Real Property Escrow Sample Clauses

The Real Property Escrow clause establishes the requirement for a neutral third party, known as an escrow agent, to temporarily hold funds, documents, or property involved in a real estate transaction until all agreed-upon conditions are met. In practice, this means that the buyer's payment and the seller's deed are deposited with the escrow agent, who only releases them once all contractual obligations—such as inspections, title clearance, and financing—are satisfied. This clause ensures that both parties are protected during the transaction, minimizing the risk of fraud or default by making sure that neither party has to perform their obligations without assurance that the other will do the same.
Real Property Escrow. Immediately after the Bankruptcy Court’s entry of the Sale Approval Order as a Final Order, or at such earlier time as ParentCo and the Purchaser may agree, the Sellers and the Purchaser shall establish an escrow (the “Real Property Escrow”) for the sale and purchase of the Owned Real Properties pursuant to this Agreement with the Title Company. The provisions of this Section 2 shall constitute escrow instructions to the Title Company, and a copy of this Agreement shall be deposited with the Title Company for such purpose.
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Real Property Escrow. (a) Notwithstanding any provision herein to the contrary, at the Closing, the Owned Real Property, the Improvements and the Lease shall not be transferred to Buyer. The executed Deed and the executed Assignment of Lease (the "Escrowed Documents") shall be held by Seller in escrow and distributed as set forth in this SECTION 2.
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Real Property Escrow. The Real Property Hold-Back Amount, along with all Deeds and other instruments relating to the conveyance of the Real Property to RIA, shall be placed in escrow with the Title Company, to be held pursuant to the terms and conditions of that certain Real Property Escrow Agreement in the form attached as Exhibit 8.7.2 (the "Real Property Escrow Agreement"). Such escrow shall terminate, and the Real Property Hold-Back Amount (or applicable portion thereof) shall be delivered to Seller and the Deeds and related instruments shall be delivered to Buyer, upon such terms and at the time set forth in the Real Property Escrow Agreement (the "Real Property Closing Date").
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Real Property Escrow. At Closing the parties hereto shall execute an escrow agreement to establish an escrow account ("Real Property Escrow Account") as described hereafter. At the Closing the Real Property Purchase Price shall be paid in full, subject to any and all prorations as provided in Section 15 hereof, by Purchaser at the Closing, by certified check, cashier's check or wire transfer of federal funds to the Real Property Escrow Account of the Escrow Agent selected by Seller and approved by the Purchaser.
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Real Property Escrow. Promptly following the Parties’ execution and delivery of this Agreement, Seller and Buyer shall establish an escrow (the “Real Property Escrow”) for the sale and purchase of the Owned Real Properties pursuant to this Agreement with First American Title Insurance Company, Minneapolis, MN office (the “Title Company”). The provisions of this ARTICLE 3 shall constitute escrow instructions to the Title Company, and a copy of this Agreement shall be deposited with the Title Company for such purpose.
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Real Property Escrow. (a) The transfer of the Real Property Leases from the Sellers to the Purchaser and the payoff of the indebtedness secured by the Leasehold Mortgages (collectively, the “Secured Debt”) shall take place on the Closing Date through ▇▇▇▇▇▇ ▇▇. ▇▇▇-▇▇▇▇▇▇-▇▇ (the “Real Property Escrow”) opened with First American Title Insurance Company, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attn: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Phone ▇▇▇-▇▇▇-▇▇▇▇, Facsimile ▇▇▇-▇▇▇-▇▇▇▇, Email ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇ (the “Real Property Escrow Holder”). For the avoidance of doubt, only the Real Property Leases shall be transferred through the Real Property Escrow; all of the other Purchased Assets shall be transferred in the manner set forth in Sections 3.2 and 3.3 above. (b) As more particularly described in Section 8.2(p) below, the Real Property Leases shall be conveyed to the Purchaser at the Closing free and clear of all Leasehold Mortgages. At least ten (10) Business Days prior to the anticipated Closing Date, the Sellers shall notify the Real Property Escrow Holder of such anticipated Closing Date and instruct the Real Property Escrow Holder to order demands (the “Payoff Demands”) from each Secured Party which is a holder of Secured Debt. Purchaser agrees to make the deliveries described in Section 8.3(l) at least three (3) Business Days prior to the Closing Date. Sellers agree to make or cause the appropriate Licensed Entity to make the deliveries described in Section 8.2(x) at least three (3) Business Days prior to the Closing Date. (c) At the Closing, Real Property Escrow Holder shall promptly undertake all of the following in the manner indicated herein: (i) cause the Lease Assignments and the Non-Disturbance Agreements and any reconveyances required under this Section 3.4 (collectively the “Recordable Documents”) to be recorded in the appropriate county recorder’s offices (with each Non-Disturbance Agreement to recorded after the applicable Lease Assignment); (ii) disburse the required amount(s) to pay in full the Secured Debt to the appropriate Secured Parties from the funds deposited by Purchaser with the Real Property Escrow Holder, and disburse the balance of such funds (after payment of closing costs), if any, to the Purchaser; (iii) direct the Title Company to issue to Purchaser a Title Policy for each of the Real Property Leases, effective as of the Closing Date; and (iv) deliver to the Purchaser conformed copies of the recorded Recordable Documents.
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Related to Real Property Escrow

