Westway Village Repair Work. The terms of this Section 7.5 apply only to the Westway Village Property. Purchaser acknowledges that certain units (the “Damaged Units”) at the Westway Village Property have been damaged, and Seller has commenced making repairs to the Damaged Units (the “Westway Village Repair Work”). The Seller of the Westway Village Property, at its sole cost and expense, shall diligently proceed to complete the Westway Village Repair Work prior to the Closing of the Westway Village Property and, if and to the extent a new certificate of occupancy is required by applicable law for the lawful use and occupancy of each Damaged Unit, use commercially reasonable efforts to obtain such certificate of occupancy for each of the Damaged Units. If the Westway Village Repair Work is not completed prior to the Closing, then the Closing shall occur in accordance with the terms of the Contract and, at the Closing, (i) Seller shall assign, and Purchaser shall assume, all construction and other contracts entered into by Seller in connection with such Westway Village Repair Work and (ii) Seller shall give Purchaser a credit against the Purchase Price in the amount necessary to complete the Westway Village Repair Work. Notwithstanding the foregoing, if and to the extent a new certificate of occupancy is required by applicable law for the lawful use and occupancy of each Damaged Unit and Seller has not obtained such new certificate of occupancy by Closing, then Seller shall assign Seller’s insurance claim relating to the loss of rent attributable to such Damaged Unit as a result of not having obtained a certificate of occupancy.
Appears in 5 contracts
Samples: Purchase and Sale Contract, Purchase and Sale Contract (Consolidated Capital Properties Iv), Purchase and Sale Contract (Century Properties Fund Xvi)
