Bank Premises Sample Clauses
The 'Bank Premises' clause defines the terms and conditions under which a bank occupies, uses, or maintains its physical locations, such as branches or offices. It typically outlines requirements related to leasing, ownership, maintenance responsibilities, and compliance with applicable laws or regulations governing the use of such premises. For example, the clause may specify who is responsible for repairs or upgrades, or set standards for security and accessibility. Its core practical function is to ensure that the bank's physical locations are properly managed and compliant, thereby minimizing operational risks and clarifying responsibilities between the bank and other parties, such as landlords or service providers.
Bank Premises. Buyer will be entitled to possession and control of the Facilities on and after the Effective Time.
Bank Premises. 15 SECTION 2.18
Bank Premises. Agreement with Respect to Safe Deposit Business .................. 10 4.3
Bank Premises. (a) At Closing, Seller agrees to execute and deliver to the Assuming Bank a special warranty deed for the Bank Premises which are owned by Seller in substantially the form of Exhibit A attached hereto.
(b) By the Closing Date, the Assuming Bank must receive, at its expense, a Commitment for Title Insurance (the "Commitment") and copies of all recorded instruments affecting title to the Bank Premises and recited as exceptions in such Commitment from a title insurance company reasonably acceptable to Seller for the issuance of an Owner Policy of Title Insurance, insuring good and indefeasible title in the Bank Premises as of the date of Closing, subject to: (i) the standard printed exceptions contained in the usual form of title policy; (ii) rights of parties in possession; (iii) standby fees, taxes and assessments for the current year and subsequent years, and subsequent assessments for prior years due to a change in land usage or ownership; (iv) any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements; (v) covenants, restrictions, conditions, reservations, exceptions and easements shown of record; (vi) oil, gas, mineral and royalty conveyances, and leases of record, if any, in effect and shown of record; (vii) other conditions and encumbrances validly subsisting and affecting title to the Bank Premises as of the date of Closing; and (viii) all other matters to which like properties similarly situated are commonly subject, which do not, individually or in the aggregate, materially interfere with the current use of the Bank Premises.
Bank Premises. (i) If the Assuming Institution elects not to purchase any owned Bank Premises, the notice of such election in accordance with Section 4.6(a) shall specify the Bank Premises Surrender Date. The Assuming Institution shall be responsible for promptly relinquishing and releasing to the Receiver such Bank Premises and the Fixtures, the Furniture and Equipment and the Specialty Assets located thereon which existed at the time of the Bank Closing Date, in the same condition as at the Bank Closing Date, and at the Bank Premises where they were inventoried at the Bank Closing Date, normal wear and tear excepted. Any of the aforementioned which is missing will be charged to the Assuming Institution at the item's Fair Market Value as determined in accordance with this Agreement. By remaining in any such Bank Premises more than 1 50 days after the Bank Closing Date (unless the Assuming Institution must do so to comply with Section 4. 1 and has made appropriate arrangements with the Receiver and all applicable lessors), the Assuming Institution shall, at the Receiver's option, (x) be deemed to have agreed to purchase such Bank Premises, and to assume all leases, obligations and liabilities with respect to leased Furniture and Equipment and leased Fixtures located thereon and any ground lease with respect to the land on which such Bank Premises are located, and (y) be required to purchase all Fixtures and al1 Furniture and Equipment owned by the Failed Bank and located on or at the Bank Premises as of the Bank Closing Date.
(ii) If the Assuming Institution elects not to accept an assignment of the lease or sublease of any leased Bank Premises, the notice of such election in accordance with Section 4.6(b) shall specify the Bank Premises Surrender Date. The Assuming Institution shall be responsible for promptly relinquishing and releasing to the Receiver such Bank Premises and the Fixtures, the Furniture and Equipment and the Specialty Assets located thereon which existed at the time of the Bank Closing Date, in the same condition as at the Bank Closing Date, and at the Bank Premises where they were inventoried at the Bank Closing Date, normal wear and tear excepted. Any of the aforementioned which is missing will be charged to the Assuming Institution at the item's Fair Market Value as determined in accordance with this Agreement. By failing to provide notice of its intention to surrender such Bank Premises prior to the expiration of the option period specified in Secti...
Bank Premises. (a) Option to Purchase (i) Subject to Section 3.5, the Receiver hereby grants to the Assuming Institution an exclusive option for the period of sixty (60) days commencing the day after the Bank Closing Date with respect to Bank Premises for which the Assuming Institution declined it option to purchase at a fixed price as shown on the Bid Form, and for a period of ninety (90) days commencing the day after the Bank Closing Date with respect to all other owned Bank Premises to purchase any or all owned Bank Premises, including all Fixtures and all Furniture and Equipment located on or at the Bank Premises. The Assuming Institution shall give written notice to the Receiver within the option period of its election to purchase or not to purchase any of the owned Bank Premises. Any purchase of such Bank Premises shall be effective as of the date the Receiver receives the purchase price for such Bank Premises from the Assuming Institution, and such purchase shall be consummated as soon as practicable thereafter (and no later than the Settlement Date).
Bank Premises. The Bank has good and marketable title to the ------------- premises constituting the Main Office and to all other Retained Assets free and clear of all liens and encumbrances, except for recorded easements and other minor defects of title which do not impair the use or value of the Main Office and liens for taxes not yet due and payable (the "Permitted Encumbrances"). The premises constituting the Main Office and the continuation of business presently being conducted thereon do not and will not violate any currently applicable zoning laws. The Main Office
(i) is served (independent of adjacent landowners) by all utilities and services, including electrical power, gas, water, sewer, and telephone, reasonably necessary for the normal and intended use of the Main Office as a bank branch and (ii) has ingress and egress to and from ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ Streets and LaHarpe Boulevard necessary to conduct business currently being conducted thereon. The premises constituting the Main Office are free from structural defects (patent and latent). The premises constituting the Main Office and all items of tangible personal property included within the Retained Assets and located in the Main Office (A) will be reflected accurately in the Pre-Closing Balance Sheet and (B) are in good operating condition and repair(subject to normal wear and tear) and are suitable for the purposes for which they are presently used.
Bank Premises. 9 2.15. Real Estate Taxes and Recording Fees....................... 9 2.16.
Bank Premises. 21 4.7 Agreement with Respect to Leased Data Management Equipment ......................................... 25 4.8 Certain Existing Agreements .................................. 26 4.9 Informational Tax Reporting .................................. 26 4.10 Insurance ................................................................ 27
Bank Premises. At Closing, Seller agrees to execute and deliver to -------------- the Assuming Bank special warranty deeds for Bank Premises in substantially the form of Exhibit A attached hereto. The Assuming Bank may receive, at its --------- expense, a Commitment for Title Insurance (the "Commitment") and copies of all recorded instruments affecting title to the Bank Premises and recited as exceptions in the Commitment for the issuance of a Owner Policy of Title Insurance, insuring good and indefeasible title in the Bank Premises as of the date of Closing, subject to: (i) the standard printed exceptions contained in the usual form of title policy; (ii) rights of parties in possession; (iii) standby fees, taxes and assessments for the current year and subsequent years, and subsequent assessments for prior years due to a change in land usage or ownership; (iv) any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements; (v) covenants, restrictions, conditions, reservations, exceptions and easements shown of record; (vi) oil, gas, mineral and royalty conveyances, and leases of record, if any, in effect and shown of record; (vii) other conditions and encumbrances validly subsisting and affecting title to the Bank Premises as of the date of Closing; and (viii) all other matters to which like properties similarly situated are commonly subject, which do not, individually or in the aggregate. materially interfere with the current use of the Bank Premises.