  • Real Property Matters The Credit Parties shall have delivered to the Administrative Agent with respect to each parcel of Real Property owned or acquired by a Credit Party after the Closing Date with a fair market value greater than $5,000,000, to the extent that such parcel of Real Property becomes subject to a Mortgage pursuant to Section 6.09(a) above, within 30 days after such parcel of Real Property becomes subject to a Mortgage, all of the following: (i) an American Land Title Association (ALTA) mortgagee title insurance policy or policies, or unconditional commitments therefor (a “Title Policy”) issued by a title insurance company reasonably satisfactory to the Administrative Agent (a “Title Company”), in an amount not less than the amount reasonably required therefor by the Administrative Agent (taking into account the estimated value of the property involved), insuring fee simple title to, or a valid leasehold interest in, such Real Property vested in the applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage creates a valid and enforceable first priority mortgage lien on the respective Real Property encumbered thereby, subject only to Permitted Liens, which Title Policy (1) shall include an endorsement for mechanics’ liens, for revolving, “variable rate” and future advances under this Agreement and for any other matters reasonably requested by the Administrative Agent, and (2) shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Administrative Agent; (ii) a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date of execution of the applicable Mortgage and reasonably satisfactory in form and substance to the Administrative Agent; (iii) available copies of all recorded documents listed as exceptions to title or otherwise referred to in the Title Policy or in such title report relating to such real Property; (iv) a survey, in form and substance reasonably satisfactory to the Administrative Agent, of such Real Property, certified in a manner reasonably satisfactory to the Administrative Agent by a licensed professional surveyor reasonably satisfactory to the Administrative Agent; (v) a certificate of the Borrower identifying any Phase I, Phase II or other environmental report received in final form by any Credit Party during the five year period prior to the date of execution of the Mortgage relating to such Real Property and/or the operations conducted therefrom, or stating that no such final form reports have been requested or received by any Credit Party (or its counsel), together with true and correct copies of all such environmental reports so listed; and all such environmental reports shall be reasonably satisfactory in form and substance to the Administrative Agent; and (vi) an opinion of local counsel admitted to practice in the jurisdiction in which such Real Property is located, reasonably satisfactory in form and substance to the Administrative Agent, as to the validity and effectiveness of such Mortgage as a lien on such Real Property encumbered thereby, and covering such other matters of law in connection with the execution, delivery, recording and enforcement of such Mortgage as the Administrative Agent may reasonably request.

  • Title; Real Property (a) Each of the Borrower and its Subsidiaries has good and marketable title to, or valid leasehold interests in, all Real Property and good title to all personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent Financial Statements delivered by the Borrower, and none of such properties and assets is subject to any Lien, except Liens permitted under Section 8.2

