Withdrawn Properties Clause Samples

The 'Withdrawn Properties' clause defines the terms under which a property that was previously listed for sale, lease, or another transaction is removed from the market. Typically, this clause outlines the process for formally notifying all parties involved when a property is withdrawn, and may specify any consequences, such as the payment of fees or the termination of related agreements. Its core function is to provide clarity and structure to the process of withdrawing a property, ensuring that all parties understand their rights and obligations when a property is no longer available for transaction.
Withdrawn Properties. (a) Other than with respect to a Withdrawn Property pursuant to Section 5.2(c), the Sellers shall have the right to adjourn the Initial Closing for a reasonable period not exceeding the Outside Date to cure any Property Material Adverse Effect or other issues, conditions or circumstances that make any Property a Withdrawn Property (each, a “Correctible Condition”) for the purpose of allowing the Sellers the opportunity to effectuate such cure (to the extent such cure is reasonably capable of being effected during such period), and if such cure is not effected on or prior to the end of such period, the Buyer may elect to waive such matter or to treat such Property as a Withdrawn Property. In lieu of effecting a cure pursuant to the foregoing, the Sellers may instead agree with the Buyer that the Sellers shall effect such cure after the Initial Closing pursuant to an agreement in form and substance reasonably acceptable to the Buyer, which, unless otherwise agreed upon by Buyer in its sole discretion, includes an obligation on behalf of the Sellers to escrow cash or provide a surety bond equal to 125% of the amount mutually agreed upon by the Buyer and the Sellers as required to cure such Correctible Condition, in which event such Property shall not be a Withdrawn Property. In the event any Property becomes a Withdrawn Property, the Initial Closing Date Consideration shall be reduced by an amount equal to the Purchase Price allocated to such Property set forth in Exhibit C. (b) In the event that prior to the Initial Closing, the aggregate number of Withdrawn Properties is greater than three or the aggregate Purchase Price allocated to all Withdrawn Properties as set forth in Exhibit C is greater than $110,000,000, this Agreement may be terminated in its entirety at the election of the Buyer by written notice given to the Sellers delivered within the 10 days following the date on which the right first becomes available. (c) In the event that any Property of the REIT II Sellers becomes a Withdrawn Property prior to the expiration of the Inspection Period, this Agreement may be terminated in its entirety at the election of the Sellers by written notice given to the Buyer delivered within the five Business Days following the date on which the right first becomes available.
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Withdrawn Properties. 16 Section 3.6 Guaranty.....................................................................17 Section 3.7
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Withdrawn Properties. A "WITHDRAWN PROPERTY" shall be any Unapproved Property, Damaged Property or Condemned Property as to which this Agreement has been terminated pursuant to Section 2.2, Section 3.2(c), Section 13.2 or Article 14, respectively, or any Real Estate Property that has tax exempt bond financing associated therewith and that if transferred to the Operating Partnership pursuant this Agreement, either by direct conveyance or by the transfer of the Partnership Interests in the Contributor that owns that Real Estate Property, would cause the interest payable on such tax exempt bond financing to cease to be tax exempt. In the event any Real Estate Property becomes a Withdrawn Property, Schedule 3.2 shall be revised to delete the loan associated with such Withdrawn Property for the definition of Assumed Loans and the TCR Representatives and the Transferee shall each use all commercially reasonable efforts to mutually agree upon the assigned value for that Real Property (the "ASSIGNED VALUE"), taking into account the relation of the Withdrawn Property to the value of the entire portfolio of Real Properties being acquired; provided, however, that the parties agree that in the case of any Real Estate Property that has tax exempt bond financing associated therewith, there shall be added to the fair value otherwise assigned to such property on account of its objective characteristics as
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Withdrawn Properties. (i) Upon the earlier of (x) the date which is thirty (30) days after the delivery of the Proposal Notice (or sixty (60) days if the Proposal Notice did not contain an Enhanced Development Proposal and a Preliminary Interest Notice was delivered (as such dates may have been extended in accordance with this Agreement or by agreement of the parties)) (so long as no BPLP Election Notice was delivered in such thirty (30) day or sixty (60) day period (as such dates may have been extended in accordance with this Agreement or by agreement of the parties)) or (y) the date on which BPLP declines by written notice to the Owner to participate in development set forth in a Proposal Notice, until the date which is fifteen (15) months after the date such Proposal Notice was delivered, the Owner may commence and thereafter develop such Development Property with one or more third parties as provided below (and such Development Property shall thereupon constitute a “Withdrawn Property”). (ii) Upon Commencement of Development, the Owner shall notify BPLP thereof. The Owner and ▇▇▇▇▇▇ (and their affiliates) shall have the right to develop, construct, finance and own the Withdrawn Properties, and may compete with BPLP and its Affiliates or any Ownership Entity with respect to any such Withdrawn Property, subject however to Section 2.5(a) and Article VI. Development of a Withdrawn Property shall not adversely impact the remaining Development Properties (except as may have been set forth in the Proposal Notice concerning such Withdrawn Property). The development of a Withdrawn Property may be on any business and development terms with any third party, provided that the Design Criteria are complied with and the rental rate on the identified tenants in the Development Proposal and the construction costs are substantially the same as indicated in the relevant Proposal Notice (taking into account any subsequent force majeure event or change in law). (iii) Upon Commencement of Development of the Withdrawn Property, the Owner shall diligently complete such development, provided that in the event of a force majeure (such as flood, etc. and including governmental delays (except force majeure does not include matters relating to market conditions or financing)) such covenant to diligently complete
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Withdrawn Properties. The TCR Group and the Transferee shall have agreed upon a marketing agreement consistent with the terms attached hereto as Exhibit 13.1(h).
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Withdrawn Properties. 14 Section 2.7
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Withdrawn Properties. Subject to the terms of this Section 1.7, Hickory shall be entitled, from time to time up to the Closing Date, upon delivery of written notice to Down REIT, to withdraw a Property from the Properties to be contributed hereunder upon the occurrence of a Significant Adjustment if and only if such Property becomes subject to another Sale Agreement. The Property to be withdrawn shall be reasonably agreed upon by Hickory and Down REIT based upon: (a) the priority set forth in Exhibit A-1; and (b) the amount by which the Significant Adjustment exceeds $3,000,000. Any Property withdrawn under this Section 1.7 shall not for any purpose count as a dropped Property hereunder or under any Sale Agreement, but this Agreement shall otherwise be deemed amended as if such Property were dropped.
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Withdrawn Properties 
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Related to Withdrawn Properties

