OCCUPIED PROPERTY Clause Samples

OCCUPIED PROPERTY. Seller makes no representations or warranties as to whether the property is occupied as of the Closing Date. Buyer expressly waives any right to terminate this Agreement based on the status of the occupancy of the Property. ▇▇▇▇▇ acknowledges that Buyer may be subject to any federal, state, or local laws in regards to protecting the rights of tenants who may be occupying the Property.

OCCUPIED PROPERTY. Buyer shall take the Property subject to the rights of existing tenants and/or occupants. Seller has provided to Buyer prior to the date hereof copies of all written leases affecting the Property of which Seller is aware. Seller shall transfer to Buyer, through escrow, all tenant security deposits. Seller makes no warranty regarding compliance with legal requirements regarding rent amounts and/or the maximum number of people who can occupy the Property. Seller shall not agree to any material modification of a written lease without giving ▇▇▇▇▇’s prior consent, not to be unreasonably withheld. Seller is not aware of any defaults under any written lease affecting the Property, or eviction proceedings affecting the Property, or persons occupying the property without a written lease, except as otherwise disclosed to Buyer.

OCCUPIED PROPERTY. ▇▇▇▇▇ UNDERSTANDS AND ACKNOWLEDGES THAT SELLER MAY HAVE ACQUIRED THE PROPERTY (AS DEFINED IN THE PURCHASE AGREEMENT) THROUGH FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, THAT SELLER HAS NEVER OCCUPIED THE PROPERTY, AND THAT SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. ▇▇▇▇▇▇ MAKES NO REPRESENTATIONS OR WARRANTIES AS TO WHETHER THE PROPERTY IS OCCUPIED AS OF THE CLOSE OF ESCROW BUT BELIEVES THE PROPERTY TO BE OCCUPIED. PROPERTY MAY BE SUBJECT TO LEASEHOLD INTERESTS OF VARIOUS TENANTS. Seller is under no obligation to provide any information regarding leases, amendments or any other documents, including but not limited to information regarding any current eviction proceedings to Buyer. ▇▇▇▇▇ understands and acknowledges that Seller will not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller’s attorney. Further, the progress and/or outcome of any current eviction case will have no bearing whatsoever in the transaction contemplated by the Purchase Agreement and its terms, any addenda thereto, including the mutually agreed upon Closing Date. ▇▇▇▇▇ further acknowledges that Buyer shall be solely responsible for notifying any tenants or occupants of the transfer of ownership of the Property, and shall be liable to any and all tenants for repayment of any outstanding security deposit, less lawful deductions. This provision shall survive the Close of Escrow and/or the Closing of the transaction contemplated by the Purchase Agreement and this Addendum and shall not be deemed to have merged into any of the documents executed or delivered at Closing. Because the Property was acquired by Seller through foreclosure, trustee’s sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff’s sale or deed in lieu of foreclosure, Seller has no security deposits or last month’s rent to surrender to Buyer. Buyer acknowledges that Buyer may be subject to the Protecting Tenant’s at Foreclosure Act reenacted May 24, 2018] (the “Act”) or to state law, as applicable.

OCCUPIED PROPERTY. Seller makes no representations or warranties as to whether the Property is occupied as of the Closing Date.

OCCUPIED PROPERTY. “Occupied Property” means properties in Michigan occupied by an LOP Occupant Class Member. A list of such properties is contained in Schedule 1.27 hereto. If an individual contacts the Claims Administrator claiming to be an LOP Occupant Class Member and the property is not on Schedule 1.27, the parties will investigate and determine whether the individual is an LOP Occupant Class Member.

OCCUPIED PROPERTY. Upon information and belief and without an independent investigation having been performed by the Seller, as of the date of this Occupancy Addendum, the Property may be occupied by persons asserting a legal interest in the Property and/or who may claim a right to lease, use or occupy all or a portion of the Property ("Occupants"). Seller makes no representation about the existence or identity of Occupants or their entitlement, if any, to occupy the Property. Purchaser acknowledges that the Seller has not made any warranties or representations, implied or express, relating to the existence or nonexistence of any Occupants at the Property other than advising Purchaser that the Property may have Occupants in possession of the Property or claiming the right to occupy or use the Property or any portion thereof. Purchaser agrees to purchase the Property subject to the rights of such Occupants, if any, and to indemnify and hold Seller harmless from and against any liabilities, costs, claims or expenses arising out of such occupancy or claims of Occupants as of the date of closing. ▇▇▇▇▇▇▇▇▇ agrees to be solely responsible for all matters relating to occupancy of the Property after closing.