Monetary Encumbrance Release definition
Examples of Monetary Encumbrance Release in a sentence
All title matters revealed by the Title Commitment and Survey (or any update obtained by Purchaser), other than Monetary Title Encumbrances which will be covered by a Monetary Encumbrance Release at Closing, shall all be deemed Permitted Title Exceptions.
For such purposes, Seller may use all or a portion of the Purchase Price to effectuate a Monetary Encumbrance Release with respect to any such Monetary Title Encumbrances at the Closing.
Owners and anyone with any interest in the Ground Leases arising by, through or under Owners have not assigned their leasehold interests (other than pursuant to Monetary Title Encumbrances which will be covered by a Monetary Encumbrance Release at Closing).
To the knowledge of Wyndham and Owner, Owner has good title to the Tangible Personal Property (other than Leased Property), subject at Closing only to the Permitted Title Exceptions and Monetary Title Encumbrances to be covered by a Monetary Encumbrance Release at Closing.
All New Exceptions which are not objected to by Purchaser as provided above (other than Monetary Title Encumbrances which will be covered by a Monetary Encumbrance Release at Closing), or which are waived as provided above, shall all be deemed Permitted Title Exceptions.
For such purposes, Seller may use all or a portion of the Purchase Price to effectuate a Monetary Encumbrance Release with respect to any such Monetary Title Encumbrances at Closing.
All title matters revealed by the Title Commitment and Survey (or any update obtained by Purchaser) that are not objected to by Purchaser as provided above (other than Monetary Title Encumbrances that will be covered by a Monetary Encumbrance Release at Closing), or that are waived or deemed to be waived by Purchaser as provided above, shall all be deemed to be Permitted Encumbrances.
If any matters described in the Title Commitment or Purchaser's Objections consist of Monetary Title Encumbrances, then, to that extent, notwithstanding anything herein to the contrary, Sellers shall be obligated to either (i) pay and discharge, (ii) bond against in a manner legally sufficient to cause to be released, or (iii) indemnify or escrow money with or otherwise cause the Title Company to insure over, such Monetary Title Encumbrances (collectively, a "Monetary Encumbrance Release").
Any failure of Seller to effectuate a Monetary Encumbrance Release of any Monetary Title Encumbrances at or prior to Closing shall constitute a default by Seller under Section 9.1 and Purchaser shall have the right to exercise all rights and remedies afforded to it on account thereof in accordance with this Agreement.
All of such equity interests: (a) at Closing will have been duly authorized and validly issued, fully paid, and nonassessable except to the extent otherwise provided in the Summerfield Holding Limited Liability Company Agreement and (b) immediately preceding Closing will be held of record and owned beneficially by the applicable entity as set forth on Exhibit O free and clear of any Liens (other than the Monetary Title Encumbrances to be covered by a Monetary Encumbrance Release at Closing).