Common use of Sale and Purchase of Painting Clause in Contracts

Sale and Purchase of Painting. (a) On the terms and subject to the conditions of this Agreement, Seller agrees to sell, assign and transfer to the Buyer, free and clear of all Encumbrances, other than Permitted Encumbrances, and the Buyer agrees to purchase from Seller, effective as of the Time of Closing, the artwork as described on Schedule 1B and all of Seller’s right, title and interest therein and thereto (collectively, the “Painting”). Seller represents and warrants that the receipt as attached hereto as Schedule 1B is a true and complete copy of the receipt from the auction house pursuant to which the Seller acquired the Painting. Seller represents and warrants that the condition report as attached hereto as Schedule 1C is a true and complete copy of the condition report received by the Seller from its agent, International Art Acquisitions, LLC when it purchased the Painting at a Pxxxxxxx auction on November 16, 2017, as to the condition of the Painting.

Sale and Purchase of Painting. (a) On the terms and subject to the conditions of this Agreement, Seller agrees to sell, assign and transfer to the Buyer, free and clear of all Encumbrances, other than Permitted Encumbrances, and the Buyer agrees to purchase from Seller, effective as of the Time of Closing, the artwork as described on Schedule 1B and all of Seller’s right, title and interest therein and thereto (collectively, the “Painting”). Seller represents and warrants that the receipt as attached hereto as Schedule 1B is a true and complete copy of the receipt from the auction house pursuant to which the Seller acquired the Painting. Seller represents and warrants that the condition report as attached hereto as Schedule 1C is a true and complete copy of the condition report received by the Seller from its agent, International Art Acquisitions, LLC when it purchased the Painting at a Pxxxxxxx auction on November 16, 2017, as to the condition of the Painting.