New Encumbrances. From and after the Effective Date, Sellers will not agree to any additional encumbrances to the Property without Buyer’s prior written consent, which may be withheld in Buyer’s sole discretion, unless such encumbrances will be released and/or satisfied by Sellers prior to or at Closing. Except for encumbrances that will be released and/or satisfied by Sellers prior to or at Closing, Sellers shall notify Buyer prior to agreeing to any additional encumbrance to the Property and Buyer shall have three (3) Business Days in which to approve or disapprove of such encumbrance. If Buyer fails to approve or disapprove of such encumbrance within three (3) Business Days after receiving notice from Sellers, Buyer shall be deemed to have approved the encumbrance.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (Talon Real Estate Holding Corp.)