Common use of Closing Process Clause in Contracts

Closing Process. Once the purchase price is set, the Closing shall occur within 30 days (or such additional time as Landlord may reasonably require to complete its internal administrative processes, not to exceed sixty (60) days) after date of receipt of the deposit, at which time Landlord shall deliver a special warranty deed, subject only to the Permitted Exceptions and any exceptions created by or with the consent of Tenant and those claiming through Tenant, reasonable evidence of authority to convey as required by the title insurance underwriter insuring the purchaser’s interest, a customary title affidavit substantially in the form of Schedule 33.6 attached hereto regarding (a) no construction liens available as a result of the acts or omissions of Landlord, (b) no parties entitled to possession other than Tenant and those claiming under Tenant, (c) representations sufficient to allow insuring of the "gap" and (d) representations sufficient to allow for no withholding under FIRPTA. As a condition to closing, no Event of Default shall exist at the time of closing. Tenant may designate one or more third parties of its choice (whether or not same is/are Affiliates of Tenant) to accept title. Tenant shall pay for documentary stamps and surtax on the deed and to record the deed. The Lease shall be released as to the Option Parcel being purchased. Fixed Rent under the Lease shall be reduced by a just and proportional adjustment and Rent under the lease(s) for the Option Parcel shall be prorated as of the Closing date. Reasonably appropriate cross easements (if not already existing) shall be entered into so that the Option Parcel and the remainder of the Premises each comprise separate Phases, provided however that if the primary beneficiary of such cross easements is the Option Parcel, the property subject to the cross easements shall be included within the acreage of the Option Parcel. The parties shall reasonably cooperate with such other customary practices and provide such other customary deliveries as either may request provided the same are not in conflict with the provisions of this Lease.