Exchange Election. If on or before the Closing Date SELLER has notified PURCHASER of its election to effect an exchange of the PROPERTY or portions of the PROPERTY for properties of a like-kind pursuant to section 1031 of the Internal Revenue Code of 1986, as amended, then at Closing:
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Encore Acquisition Co), Purchase and Sale Agreement (Meridian Resource Corp)