Common use of Seller Warranty Clause in Contracts

Seller Warranty. At the Closing, Seller shall deliver to Purchaser a construction warranty (the “Seller’s Construction Warranty”), in the form attached hereto as Exhibit “I” and incorporated herein, warranting the Improvements to be free from defects in materials or workmanship for a period of twelve (12) months following the Closing Date (the “Warranty Period”). At Closing, Seller shall place the sum of $100,000.00 (the “Warranty Escrowed Funds”), in escrow with the Title Company, pursuant to an escrow agreement in form reasonably acceptable to Seller and Purchaser (the “Warranty Escrow Agreement”), to be held until the later to occur of (i) the expiration of the Warranty Period, or (ii) final resolution of any warranty claim made by Purchaser within the Warranty Period. The Warranty Escrowed Funds shall be disbursed to Purchaser in compensation for any Seller default under Seller’s Construction Warranty, subject to the terms of the next sentence. To the extent no warranty claim is made by Purchaser prior to the expiration of the Warranty Period or final resolution of any such warranty claim has occurred prior to the expiration of the Warranty Period, the Warranty Escrowed Funds, or balance thereof then remaining, shall thereafter be disbursed to Seller, provided that if such a claim has been made by Purchaser without final resolution and a balance remains after payment of all warranty claims from the Warranty Escrowed Funds to Purchaser, said balance shall be disbursed to Seller.

Seller Warranty. At the Closing, Seller shall deliver to Purchaser a construction warranty (the “Seller’s Construction Warranty”), in the form attached hereto as Exhibit “I” and incorporated herein, warranting the Improvements to be free from defects in materials or workmanship for a period of twelve nine (129) months following the Closing Date (the “Warranty Period”). At Closing, Seller shall place the sum of $100,000.00 (the “Warranty Escrowed Funds”), in escrow with the Title CompanyEscrow Agent, pursuant to an escrow agreement in form reasonably acceptable to Seller and Purchaser (the ““ Warranty Escrow Agreement”), to be held until the later to occur of (i) the expiration of the Warranty Period, or (ii) final resolution of any warranty claim made by Purchaser within the Warranty Period. The Warranty Escrowed Funds shall be disbursed to Purchaser in compensation for any Seller default under Seller’s Construction Warranty, subject to the terms . Any undisbursed portion of the next sentence. To the extent no warranty claim is made by Purchaser prior Warranty Escrowed Funds shall be disbursed to Seller upon the expiration of the Warranty Period or final resolution of any such unless a warranty claim has occurred prior to the expiration remains unresolved at such time, in which event all or a portion of the Warranty Period, Escrowed Funds equal to the Warranty Escrowed Funds, or balance thereof then remaining, amount of such claim shall thereafter be reserved and not disbursed to Seller, provided that if subject to the resolution of such a claim has been made by Purchaser without final resolution and a balance remains after payment of all warranty claims from the Warranty Escrowed Funds to Purchaser, said balance shall be disbursed to Sellerclaim.

Seller Warranty. At the Closing, Seller shall deliver to Purchaser a construction warranty (the “Seller’s Construction Warranty”), in the form attached hereto as Exhibit “I” and incorporated herein, warranting the Improvements to be free from defects in materials or workmanship for a period of twelve (12) months following the Closing Date (the “Warranty Period”). At Closing, Seller shall place the sum of $100,000.00 50,000 (the “Warranty Escrowed Funds”), in escrow with the Title CompanyEscrow Agent, pursuant to an escrow agreement in the form reasonably acceptable to Seller and Purchaser attached hereto as Exhibit “M” (the “Warranty Escrow Agreement”), to be held until the later to occur of (i) the expiration of the Warranty Period, or (ii) final resolution of any warranty claim made by Purchaser within the Warranty Period, or (iii) the final resolution of any post-closing claims that Purchaser may have against Seller either under this Agreement or under the documents executed by Seller at Closing. The Warranty Escrowed Funds shall be disbursed to Purchaser in compensation for any Seller default under Seller’s Construction Warranty, subject to as further provided in the terms Seller’s Construction Warranty, and/or for any post-closing claims that Purchaser may have against Seller either under this Agreement or under the documents executed by Seller at Closing. Any undisbursed portion of the next sentence. To the extent no warranty claim is made by Purchaser prior Warranty Escrowed Funds shall be disbursed to Seller upon the expiration of the Warranty Period or final resolution of any such unless a warranty claim has occurred prior to the expiration or other post-closing claim remains unresolved at such time, in which event all or a portion of the Warranty Period, Escrowed Funds equal to the Warranty Escrowed Funds, or balance thereof then remaining, amount of such claims shall thereafter be reserved and not disbursed to Seller, provided that if subject to the resolution of such a claim has been made by Purchaser without final resolution and a balance remains after payment of all warranty claims from the Warranty Escrowed Funds to Purchaser, said balance shall be disbursed to Sellerclaims.

Seller Warranty. At the Closing, Seller shall deliver to Purchaser a construction warranty (the “Seller’s Construction Warranty”), in the form attached hereto as Exhibit “I” and incorporated herein, warranting the Improvements to be free from defects in materials or workmanship for a period of twelve (12) months following the Closing Date (the “Warranty Period”). At Closing, Seller shall place the sum of $100,000.00 300,000.00 (the “Warranty Escrowed Funds”), in escrow with the Title Company, pursuant to an escrow agreement in form reasonably acceptable to Seller and Purchaser (the “Warranty Escrow Agreement”)Purchaser, to be held until the later to occur of (i) the expiration of the Warranty Period, or (ii) final resolution of any warranty claim made by Purchaser within the Warranty Period. The Warranty Escrowed Funds shall be disbursed to Purchaser in compensation for any Seller default under Seller’s Construction Warranty, subject to the terms of the next sentence. To the extent no warranty claim is made by Purchaser prior to the expiration of the Warranty Period or final resolution of any such warranty claim has occurred prior to the expiration of the Warranty Period, the Warranty Escrowed Funds, or balance thereof then remaining, Funds shall thereafter be disbursed to Seller, provided that if such a claim has been made by Purchaser without final resolution and a balance remains after payment of all warranty claims from the Warranty Escrowed Funds to Purchaser, said balance shall be disbursed to Seller.