Common use of Unacceptable Encumbrance Notice Clause in Contracts

Unacceptable Encumbrance Notice. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying, bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, and (ii) any mortgages, deeds of trust, deeds to secure debt, mechanics' liens or monetary judgments that appear on the Title Commitment ("Monetary Liens"). In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the sole satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence), Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller's written notice to Purchaser of Seller's intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately preceding sentence, the Xxxxxxx Money shall be returned to Purchaser, without the consent or joinder of Seller being required, and neither party shall have any obligations hereunder other than the Surviving Obligations.

Unacceptable Encumbrance Notice. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying, bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, and (ii) any mortgages, deeds of trust, deeds to secure debt, mechanics' liens or monetary judgments that appear on the Title Commitment Commitments, and (iii) any liens or notices of violation issued by a governmental entity which could, if not cured, become a lien against the Property (the "Monetary Liens"). In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the sole satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence), Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller's written notice to Purchaser of Seller's intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately preceding sentence, the Xxxxxxx Money shall be returned to Purchaser, without the consent or joinder of Seller being requiredrequired and notwithstanding any contrary instruction from Seller, and neither party shall have any further rights or obligations hereunder other than the Surviving Obligations.

Unacceptable Encumbrance Notice. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to at Closing, eliminate by paying, bonding around or otherwise discharging in a commercially reasonable manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through mortgages or under Seller, and (ii) any mortgages, deeds of trust, deeds to secure debt, mechanics' liens or monetary judgments trust that appear on the Title Commitment ("Monetary Mortgage Liens"), as well as mechanics liens arising out of Seller's acts not to exceed the sum of Fifty Thousand and no/100 Dollars ($50,000.00) ("Mechanics Liens"), and may apply the Purchase Price paid by Purchaser to the payment of the Mortgage Liens as well as the Mechanics Liens, so as to cause same to be released of record. In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the sole reasonable satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence)Purchaser, Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller's written notice to Purchaser of Seller's intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately preceding sentencesentence on or before the applicable date set forth above, the Xxxxxxx Money shall be returned to Purchaser, without the consent or joinder of the Seller being requiredrequired and notwithstanding any contrary instructions which may be provided by Seller to Escrow Agent, and neither party shall have any obligations hereunder other than the Surviving Obligations. For purposes of this Agreement, the term "Standard Exceptions" shall mean: (i) liens of real estate taxes, assessments, water and sewer rates and charges, and any other governmental or quasi-governmental taxes, charges or assessments levied or assessed against the Property, which are not yet due and payable, (ii) any and all state, city, county or Federal present and future laws, rules, regulations, statutes, ordinances, orders, special permits, building codes, approvals or other legal requirements affecting the Property, including without limitation, those relating to zoning and land use, (iii) all matters set forth in the Title Commitment and waived by the Purchaser or deemed to be waived by the Purchaser as provided hereinabove, (iv) the standard printed exclusions contained in an ALTA form of title insurance policy, unless the Purchaser obtains, at its sole cost, expense and risk, endorsements to the title insurance policy which exclude any such standard printed exclusions, (v) the Leases, and (vi) any title exception created by any act or omission of the Purchaser or its representatives, agents, employees or invitees.

Unacceptable Encumbrance Notice. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying, bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, and (ii) any mortgages, deeds of trust, deeds to secure debt, mechanics' ’ liens or monetary judgments that appear on the Title Commitment Commitment, and ("iii) any liens or notices of violation issued by a governmental entity which could, if not cured, become a lien against the Property (“Monetary Liens"”). In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the sole satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence), Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller's ’s written notice to Purchaser of Seller's ’s intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately preceding sentence, the Xxxxxxx Money shall be returned to Purchaser, without the consent or joinder of Seller being requiredrequired and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further rights or obligations hereunder other than the Surviving Obligations.

Unacceptable Encumbrance Notice. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying, bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, (ii) any exceptions that arise in connection with construction of the Improvements, and (iiiii) any mortgages, deeds of trust, deeds to secure debt, mechanics' ’ liens or monetary judgments that appear on the Title Commitment ("“Monetary Liens"”). In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the sole reasonable satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence), Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller's ’s written notice to Purchaser of Seller's ’s intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately preceding sentence, (a) the Xxxxxxx Money shall be returned to Purchaser, without the consent or joinder of Seller being required, required and notwithstanding any contrary instructions which might be provided by Seller and (b) neither party shall have any further obligations hereunder other than the Surviving Obligations.