Common use of Objection Notices Clause in Contracts

Objection Notices. If Escrowee receives an Objection Notice from either Seller or Purchaser within the time period set forth in SECTION 3 above, then Escrowee shall refuse to comply with the Default Affidavit then in question ("OBJECTIONABLE DEFAULT AFFIDAVIT") until Escrowee receives (a) joint written instructions executed by both Purchaser and Seller, or (b) a final non-appealable order with respect to the disposition of the Xxxxxxx Money from a federal or state court of competent jurisdiction ("COURT ORDER"), in either of which events Escrowee shall then disburse the Xxxxxxx Money and all interest earned thereon, in accordance with such direction or order, as the case may be. Notwithstanding the immediately preceding sentence, if the party that delivers the Objection Notice does not (i) commence litigation with respect to the Xxxxxxx Money by filing a complaint or action for a declaratory judgment in an appropriate court of competent jurisdiction ("LITIGATION"), and (ii) provide notice and a copy of such complaint or action for declaratory judgment to Escrowee and the other party to these Instructions within thirty (30) days after delivery of the then-applicable Objection Notice, then Escrowee shall disburse the Xxxxxxx Money in accordance with the Objectionable Default Affidavit. Notwithstanding anything to the contrary in the Agreement or these Instructions, Seller and Purchaser hereby agree that in the event that (A) either or both of them delivers a Default Affidavit pursuant to SECTION 3; (B) the recipient of a Default Affidavit delivers an Objection Notice in response thereto; (C) the party delivering an Objection Notice commences Litigation; (D) the Litigation is ultimately resolved by the issuance of a Court Order; and (E) the Court Order authorizes the disbursement of the Xxxxxxx Money to the party that delivered the Default Affidavit that gave rise to the Objection Notice and ensuing Litigation (the "INITIATING PARTY"), then the party that delivered such Objection Notice shall be required to pay to the Initiating Party interest on the Xxxxxxx Money, from the date on which the Initiating Party delivered its Default Affidavit through the date on which the Escrowee disburses the Xxxxxxx Money (and all interest accrued thereon) to the Initiating Party, which interest shall be at the per annum rate of five percent (5.0%) in excess of the per annum rate publicly announced, from time to time, by The First National Bank of Chicago as its "prime" or "base" or "reference" rate of interest.

Objection Notices. If Escrowee receives Buyer delivers a written notice to Seller stating that any of Buyer’s conditions has not been satisfied or waived (an “Objection Notice”) within the time periods set out above, then Seller shall have no obligation to cure any matter described in the Objection Notice, except to remove mortgages, judgment liens or similar encumbrances which can be removed by the payment of a definite sum. However, Seller shall have up to ten (10) days after its receipt of an Objection Notice from either (“Seller’s Election Period”) to deliver written notice to Buyer (the “Notice of Intent”) that Seller or Purchaser will attempt to cure any matter described in an Objection Notice. If Seller does not deliver this Notice of Intent within the time period set forth in SECTION 3 above, then Escrowee shall refuse to comply with the Default Affidavit then in question ("OBJECTIONABLE DEFAULT AFFIDAVIT") until Escrowee receives (a) joint written instructions executed by both Purchaser and Seller’s Election Period, or (b) a final non-appealable order with respect to the disposition of the Xxxxxxx Money from a federal or state court of competent jurisdiction ("COURT ORDER"), in either of which events Escrowee shall then disburse the Xxxxxxx Money and all interest earned thereon, in accordance with such direction or order, as the case may be. Notwithstanding the immediately preceding sentence, if the party that Seller delivers the Objection Notice of Intent but does not complete the cure within sixty (i) commence litigation with respect to the Xxxxxxx Money by filing a complaint or action for a declaratory judgment in an appropriate court of competent jurisdiction ("LITIGATION"), and (ii) provide notice and a copy of such complaint or action for declaratory judgment to Escrowee and the other party to these Instructions within thirty (3060) days after the delivery of the then-applicable Objection Notice, then Escrowee shall disburse the Xxxxxxx Money in accordance with the Objectionable Default Affidavit. Notwithstanding anything Buyer will have five (5) business days after any of these events to the contrary in the Agreement or these Instructions, notify Seller and Purchaser hereby agree the Title Company that the conditions described in the event that (A) either or both of them delivers a Default Affidavit pursuant to SECTION 3; (B) the recipient of a Default Affidavit delivers an Objection Notice in response thereto; (C) the party delivering an Objection Notice commences Litigation; (D) the Litigation is ultimately resolved by the issuance of a Court Order; and (E) the Court Order authorizes the disbursement of the Xxxxxxx Money to the party that delivered the Default Affidavit that gave rise to the Objection Notice and ensuing Litigation (have not been adequately satisfied. So long as Buyer’s notice is delivered within this time period, this Agreement will immediately terminate; in which case the "INITIATING PARTY"), then the party that delivered such Objection Notice Title Company shall be required to pay to the Initiating Party interest on the Xxxxxxx Money, from the date on which the Initiating Party delivered its Default Affidavit through the date on which the Escrowee disburses promptly refund the Xxxxxxx Money (and including all interest accrued thereoninterest) to the Initiating Party, which interest Buyer and both parties shall be at relieved from any further liability under this Agreement. If Seller delivers a written Objection Notice to Buyer stating that any of Seller’s conditions in Paragraphs 3(c) and/or 3(d) of this Agreement has not been satisfied or waived, then this Agreement will immediately terminate; in which case the per annum rate of five percent Title Company shall promptly refund the Xxxxxxx Money (5.0%including all accrued interest) in excess of the per annum rate publicly announced, to Buyer and both parties shall be relieved from time to time, by The First National Bank of Chicago as its "prime" or "base" or "reference" rate of interestany further liability under this Agreement.

