Sale of the Properties. Buyer agrees to purchase from Seller, and Seller agrees to sell to Buyer, all of the Properties on the terms and subject to the conditions set forth herein.
Sale of the Properties. On August 22, 2007, at the request of the Workers’ Compensation Agency, the circuit court appointed Xxxxx as receiver of XxxXxxxxx’x business and property. In March 2008, Xxxxx sought permission to sell XxxXxxxxx’x property on Oak Industrial Drive in Grand Rapids. The circuit court granted him permission to sell the property free and clear of mortgages, liens, and other encumbrances, but required him to pay “all outstanding property tax liabilities.” Xxxxx sold the property and paid the property’s unpaid property taxes, interest, and penalties out of the proceeds of the sale. In March 2011, Xxxxx sought permission to sell XxxXxxxxx’x 44th Street property. The circuit court’s order permitted him to sell the property free and clear of mortgages, liens, and 1 MCL 207.551 et seq. other encumbrances, but required him to pay the property’s “real property taxes” and escrow “[s]tatutory interest, fees and penalties.” Xxxxx sold the property in compliance with the order.
Sale of the Properties. Subject to the terms of the Addendum attached hereto, Buyer agrees to purchase and accept from Sellers, and Sellers agree to sell, convey and assign to Buyer, all of the Properties on the terms and subject to the conditions set forth herein.
Sale of the Properties. In addition to any transfer of a Property after it has been released from the Lien of the Loan Documents pursuant to the provisions of Sections 2.4.5 and 2.5 (which transfers are permitted hereunder without restriction), Borrowers and Operating Lessees shall have the one-time-right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not fewer than all) of the Properties only if:
Sale of the Properties. In addition to any transfer of a Property after it has been released from the Lien of the Senior Loan Documents pursuant to the provisions of Section 2.5 of the Senior Loan Agreement and prepayment of the Loan in accordance with Section 2.4.2 hereof in an amount equal to the Release Amount for such Property or to a transfer of an Ownership Interest upon or after its release from the Lien of the Loan Documents in accordance with Section 2.5 or any transfer of a direct or indirect interest in any Borrower upon or after the release of the Ownership Interest in accordance with Section 2.5 (which transfers are permitted hereunder without restriction), Property Owners shall have a one-time-right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not fewer than all) of the Properties only if:
Sale of the Properties. The Members hereby acknowledge, consent, and agree that in the event the Company has not sold the Properties within seven (7) years of the date of closing on the Properties, then the Company shall sell such Property or Properties subject to the Management Agreement, which shall remain in full force and effect provided that the Property Manager is not in default thereunder, and the profits derived from such sale or sales shall be distributed to the Members in accordance with Section 5.2 hereof. Notwithstanding the foregoing, the Company may extend such period with the Approval of the Members.
Sale of the Properties. Upon and subject to the terms and conditions herein contained, Sellers agree to sell, transfer, assign and convey to Buyer, and Buyer agrees to purchase from Sellers each Seller’s interest in: (a) the Land, (b) the buildings and other improvements, if any, located on the Land (the “Buildings”), and (c) except to the extent otherwise set forth herein, all of the other tangible and intangible property owned by Sellers in, on, attached to, appurtenant to, and used in the operation or maintenance of, the Land or the Buildings, including, without limitation, development rights and air rights, if any (collectively with the Land and the Buildings, the “Properties” and, each a “Property” or an “Individual Property”). The sale of the Properties shall include, without limitation, the following:
Sale of the Properties. (a) If the Non-Initiating Member (i) elects not to purchase the applicable Property(ies), (ii) fails to deliver timely an Initial Acceptance Notice to the Initiating Member together with the Initial Forced Sale Deposit on or before the expiration of the Initial Acceptance Period (time being of the essence) or (iii) fails to deliver timely a Second Acceptance Notice to the Initiating Member together with the Second Forced Sale Deposit on or before the expiration of the Second Acceptance Period (time being of the essence), then the NorthStar Member shall, notwithstanding anything to the contrary contained in this Agreement, be authorized to act for and on behalf of the Venture, without any further consent of any other Member, for purposes of executing, in the name of the Venture, any documents or instruments which the NorthStar Member deems necessary or appropriate to implement the sale of the applicable Property(ies) pursuant to this Section 10.03. The NorthStar Member shall consult with and keep the TFG Member closely informed of matters relating to the sale of the applicable Property(ies), including, without limitation, circulating to the TFG Member drafts of the contract(s) of sale and any written comments thereon made by the proposed purchaser(s). Within 30 days after the expiration of the Acceptance Period, the NorthStar Member shall cause the Venture to engage one or more Independent Sales Agent(s) selected by the NorthStar Member to market the applicable Property(ies) for sale, for a period (“Marketing Period”) of up to 180 days (which 180-day period shall commence following such 30-day period), in a manner designed to achieve the highest net cash sales price to the Venture (taking into account any difference in cost to the Venture of prepaying or defeasing any existing Mortgage Loan versus an assumption of any such Mortgage Loan by a proposed buyer) and seek to cause the Venture to enter into one or more Valid Contracts within the Marketing Period. The applicable Property(ies) may be marketed and sold to one or more unaffiliated third party purchasers either as a single Portfolio, in sub‑portfolios of fewer than all of the applicable Property(ies) or on an individual Property-by-Property basis, as the NorthStar Member determines in the exercise of its good faith business judgment is most likely to maximize the aggregate sales price for the applicable Property(ies) realized by the Venture. The commission to be paid to the Independent Sales Agent(s) s...
Sale of the Properties. (i) During the pendency of this Agreement, Assignee and Assignor each agrees that it shall not, nor shall it directly or indirectly cause the Venture, any Intermediary, or any Property Owner to, solicit offers for the sale of the Properties, or any direct or indirect interest in any of them, or market the Properties for sale, or any direct or indirect interest in any of them.
Sale of the Properties. (i) During the pendency of this Agreement, except for the Stadium Suites property located in Columbia, South Carolina and more particularly described on Exhibit D attached hereto (the “Stadium Suites Property”), Assignee and Assignor each agrees that it shall not, nor shall it directly or indirectly cause the Venture, or any Subsidiary to, solicit offers for the sale of the Properties, or any direct or indirect interest in any of them, or market the Properties for sale, or any direct or indirect interest in any of them.
