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 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;
Examples of Mandatory Cure Items in a sentence
Any Objectionable Matter or Supplemental Objection shall be deemed cured if Seller causes the Title Company to insure title to the applicable Property as vested in Buyer without exception for such Objectionable Matter; provided, however, Buyer shall have reasonable approval rights over such insurance (other than with respect to any Mandatory Cure Items).
Failure to timely provide a notice of approval or disapproval of the State of Title as provided above shall be deemed approval thereof and a waiver by Buyer of any objection thereto (other than the Mandatory Cure Items, defined in Section 2.6.3).
If Purchaser fails timely to provide the Title Objection Notice, then Purchaser shall conclusively be deemed to have approved all matters on the Survey and affecting title to the Property shown on the Title Commitment, except for Mandatory Cure Items.
Prior to Closing, Seller shall cure or remove all Mandatory Cure Items such that the same do not appear on the Title Policy.
In the event Purchaser fails to furnish Seller, prior to the expiration of the Title Review Period, either (A) notice that the Title Documents were satisfactory, or (B) a Title Defect Notice, Purchaser shall be deemed to have accepted the status of title as reflected by the Title Documents, except for the Mandatory Cure Items.
More Definitions of Mandatory Cure Items
Mandatory Cure Items has the meaning set forth in Section 6(c).
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 (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 exceptions to title arising from (1) any deed of trust, mortgage or other security interest in the Property granted by Seller or (2) any other monetary lien or encumbrance on the Property not to exceed $200,000 and voluntarily placed or permitted by Seller other than real estate taxes not yet due and payable. Notwithstanding anything herein to the contrary, Seller shall be responsible for paying off or otherwise removing the Mandatory Cure Items at or prior to Closing. As used herein, “Permitted Exceptions” shall mean (1) real estate taxes not yet due and payable (or for which Purchaser is otherwise responsible in accordance with the terms of this Agreement); (2) rights of tenants, licensees or other third parties under any Assumed Leases or Assumed Contracts (each, as defined herein); (3) the Ground Lease; (4) any rights of Existing Franchisor under the New Franchise Agreement; and (5) items to which Purchaser has not objected, or which have been waived or deemed waived by Purchaser, in accordance with the above.
Mandatory Cure Items means, collectively, (y) all mortgages and deeds of trust against the Property and (z) any mechanic’s, materialman’s or supplier’s liens resulting from work performed at the Property by or on behalf of Seller, but excluding (1) any liens for real property taxes not yet due and payable, (2) matters created by Buyer or any of its affiliates, and (3) any judgment lien or attachment being contested by Seller in good faith.
Mandatory Cure Items means:
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...