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Property or Properties As the context requires, any, or all, respectively, of the Real Property acquired by the Company, either directly or indirectly (whether through joint venture arrangements or other partnership or investment interests).

  • Real Estate Assets In the event that any Credit Party hereafter acquires an interest in any Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in favor of Administrative Agent, for the benefit of Lenders, then such Credit Party, contemporaneously with acquiring such Material Real Estate Asset, shall take all such actions and execute and deliver, or cause to be executed and delivered, the following: (i) fully executed and notarized Mortgages, in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each such Material Real Estate Asset (it being understood that such Credit Party shall use reasonable best efforts to obtain any Mortgage of a qualifying Leasehold Interest); (ii) an opinion of counsel (which counsel shall be reasonably satisfactory to Syndication Agent and Administrative Agent) in each state in which such Material Real Estate Asset is located with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and such other matters as Syndication Agent and Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to Syndication Agent and Administrative Agent; (iii) from time to time, at the request of Administrative Agent, appraisals as are required by law or regulation; (iv) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by a title company with respect to each such Material Real Estate Asset, together with a title report issued by a title company with respect thereto, dated not more than thirty (30) days prior to the effective date of such executed Mortgage and copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably satisfactory to Syndication Agent and Administrative Agent; (v) evidence of flood insurance with respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, in form and substance reasonably satisfactory to Syndication Agent and Administrative Agent; and (vi) ALTA surveys of all such properties which are not Leasehold Properties, certified to Administrative Agent and dated not more than thirty (30) days prior to the effective date of such executed Mortgage.

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

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.