Lease Guarantees. On settlement, the Seller will: (1) allow as a deduction from the Balance Purchase Price any Security Deposit received by the Seller from any Tenant and retained by the Seller; (2) transfer control to the Buyer over any trust account or fund held on trust for Tenants as Security Deposit; and (3) assign to the Buyer, Bank Guarantees held in respect of any Tenant. If any Bank Guarantee is not assignable, the Seller will enforce the Bank Guarantee at the written direction and expense of the Buyer for the Buyer’s benefit.
Appears in 3 contracts
Sources: Contract for Commercial Land and Buildings, Contract for Commercial Land and Buildings, Contract for Commercial Land and Buildings
Lease Guarantees. On settlement, the Seller will:
(1) allow as a deduction from the Balance Purchase Price any Security Deposit received by the Seller from any Tenant and retained by the Seller;
(2) transfer control to the Buyer over any trust account or fund held on trust for Tenants as a Security Deposit; and
(3) assign to the Buyer, Bank Guarantees held in respect of any Tenant. If any Bank Guarantee is not assignable, the Seller will enforce the Bank Guarantee at the written direction and expense of the Buyer for the Buyer’s benefit.
Appears in 1 contract
Sources: Contract for Commercial Lots in a Community Titles Scheme
Lease Guarantees. On settlement, the Seller will:
(1) allow as a deduction from the Balance Purchase Price any Security Deposit received by the Seller from any Tenant and retained by the Seller;
(2) transfer control to the Buyer over any trust account or fund held on trust for Tenants as Security Deposit; and
(3) assign to the Buyer, Bank Guarantees held in respect of any Tenant. If any Bank Guarantee is not assignable, the Seller will enforce the Bank Guarantee at the written direction and expense of the Buyer for the Buyer’s benefit.
Appears in 1 contract