Current Encumbrances Sample Clauses

The "Current Encumbrances" clause identifies and discloses any existing legal claims, liens, mortgages, easements, or other restrictions that affect the property or asset being transferred. In practice, this clause lists all known encumbrances so that the buyer or transferee is fully aware of any third-party interests or limitations before completing the transaction. Its core function is to ensure transparency and prevent disputes by making sure all parties understand the property's legal status and any obligations that may transfer with ownership.
Current Encumbrances. In relation to 3.1 there are two existing encumbrances of which will be released simultaneously. The first of which was calculated at $253,156.79 as of December 14th, 2011to PNC Bank which at time of payoff will be recalculated. The second of which is to Voidicle LLC was established on May 20th 2011 for approximately $118,000. This obligation carries a simple interest rate of 7% per annum for a daily per diem of $22.63. The current estimated payoff as of this date is $125,241.64 of which will be recalculated to the date of actual payoff. Both PNC Bank and Voidicle will be required to sign a release for at time of such payoff.
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Current Encumbrances. Notwithstanding anything to the contrary, the terms of this Article XI are subject to the terms of the current encumbrances upon the Facilities. In the event that a mortgagee of Seller requires the application of condemnation or insurance proceeds in a manner inconsistent with the terms of this Article XI, then Purchaser shall have the right to terminate this Agreement with respect to the affected Property.
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Related to Current Encumbrances

  • Taxes; Encumbrances At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not permitted pursuant to Section 6.02 of the Credit Agreement, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or this Agreement, and each Grantor jointly and severally agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this Section 4.06 shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents.

  • No Encumbrances Borrower has good and indefeasible title to the Collateral, free and clear of Liens except for Permitted Liens.

  • Title; Encumbrances Is the Property sold subject to any Encumbrances? No Yes, listed below: ■ WARNING TO SELLER: You are required to disclose all Title Encumbrances which will remain after settlement (for example, easements on your title and statutory easements for sewerage and drainage which may not appear on a title search). Failure to disclose these may entitle the Buyer to terminate the contract or to compensation. It is NOT sufficient to state "refer to title", "search will reveal", or similar. TENANTS NAME: ■ If the property is sold with vacant possession from settlement, insert 'Nil'. Otherwise complete details from Residential Tenancy Agreement. TERM AND OPTIONS: STARTING DATE OF TERM: ENDING DATE OF TERM: RENT: BOND: $ $ PROPERTY MANAGER: ADDRESS: SUBURB: STATE: POSTCODE: PHONE: FAX: MOBILE: EMAIL:

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • LIENS; ENCUMBRANCES Borrower acknowledges that, to the extent provided in Section 21, the grant, creation or existence of any mortgage, deed of trust, deed to secure debt, security interest or other lien or encumbrance (a "Lien") on the Mortgaged Property (other than the lien of this Instrument) or on certain ownership interests in Borrower, whether voluntary, involuntary or by operation of law, and whether or not such Lien has priority over the lien of this Instrument, is a "Transfer" which constitutes an Event of Default and subjects Borrower to personal liability under the Note.