Contracts of Sale. (a) Exhibit I attached hereto sets for the Residential Unit Contracts of Sale that have been entered into and are in effect as of the date hereof (the “Existing Residential Unit Contracts”), together with the deposits that are being held in escrow with respect to each such Residential Unit Contract of Sale. Administrative Agent hereby approves the Existing Residential Unit Contracts. Borrower represents and warrants that (i) each such deposit is being held at Kxxxxx Xxxxx Xxxxxxxx & Fxxxxxx LLP, (ii) all Existing Residential Unit Contracts are the valid and binding obligation of Mortgage Borrower and, to Borrower’s actual knowledge, the purchaser (subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations; and assuming the competence, of the purchaser and the execution and delivery of the applicable contract to Mortgage Borrower by the purchaser) and are not rescindable for any reason, except as approved by Administrative Agent with respect to an individual Existing Residential Unit Contract, as required in accordance with applicable Legal Requirements (including future directives of the Attorney General) or as otherwise set forth in the Offering Plan or in such Existing Residential Unit Contracts, (iii) except as set forth on Exhibit I, any financing contingency set forth in an Existing Residential Unit Contract has lapsed (without being exercised by the applicable purchaser) and is no longer exercisable by the applicable purchaser. To Borrower’s actual knowledge, as of the date hereof, no event has occurred which is currently continuing that would permit a purchaser under an Existing Residential Unit Contract to rescind such Existing Residential Unit Contract.
Contracts of Sale. Following the occurrence and during the continuance of an Event of Default, Grantor irrevocably authorizes Beneficiary, at its sole option, to collect, in the name of Grantor or in its own name as assignee, all payments due or to become due under any Contract of Sale. Grantor agrees that it will facilitate in every reasonable way the collection by Beneficiary of such payments, and will, upon written request by Beneficiary, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to Beneficiary. In no event shall Beneficiary be accountable for more moneys than it actually receives pursuant to a Contract of Sale, nor shall Beneficiary be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of Beneficiary. Grantor, without the prior written consent of Beneficiary, will not execute any assignment of any Contract of Sale or the payments due thereunder. Grantor shall furnish to Beneficiary, within ten (10) days after a written request from Beneficiary, a written certification containing the names of all contract purchasers of the Property and shall attach to such certification a copy of any Contract of Sale. Nothing contained in this Section shall (a) be construed as a consent by Beneficiary to any Transfer of the Property, or (b) constitute a delegation to Beneficiary of any of Grantor’s duties or obligations under any Contract of Sale. Grantor agrees to indemnify Beneficiary and the Trustees for, and forever hold them harmless from, any Claim arising out of, or in connection with, any Contract of Sale.
Contracts of Sale. If requested by the Agent in its sole discretion, the Agent shall have received conformed copies of the acquisition or option contracts for all Projects being purchased by the Obligors within Approved Subdivisions.
Contracts of Sale. To the best of Borrower’s knowledge, all of the Contracts of Sale when entered into will be valid and enforceable. The Borrower will not commit or suffer any act or omission which would or could constitute a default on its part entitling any purchaser to damages, rights of set-off or right to terminate any Contract of Sale. All Contract Deposits shall be held pursuant to the Contract of Sale by the Title Insurer.
Contracts of Sale. Following the occurrence of an Event of Default, the Mortgagor and ALS irrevocably authorize the Agent, at its sole option, to collect, in the name of the Mortgagor and/or ALS or in its own name as assignee, all payments due or to become due under any Contract of Sale. The Mortgagor and ALS agree that they will facilitate in every reasonable way the collection by the Agent of such payments, and will, upon written request by the Agent, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to the Agent. In no event shall the Lenders be accountable for more moneys than they actually receive pursuant to a Contract of Sale, nor shall the Lenders be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of the Agent. The Mortgagor and/or ALS, without the prior written consent of the Agent, will not execute any assignment of any Contract of Sale or the payments due thereunder. The Mortgagor and/or ALS shall furnish to the Agent, within ten (10) days after a written request from the Agent, a written certification containing the names of all contract purchasers of the Property and shall attach to such certification a copy of any Contract of Sale. Nothing contained in this Section shall (a) be construed as a consent by the Lenders to any Transfer of the Property, or (b) constitute a delegation to the Lenders of any of the Mortgagor's duties or obligations under any Contract of Sale. The Mortgagor and ALS agree to indemnify the Lenders for, and forever hold them harmless from, any Claim arising out of, or in connection with, any Contract of Sale.
Contracts of Sale. Following the occurrence of an Event of Default, each Grantor irrevocably authorizes the Beneficiary, at its sole option, to collect, in the name of each Grantor or in its own name as assignee, all payments due or to become due under any Contract of Sale. Each Grantor agrees that it will facilitate in every reasonable way the collection by the Beneficiary of such payments, and will, upon written request by the Beneficiary, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to the Beneficiary. In no event shall the Beneficiary be accountable for more moneys than it actually receives pursuant to a Contract of Sale, nor shall the Beneficiary be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of the Beneficiary. The Grantors, without the prior written consent of the Beneficiary, will not execute any assignment of any Contract of Sale or the payments due thereunder. The Grantors shall furnish to the Beneficiary, within ten (10) days after a written request from the Beneficiary, a written
Contracts of Sale. Borrower covenants to provide Lender with prompt written notice of all future contracts for sale of any of the assets listed on Exhibit A, cancellation of any such existing contracts of sale, or the occurrence of a material breach of any such contract for sale, whether such contract is currently existing or hereafter executed, and whether the breach occurs on the part of Borrower or any other party.
Contracts of Sale. All contracts of sale and options relating to the acquisition or disposition by Grantor of any portion of the Property, and all amendments, modifications, renewals, expansions and supplements thereto;
Contracts of Sale. At the Collateral Agent's option and request, the Collateral Agent shall have received conformed copies of the acquisition or option contracts for all Lots being purchased by the Borrowers within Approved Subdivisions.
Contracts of Sale. The pertinent Seller shall have authorized the registration of the Buyer’s interest under the Xxxx of Sale in respect of (as applicable) the pertinent Airframe and Engines or the pertinent Engine with the International Registry at the pertinent Transfer Time.
