Mandatory Cure Item definition

Mandatory Cure Item. As defined in Section 23(c).
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Mandatory Cure Item means a mortgage, deed of trust or other type of security instrument or other lien created by, under or through the acts or agreements of Seller.
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Mandatory Cure Item or “Mandatory Cure Items” means (i) any mortgage, deed to secure debt, deed of trust or similar security instrument encumbering all or any part of the Property, (ii) any mechanic’s, materialman’s or similar lien (except to the extent resulting from any act or omission of the County or any of its agents, contractors, representatives or employees), (iii) any judgment of record against Seller in the county or other applicable jurisdiction in which the Property is located; (iv) all other liens or encumbrances evidencing monetary obligations of Seller; (v) all matters affecting title which are the result of Seller’s voluntary acts occurring after the Effective Date of this Contract, to the extent not consented to by the County in writing; and (vii) any other matters that Seller has agreed to cure or satisfy or is otherwise required to cure or satisfy pursuant to the terms of this Contract.
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Examples of Mandatory Cure Item in a sentence

  • Notwithstanding the foregoing, Seller shall cause the removal of any Mandatory Cure Item at or before the Closing.

  • A Seller’s failure to cure, at or prior to Closing, any Mandatory Cure Item (other than Permitted Encumbrances) with respect to such Seller’s Property shall constitute a Seller default, entitling Buyer to exercise its remedies pursuant to Section 15(b).

  • Seller must cure any later objection which is a Mandatory Cure Item or a matter created or arising in violation of any of Seller’s obligations under this Agreement.

  • If Seller fails to remedy any Title Defect that is not a Mandatory Cure Item prior to Closing, Purchaser may, in its sole discretion, either (a) terminate this Agreement and receive return of the Xxxxxxx Money, other than $100.00 thereof, which shall be retained by Seller as independent consideration for its execution of this Agreement or (b) waive such Title Defect and consummate the Closing.

  • In the event Seller selects option (ii) or is deemed to have elected option (ii) (other than with respect to a Mandatory Cure Item), Buyer may, at its sole election: (A) terminate this Agreement at any time prior to expiration of the Due Diligence Period, or (B) subject to Section 4(e) hereof, elect to proceed with the Closing subject to all such Title Objections.

  • The premium and any additional costs for the ALTA extended coverage additional to the premium for CLTA coverage, the cost of any endorsements to the Title Policy, the cost of any Updated Survey shall be paid by Purchaser; provided, however, Seller shall pay the cost of any endorsement required to eliminate or ameliorate any Mandatory Cure Item.

  • If Sellers are either unable or unwilling to provide for the removal of one or more of such additional Title Objections or does not agree to cure such Title Objections (provided that Sellers cannot decline to cure any Mandatory Cure Item), within such five (5) Business Day period, then, at Buyer’s option, this Agreement may be Terminated upon written notice given by Buyer to Sellers on or before the third (3rd) Business Day after such five (5) Business Day period.

  • Notwithstanding the foregoing, any additional title or survey matters identified by the Title Company in an updated Title Commitment that are not specifically identified in a Notice of Title Objection within such five (5) day period other than a Mandatory Cure Item shall also be deemed to be a Permitted Exception.

  • Any Title Objections that Purchaser has waived or is deemed to have waived shall also be Permitted Exceptions, but in no event shall any Mandatory Cure Item appear as a Permitted Exception in the Deed or Owner’s Policy (both of which terms are defined in Section 6(b)).

  • Purchaser shall pay the cost of any endorsements to Purchaser’s title policy (except for such endorsements as may be required to remove a Mandatory Cure Item, which shall be borne by Seller).

Related to Mandatory Cure Item

  • Funding Loss means the amount (which shall be payable on demand by Lender) necessary to promptly compensate Lender for, and hold it harmless from, any loss, cost or expense incurred by Lender as a result of:

  • Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property or (b) any condemnation, seizure, or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Contractor under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.

  • Cram Down Loss means, with respect to any Receivable (other than a Defaulted Receivable) as to which any court in any bankruptcy, insolvency or other similar Proceeding issues an order reducing the principal amount to be paid on such Receivable or otherwise modifies any payment terms with respect thereto, an amount equal to the amount of the principal reduction ordered by such court. A “Cram Down Loss” will be deemed to have occurred on the date of issuance of such court’s order.

  • Alternative fuel vehicle means a vehicle designed to be capable of running on at least one type of fuel that is either gaseous at atmospheric temperature and pressure, or substantially non-mineral oil derived.

  • Mandatory Prepayment Event means any of the following:

  • Loss Proceeds means, collectively, all Insurance Proceeds and all Condemnation Proceeds.

  • Structured settlement annuity means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Excess Collections shall have the meaning specified in Section 2.8(a)(xv) of the Indenture.

  • Property Loss Event means any loss of or damage to property of Group or any Subsidiary thereof that results in the receipt by such Person of proceeds of insurance in excess of $2,000,000 or any taking of property of Group or any Subsidiary thereof that results in the receipt by such Person of a compensation payment in respect thereof in excess of $2,000,000.

  • Excess Concentration Amount means, as of any date of determination on which any one or more of the Concentration Limitations are exceeded, an amount (calculated by the Servicer and without duplication) equal to the Dollar Equivalent of the portion of the Adjusted Principal Balance of each Eligible Collateral Loan that causes such Concentration Limitation to be exceeded.