Non-Compliant Property definition
Non-Compliant Property means an Assessor's Parcel of Pending Property that generates a need for a One-Time Special Tax as calculated under Section D.3.
Examples of Non-Compliant Property in a sentence
Each Seller and Buyer agree to treat each Potential Flooring Spec Non-Compliant Property as if it were subject to a Flooring Spec Non-Compliance for purposes of Sections 3.1(d) and (e) of the Purchase Agreement, with Buyer having all rights to require the applicable Seller to make a Flooring Non-Compliance Cure Payment in respect of such property and under Section 4.2(a)(ii)(z) of the Purchase Agreement.
Upon repayment or substitution as provided in this subsection, Agent agrees to release its security interest in such Non-Compliant Property and to promptly execute and deliver to Borrowers all releases, forms, agreements, filings and other items necessary to evidence such release.