Mandatory Cure Items definition
Mandatory Cure Items shall have the meaning given to it in Section 2.4.
Mandatory Cure Items means any mortgage, deed of trust, lien, judgment or other monetary encumbrance of any nature encumbering the title to any of the Real Property and held by a person claiming through or under Seller.
Mandatory Cure Items has the meaning set forth in Section 6(c).
Examples of Mandatory Cure Items in a sentence
Seller shall pay and cause to be released all Mandatory Cure Items at or before the Closing.
If Seller: (i) elects not to cure such objections; or (ii) elects to cure such objections (except that Seller must cure and satisfy the Mandatory Cure Items as required by Section 5.4) and such objection is not so timely and reasonably cured or satisfied or undertaken to be reasonably cured or satisfied by Seller, then Buyer shall, within seven (7) days thereafter, elect, by written notice given to Seller on or before such seventh (7th) day, either: 1.
In no event shall any Mandatory Cure Items be deemed to be Permitted Encumbrances.
Except for Mandatory Cure Items (defined below), Purchaser is deemed to have approved all items contained in the Real Property Reports which do not appear on Schedule 6.9, which approved items shall be Permitted Encumbrances.
Seller shall not have any obligation to remove or cure any such exceptions or pay any amounts to cure or remove the same except that Seller shall be obligated to cure or remove any Mandatory Cure Items and any exceptions created by, through or under Seller after the date of this Agreement and otherwise not agreed to by Purchaser.
More Definitions of Mandatory Cure Items
Mandatory Cure Items means (1) those matters which Seller has agreed in writing to cause to be removed at or before Closing in accordance with, and subject to, Paragraph 3(c), (2) any mortgages, deeds of trust or other similar encumbrance evidencing outstanding indebtedness voluntarily created by Seller which can be satisfied by the payment of an ascertainable amount of money, and (3) any mechanic’s, materialman’s or broker’s liens filed against a Property as a result of Seller’s acts or omissions (e.g., failure to pay) which can be satisfied by the payment of an ascertainable amount of money. The “Endorsements” shall include only those endorsements which, prior to the expiration of the Due Diligence Period, the Title Company has agreed in writing to include in the applicable Title Policy or Seller has agreed in writing to cause to be included in such Title Policy;
Mandatory Cure Items means, collectively, (i) any Seller Mortgage, (ii) mechanic’s liens, monetary judgments, or similar monetary encumbrances which are not arising due to the action of Purchaser, its agents, or their respective employees, contractors, or agents), and (iii) those matters listed on Schedule C of the Title Commitment which are applicable to Seller.
Mandatory Cure Items means, collectively, (A) any delinquent ad valorem real property taxes and real property assessments, and (B) any monetary liens created by Seller.
Mandatory Cure Items means (i) any mortgage or deed of trust lien, (ii) any mechanics’ or materialmen’s lien, (iii) any lien securing a monetary amount and (iv) any non-monetary Encumbrance becoming of record from and after the effective date of the Title Commitment, in each case, affecting the Property or any portion thereof.
Mandatory Cure Items means (i) Monetary Liens and (ii) all exceptions listed on the Title Commitment related to work being performed at the Real Property which would typically be removed by delivery of a commercially reasonable owner’s affidavit required by the Title Company, in both cases for work performed prior to the First Closing Date.
Mandatory Cure Items means any encumbrances on title to the Real Property contained in the Title Commitment (or any update thereof prior to Closing) to which Purchaser objects pursuant to Section 5.3 (other than any encumbrances to which Purchaser has consented in writing, any encumbrances that do not materially adversely affect the use or value of the Real Property, such as customary utility and similar easements), unfiled mechanics liens created or caused by Seller and Mortgages, if any, encumbering the Real Property; provided, however, that the term “Mandatory Cure Items” shall expressly exclude the Permitted Exceptions.
Mandatory Cure Items. (A) the mortgages or deeds of trust identified on the Preliminary Title Report that are not assumed by Buyer pursuant to Exhibit AA attached hereto, (B) any and all liens voluntarily placed by a Seller against its Property after the date of the applicable Preliminary Title Report in violation of this Agreement, (C) any and all liens arising by, through or under a Seller and (D) any other Title Objection that would cost not more than the foregoing *** ******* ******** ******* **********, in the aggregate, to remove). Each Seller agrees to notify Buyer within five (5) Business Days of such Seller’s receipt of Buyer’s Objection Notice whether such Seller elects to endeavor to Remedy all or any of the Title Objections raised in Buyer’s Objection Notice. Other than the exceptions to title which each Seller is required pursuant to this Section 3.3 to Remedy, any exception to title which Buyer does not raise pursuant to the terms hereof on or before the Objection Cut Off Date shall be deemed a Permitted Encumbrance and not a Title Objection. If a Seller at or prior to the Closing Date (as the same may be extended) either (x) does not elect to Remedy a Title Objection, or (y) having elected to Remedy a Title Objection for any reason whatsoever does not do so, at or prior to the Closing Date (as the same may be adjourned), Buyer may at its sole and exclusive option within five (5) Business Days after a Seller fails to elect to Remedy a Title Objection or, with respect to any Title Objection that a Seller fails to Remedy after having elected to do so, on the Closing Date (as the same may be adjourned) either (1) terminate this Agreement with respect to such Individual Property to which such Title Objection relates and receive a return of the portion of the Deposit relating to such Individual Property as shown on Schedule 2.1(a) (and the applicable Seller and Buyer shall jointly instruct Escrow Holder to promptly return such portion of the Deposit to Buyer) and such Seller shall not have any further liability or obligation to Buyer hereunder nor shall Buyer have any further liability or obligation to such Seller hereunder with respect to that Individual Property, except for such obligations as are specifically stated in this Agreement to survive the termination of this Agreement, or (2) elect to accept title to the Individual Property as it then is without any reduction in, abatement of, or credit against the Purchase Price and such exceptions shall be deemed a Permi...