  • Real Property Interests (a) The Owner has provided, or upon execution of this Agreement shall promptly provide to the Developer, documentation acceptable to TxDOT indicating any right, title or interest in real property claimed by the Owner with respect to the Owner Utilities in their existing location(s). Such claims are subject to TxDOT’s approval as part of its review of the Developer’s Utility Assembly as described in Paragraph 2. Claims approved by TxDOT as to rights or interests are referred to herein as “Existing Interests”. (b) If acquisition of any new easement or other interest in real property (“New Interest”) is necessary for the Adjustment of any Owner Utilities, then the Owner shall be responsible for undertaking such acquisition. The Owner shall implement each acquisition hereunder expeditiously so that related Adjustment construction can proceed in accordance with the Developer’s Project schedules. The Developer shall be responsible for its share (if any, as specified in Paragraph 6) of the actual and reasonable acquisition costs of any such New Interest (including without limitation the Owner’s reasonable overhead charges and reasonable legal costs as well as compensation paid to the landowner), excluding any costs attributable to Betterment as described in Paragraph 16(c), and subject to the provisions of Paragraph 16(e); provided, however, that all acquisition costs shall be subject to the Developer’s prior written approval. Eligible acquisition costs shall be segregated from other costs on the Owner's estimates and invoices. Any such New Interest shall have a written valuation and shall be acquired in accordance with applicable Law. (c) The Developer shall pay its share only for a replacement in kind of an Existing Interest (e.g., in width and type), unless a New Interest exceeding such standard (i) is required in order to accommodate the Project or by compliance with applicable law, or (ii) is called for by the Developer in the interest of overall Project economy. Any New Interest which is not the Developer’s cost responsibility pursuant to the preceding sentence shall be considered a Betterment to the extent that it upgrades the Existing Interest which it replaces, or in its entirety if the related Owner Utility was not installed pursuant to an Existing Interest. Betterment costs shall be solely the Owner’s responsibility. (d) For each Existing Interest located within the final Project right of way, upon completion of the related Adjustment work and its acceptance by the Owner, the Owner agrees to execute a quitclaim deed or other appropriate documentation relinquishing such Existing Interest to TxDOT, unless the affected Owner Utility is remaining in its original location or is being reinstalled in a new location within the area subject to such Existing Interest. All quitclaim deeds or other relinquishment documents shall be subject to TxDOT's approval as part of its review of the Utility Assembly as described in Paragraph 2. For each such Existing Interest relinquished by the Owner, the Developer shall do one of the following to compensate the Owner for such Existing Interest, as appropriate: (i) If the Owner acquires a New Interest for the affected Owner Utility, the Developer shall reimburse the Owner for the Developer’s share of the Owner’s actual and reasonable acquisition costs in accordance with Paragraph 16(b) and subject to Paragraph 16(c); or (ii) If the Owner does not acquire a New Interest for the affected Owner Utility, the Developer shall compensate the Owner for the Developer’s share of the fair market value of such relinquished Existing Interest, as mutually agreed between the Owner and the Developer and supported by a written valuation. The compensation, if any, provided to the Owner pursuant to either subparagraph (i) or subparagraph (ii) above shall constitute complete compensation to the Owner for the relinquished Existing Interest and any New Interest, and no further compensation shall be due to the Owner from the Developer or TxDOT on account of such Existing Interest or New Interest(s). (e) The Owner shall execute a Utility Joint Use Acknowledgment (TxDOT-U-80A) for each Adjustment where required pursuant to TxDOT policies. All Utility Joint Use Acknowledgments shall be subject to TxDOT approval as part of its review of the Utility Assembly as described in Paragraph 2.

  • Leased Real Property (i) Ibis does not own any real property and the ownership of any real property is not necessary for the operation of the Business. Ibis does not lease, sublease, license or otherwise grant any Person the right to use any real property. Neither Isis nor any of its Affiliates leases, subleases, licenses or occupies any real property used or occupied by, or necessary for the operation or conduct of, the Business. (ii) Schedule 5.1(w)(ii) sets forth the names of the lessor and lessee, the address of each parcel of real property used by Ibis (collectively, the “Leased Real Property”), and a list of all leases, subleases, licenses and other agreements (whether written or oral) (collectively, “Leases”) for each such Leased Real Property. None of the Leases is a ground lease. Ibis and Isis have delivered to AMI a true and complete copy of each such Lease document, and in the case of any oral Lease, a written summary of the material terms of such Lease. Ibis does not own any structures, improvements or fixtures located on any Leased Real Property (collectively, “Leasehold Improvements”) and no Leasehold Improvements other than those provided to Ibis under the Corporate Services Agreement are material to the operation of the Business. (iii) Each such Lease is legal, valid, binding, enforceable and in full force and effect. (iv) Neither Ibis nor, to Isis’ or Ibis’ Knowledge, any other party to a Lease is in breach or default under such Lease, no event has occurred or circumstance exists which, with the delivery of notice, the passage of time or both, could reasonably be expected to constitute such a breach or default, or permit the termination, modification or acceleration of rent under such Lease and neither Ibis nor Isis has received notice that the Leased Real Property is in violation of any Applicable Law. (v) No security deposit or portion thereof deposited with respect to such Lease has been applied in respect of a breach or default under such Lease which has not been redeposited in full. Neither Ibis nor any other Person owes any brokerage commissions, finder’s fees, free rent or allowances with respect to such Lease.

  • Real Properties The Company does not have an interest in any real property, except for the Leases (as defined below).