Value of the Property. The Parties agree that the value of the Property, as valued at the time of the MOU, was approximately $1,139,560 for the entire 41.48 acres (or $27,473 per/acre) which was determined by an appraisal in 2023 for 16.38 acres purchased at $450,000. The Parties agree that the City is contributing the portions of the Property that will be used as the site for the Offsite Improvements (as defined below) and the Phase 1 Onsite Public Improvements (as defined below, and together with the Offsite Improvements, the “Phase 1 Public Improvements”) for use as part of the Project, but that such portions of the Property will continue to be owned by the City, will not be sold as Lots, will not be subject to Revenue Sharing as set forth in Section XII(b)(iii) hereof, but will be made available for general public use.
Value of the Property. Notwithstanding anything to the contrary contained herein, the Property Indebtedness for purposes of a transfer of a Portion shall include the outstanding balance (including all applicable prepayment, assumption or other fees, costs and penalties) of all Existing Financing and New Financing which, by their terms or as may otherwise be required by the lenders thereunder, must be assumed or prepaid upon a transfer of such Portion by Optionor as contemplated by this Agreement. Any financings or other arrangements relating to the Property in excess of the amount of the Cost Value of the Property shall be the responsibility of Optionor. Optionor shall provide the Operating Partnership with notice of any known default under any of the Existing Financings and New Financings and shall provide copies of any written default notices Optionor may receive from the lenders of such financings.
Value of the Property. Owner and Custodian agree that the approximate [ ] replacement value [ ] fair market value of each item of Property on the date this agreement is signed is: Item Value
Value of the Property. The Conservancy’s obligations under this Agreement are contingent upon the Purchase Price of the Property not exceeding the value of the Property, as determined by the Conservancy based upon appraisals, appraisal updates, and other opinions and indications of market value secured by the Conservancy. If the Conservancy determines, at any time prior to closing, that the Purchase Price exceeds the value, then the Conservancy may, at its election, by written notice to the Seller, [optional: either (i) require that the purchase price be reduced to the appraised value of the Property, or (ii)] terminate this Agreement without further recourse to the parties, in which event the Xxxxxxx Money shall be [retained by Seller OR promptly refunded to the Conservancy].]
Value of the Property. The Loan is secured by interests in real property having a fair market value as of the date hereof at least equal to eighty (80%) of the original principal balance of the Loan.
Value of the Property. The Xxxxxx and the Storage Provider agree that the property is stored on the site asis and that sum total value of all items stored is $1. It is the responsibility of the Xxxxxx to acquire and maintain current property insurance for items stored at the location.
Value of the Property. To the knowledge of the Existing Partners, the Improvements and Tangible Personal Property (including, without limitation, plumbing equipment, HVAC, electric wiring and fixtures, gas distribution system, and water and sewage systems presently on or in the Property) are in good working order and condition and are sufficient to serve the needs of the Property. To the knowledge of the Existing Partners, all water, sewer, gas, electric, telephone, and drainage facilities and all other utilities required by law or by the normal use and operation of the Property, including, without limitation, cable television service, and waste water treatment facilities permanently dedicated to and reserved for the Property, are and at the time of Closing will be installed to the property lines of the Land, are and at the time of Closing will be connected pursuant to valid unconditional permits, and are and at the time of Closing will be adequate to service the Property and to permit compliance with all Laws.
