within the last three (3) years, contain substantially such information as previously provided by such REA Party, or (iii) if clauses (i) and (ii) are not applicable, then contain substantially such information as set forth in the form as attached hereto as Exhibit P-1; provided that any REA Estoppel under this Section 4.1(e) shall be acceptable if and only if it (x) does not indicate the continuing existence of an actual material default of the applicable Seller, (y) does not state that the REA is not in full force and effect and (z) does not include with it a copy of a document that is marked as missing in Schedule 12.1(t) that contains terms or conditions that materially and adversely impact the ownership, operation, financeability or value of the applicable Shopping Center (an “Acceptable REA Estoppel”). Subject to the penultimate paragraph of this Section 4.1, each REA Estoppel shall be dated no earlier than sixty (60) days prior to Closing; provided, however, Purchaser shall have the right to extend the Closing Date for a period not to exceed an additional thirty (30) days (subject to Section 5.1(e) below), in the event that Purchaser’s lender shall not accept any REA Estoppel because (1) of its date, in which case the applicable Seller agrees to use commercially reasonable efforts to obtain a confirmation or update of any REA Estoppel previously delivered, as required by Purchaser’s lender, or (2) it is not certified to Purchaser, Purchaser’s lender and their successors and assigns, in which case the applicable Seller agrees to use commercially reasonable efforts to obtain a confirmation or update of any REA Estoppel previously delivered, as required by Purchaser’s lender; provided, however, that obtaining any such confirmation or update to an REA Estoppel is not a condition precedent to Purchaser’s obligations hereunder.
REA Estoppels. Seller will use commercially reasonable efforts to obtain and deliver to Purchaser estoppel certificates from the parties to the REAs that Purchaser requests. Failure to obtain such shall not be a default or a failure of a condition under this Agreement. Purchaser will prepare each estoppel certificate that it requests Seller obtain under this Section (and Seller will provide Purchaser any contact information that it may have with respect to such parties to the REAs).
REA Estoppels. Seller shall use commercially reasonable efforts to obtain and deliver to Purchasers prior to Closing an executed estoppel certificate in the form of Exhibit B-1 from each REA Party (individually, a “REA Estoppel” and collectively, the “REA Estoppels”); it being understood that neither Seller nor any Property Owner shall be required to expend any monies (other than costs associated with preparation and delivery) to obtain any such REA Estoppels, and the receipt of any such REA Estoppels shall not be a condition to Closing. Seller will promptly provide Purchasers with a copy of all executed REA Estoppels following receipt of same.
REA Estoppels. Buyer shall also have the right to seek and approve of estoppel certificates (“REA Estoppels”) from any parties to or owners of property subject to any material reciprocal construction, easement, operating or similar agreement affecting any Property and from the declarant, architectural committee and/or association, as applicable, under any declaration of covenants, conditions or restrictions affecting any Property, all such agreements and declarations being referred to herein as an “REA”. Within five (5) Business Days following the Effective Date, Buyer shall prepare and deliver to Seller completed REA Estoppels in forms reasonably acceptable to Buyer and Seller for delivery to any such parties to REAs (the “REA Parties”) that Buyer desires to obtain. Within two (2) Business Days after receipt of such completed REA Estoppels from Buyer, Seller shall deliver such completed REA Estoppels to the applicable REA Parties and request that such REA Party sign and return such completed REA Estoppel to Seller within ten (10) days after Seller’s delivery thereof; provided, however, that if Seller does not have the current address or contact information for any such REA Party, then Seller shall use good faith, commercially reasonable efforts to obtain such information and deliver the completed REA Estoppel to the applicable REA Party as soon as reasonably practicable. If, after using good faith, commercially reasonable efforts to obtain such information, Seller is unable to obtain a current address or contact information for any such REA Party, Seller shall promptly notify Buyer thereof in writing and shall be relieved of any further obligation to deliver an REA Estoppel to any such REA Party as to which such information is unavailable. Seller shall use commercially reasonable efforts to obtain an executed REA Estoppel from each REA Party requested by Buyer; provided, however, that (a) in no event shall Seller be required to declare an event of default under any REA for such REA Party’s failure to deliver an REA Estoppel or otherwise be required to institute legal proceedings against any REA Party in connection therewith, and (b) it shall not be a condition to Buyer’s obligation to close hereunder that Seller obtain and provide Buyer with any REA Estoppel, it being understood and agreed that Seller’s inability or failure to obtain any such REA Estoppels shall not give rise to any right of Buyer to terminate this Agreement with respect to all or any of the Properties....
REA Estoppels. Deliver to Buyer The REA Estoppel Certificates and the Seller Executed REA Estoppel Certificates required pursuant to Section 7(e).