Objection Notices. If Escrowee receives an Objection Notice from either Seller or Purchaser within the time period set forth in SECTION Section 3 above, then Escrowee shall refuse to comply with the Default Affidavit then in question ("OBJECTIONABLE DEFAULT AFFIDAVIT"“Objectionable Default Affidavit”) until Escrowee receives (a) joint written instructions executed by both Purchaser and Seller, or (b) a final non-appealable order with respect to the disposition of the Xxxxxxx Money from a federal or state court of competent jurisdiction ("COURT ORDER"“Court Order”), in either of which events Escrowee shall then disburse the Xxxxxxx Money and all interest earned thereon, in accordance with such direction or orderCourt Order, as the case may be. Notwithstanding the immediately preceding sentence, if the party that delivers the Objection Notice does not (i) commence litigation with respect to the Xxxxxxx Money by filing a complaint or action for a declaratory judgment in an appropriate court of competent jurisdiction ("LITIGATION"“Litigation”), and (ii) provide notice and a file-stamped copy of such complaint or action for declaratory judgment to Escrowee and the other party to these Instructions within thirty (30) days after delivery of the then-applicable Objection Notice, then Escrowee shall disburse the Xxxxxxx Money in accordance with the Objectionable Default Affidavit. Notwithstanding anything to the contrary in the Agreement or these Instructions, Seller and Purchaser hereby agree that in the event that (A) either or both of them delivers a Default Affidavit pursuant to SECTION Section 3; (B) the recipient of a Default Affidavit delivers an Objection Notice in response thereto; (C) the party delivering an Objection Notice commences Litigation; (D) the Litigation is ultimately resolved by the issuance of a Court Order; and (E) the Court Order authorizes the disbursement of the Xxxxxxx Money to the party that delivered the Default Affidavit that gave rise to the Objection Notice and ensuing Litigation (the "INITIATING PARTY"“Initiating Party”), then the party that delivered such Objection Notice shall be required to pay to the Initiating Party interest on the Xxxxxxx Money, from the date on which the Initiating Party delivered its Default Affidavit through the date on which the Escrowee disburses the Xxxxxxx Money (and all interest accrued thereon) to the Initiating Party, which interest shall be at the per annum rate of five percent (5.0%) in excess of the per annum rate publicly announced, from time to time, by The First National Bank of Chicago America, N.A. (or its successor) as its "“prime" ” or "“base" ” or "“reference" ” rate of interest.

Objection Notices. If Escrowee receives an Objection Notice from either Seller or Purchaser within the time period set forth in SECTION Section 3 above, then Escrowee shall refuse to comply with the Default Affidavit then in question ("OBJECTIONABLE DEFAULT AFFIDAVIT"“Objectionable Default Affidavit”) until Escrowee receives (a) joint written instructions executed by both Purchaser and Seller, or (b) a final non-appealable order with respect to the disposition of the Xxxxxxx Money from a federal or state court of competent jurisdiction ("COURT ORDER"“Court Order”), in either of which events Escrowee shall then disburse the Xxxxxxx Money and all interest earned thereon, in accordance with such direction or orderCourt Order, as the case may be. Notwithstanding the immediately preceding sentence, if the party that delivers the Objection Notice does not (i) commence litigation with respect to the Xxxxxxx Money by filing a complaint or action for a declaratory judgment in an appropriate court of competent jurisdiction ("LITIGATION"“Litigation”), and (ii) provide notice and a file-stamped copy of such complaint or action for declaratory judgment to Escrowee and the other party to these Instructions within thirty (30) days after delivery of the then-applicable Objection Notice, then Escrowee shall disburse the Xxxxxxx Money in accordance with the Objectionable Default Affidavit. Notwithstanding anything to the contrary in the Agreement or these Instructions, Seller and Purchaser hereby agree that in the event that (A) either or both of them delivers a Default Affidavit pursuant to SECTION Section 3; (B) the recipient of a Default Affidavit delivers an Objection Notice in response thereto; (C) the party delivering an Objection Notice commences Litigation; (D) the Litigation is ultimately resolved by the issuance of a Court Order; and (E) the Court Order authorizes the disbursement of the Xxxxxxx Money to the party that delivered the Default Affidavit that gave rise to the Objection Notice and ensuing Litigation (the "INITIATING PARTY"“Initiating Party”), then the party that delivered such Objection Notice shall be required to pay to the Initiating Party interest on the Xxxxxxx Money, from the date on which the Initiating Party delivered its Default Affidavit through the date on which the Escrowee disburses the Xxxxxxx Money (and all interest accrued thereon) to the Initiating Party, which interest shall be at the per annum rate of five percent (5.0%) in excess of the per annum rate publicly announced, from time to time, by The First National Chase Bank of Chicago (or its successor) as its "“prime" ” or "“base" ” or "“reference" ” rate of interest.