Common use of Removal of Unacceptable Encumbrances Clause in Contracts

Removal of Unacceptable Encumbrances. The Seller shall not be obligated to bring any action or proceeding, to make any payments or otherwise to incur any expense in order to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property; except that the Seller shall satisfy Unacceptable Encumbrances which are mortgages, assessments, judgments against the Seller or other liens (collectively, "Liens") secured by or affecting the Property which can be satisfied by payment of liquidated amounts not to exceed $25,000 in the aggregate for all Liens. In the event that the Seller so satisfies a Lien, the Seller shall be reimbursed by the Purchaser at Closing (or, if the Closing does not occur, within thirty (30) days of notice from the Seller stating the cost incurred by the Seller in satisfying the Lien) for the cost incurred by the Seller in satisfying the Lien to the extent that the Seller would otherwise be entitled to recover such amounts from the Prime Tenant pursuant to the Sprint Lease. For the purposes of this Agreement, the Seller's failure or refusal to bring any action or proceeding, to make any payments or to otherwise incur any expense (except for the Seller's obligation to satisfy Liens which can be satisfied by payment of liquidated amounts not to exceed $25,000 in the aggregate as aforesaid) in order to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange for such title insurance shall be deemed an inability of the Seller to eliminate such Unacceptable Encumbrances or to arrange for such title insurance and shall not be a default by the Seller hereunder.

Removal of Unacceptable Encumbrances. The Seller shall not be obligated to bring any action or proceeding, to make any payments or otherwise to incur any expense in order to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Premises and Option Property; except that the Seller shall satisfy satisfy, by the Closing Date, in the case of the Premises Unacceptable Encumbrances which are mortgages(i) mortgages made by Seller and past due real estate taxes and assessments secured by or affecting the Property, assessments, (ii) consensual judgments against the Seller or other liens (collectively, "Liens") consensual monetary Liens secured by or affecting the Premises or Option Property, and (iii) other judgments against the Seller or other monetary Liens secured by or affecting the Premises or Option Property which judgments and other Liens can be satisfied by payment of liquidated amounts not to exceed $25,000 250,000 in the aggregate for all such judgments and other Liens. In the event that the The Seller so satisfies a Lien, the Seller shall be reimbursed may eliminate any such Unacceptable Encumbrance by the Purchaser at Closing (or, if the Closing does not occur, within thirty (30) days of notice from the Seller stating the cost incurred by the Seller in satisfying the Lien) for the cost incurred by the Seller in satisfying the Lien to the extent that the Seller would otherwise be entitled to recover such amounts from the Prime Tenant pursuant to the Sprint Lease. For the purposes of this Agreement, the Seller's failure or refusal to bring any action or proceeding, to make any payments or to otherwise incur any expense (except for the Seller's obligation to satisfy Liens which can be satisfied by payment of liquidated amounts not necessary to exceed $25,000 cause the removal thereof of record, by bonding over such Unacceptable Encumbrance in the aggregate as aforesaid) in order a manner reasonably satisfactory to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange by arranging for such title insurance shall be deemed an inability reasonably satisfactory to the Purchaser insuring against enforcement of such Unacceptable Encumbrance against, or collection of the same out of, the Property. If the Seller fails to eliminate any Unacceptable Encumbrance referred to in clause (i), (ii) or (iii) above, in accordance with the procedures set forth in the immediately preceding sentence, the Purchaser may either (a) terminate this Contract and be repaid the Deposit and all interest accrued thereon and Seller reimburse Purchaser for its Expenses (as hereinafter defined) or (b) proceed to closing and withhold from the Purchase Price such Unacceptable Encumbrances or amounts reasonably necessary (subject in cases under clause (iii) above to arrange for such title insurance and shall not be a default by the Seller hereunder$250,000 limitation set forth in this Section 6.14) to cause the removal thereof of record.

Removal of Unacceptable Encumbrances. The Seller shall not be obligated to bring any action or proceeding, to make any payments or otherwise to incur any expense in order to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property; except that the Seller shall satisfy Unacceptable Encumbrances which are mortgages(i) mortgages and past due real estate taxes and assessments secured by or affecting the Property, assessments(ii) consensual judgements against the Seller or other consensual Liens secured by or affecting the Property, and (iii) other judgments against the Seller or other liens (collectively, "Liens") Liens secured by or affecting the Property which judgments and other Liens can be satisfied by payment of liquidated amounts not to exceed $25,000 250,000 in the aggregate for all such judgments and other Liens. In the event that the The Seller so satisfies a Lien, the Seller shall be reimbursed may eliminate any such Unacceptable Encumbrance by the Purchaser at Closing (or, if the Closing does not occur, within thirty (30) days of notice from the Seller stating the cost incurred by the Seller in satisfying the Lien) for the cost incurred by the Seller in satisfying the Lien to the extent that the Seller would otherwise be entitled to recover such amounts from the Prime Tenant pursuant to the Sprint Lease. For the purposes of this Agreement, the Seller's failure or refusal to bring any action or proceeding, to make any payments or to otherwise incur any expense (except for the Seller's obligation to satisfy Liens which can be satisfied by payment of liquidated amounts not necessary to exceed $25,000 cause the removal thereof of record, by bonding over such Unacceptable Encumbrance in the aggregate as aforesaid) in order a manner reasonably satisfactory to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange by arranging for such title insurance shall be deemed an inability reasonably satisfactory to the Purchaser insuring against enforcement of such Unacceptable Encumbrance against, or collection of the same out of, the Property. If the Seller fails to eliminate any such Unacceptable Encumbrances or Encumbrance in accordance with the procedures set forth in the immediately preceding sentence, the Purchaser may proceed to arrange for closing and withhold from the Purchase Price such title insurance and shall not be a default by amounts reasonably necessary (subject in cases under clause (iii) above to the Seller hereunder$250,000 limitation set forth in this Section 5.2) to cause the removal thereof of record.