Phased Closing Obligations Sample Clauses

Phased Closing Obligations. It is anticipated that there will be a closing of the Property on the Initial Closing Date. Upon the Initial Closing, Seller shall deed all of the Property to Purchaser, less the Retained Parcel. Purchaser shall be granted an option to purchase the Retained Parcel on the Initial Closing Date until ninety (90) days after Purchaser obtains the NFA as provided in Article 5.3, for the total Purchase Price of Ten Dollars ($10.00) and a memorandum of option shall be recorded against the Retained Parcel evidencing Purchaser's option to purchase, a copy of which is attached hereto as Exhibit J. That part of the Purchase Price paid to Seller attributable to the Retained Parcel shall be deemed the option payment and shall be credited against the Purchase Price upon exercise of the option. Purchaser shall have the right, but not the obligation in the event the NFA is not received, to alternatively lease all, but not less than, the Retained Parcel for its own use pursuant to a minimum forty (40) year ground lease, in the form and on the terms in the Ground Lease attached hereto as Exhibit "K". In the event that Purchaser chooses to lease the Retained Parcel, then a portion of the option consideration shall be reclassified as rent and upon the exercise of the option to purchase by Purchaser, shall be credited against the Purchase Price. Upon exercise of the option to purchase, an escrow shall be opened with the Title Company and closed not later than thirty (30) days after opening, or sooner, at Purchaser's election ("Second Closing"). Real property Taxes shall be appropriately prorated on Closing. Seller shall provide and pay for Purchaser's Owner's Title Policy on the Retained Parcel and all other costs of Closing to be shared equally.
Sample 1
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Related to Phased Closing Obligations

  • Seller’s Closing Obligations At Closing, Seller shall execute and deliver, or cause to be executed and delivered, to Buyer the following:

  • Purchaser’s Closing Obligations Purchaser, at its sole cost and expense, shall deliver or cause to be delivered to Seller at Closing the following:

  • Buyer’s Closing Obligations At the Closing, Buyer shall:

  • Closing Obligations At the Closing:

  • Post-Closing Obligations Seller and Buyer agree to the following post-Closing obligations:

  • Seller’s Closing Documents On the Closing Date, Seller shall have executed and delivered or caused to be delivered to Buyer the following (collectively, “Seller’s Closing Documents”), all in form and content reasonably satisfactory to Buyer:

  • Closing; Closing Date Closing" and "Closing Date" have the meanings set forth in Section 5.3.

  • Purchaser’s Closing Documents Purchaser shall obtain or execute and ----------------------------- deliver to Seller at Closing the following documents, all of which shall be duly executed and acknowledged where required and shall survive the Closing:

  • Closing and Closing Documents 7 4.1 Closing....................................................................................... 7 4.2 Seller's Deliveries........................................................................... 7 4.3 Purchaser's Deliveries........................................................................ 8 4.4 Fees and Expenses; Closing Costs.............................................................. 8 4.5 Adjustments................................................................................... 8 ARTICLE V Miscellaneous.................................................................................. 9

  • Certain Post-Closing Obligations As promptly as practicable, and in any event within the time periods after the Effective Date specified in Schedule 5.14 or such later date as the Administrative Agent reasonably agrees to in writing, including to reasonably accommodate circumstances unforeseen on the Effective Date, Holdings, the Parent Borrower and each other Loan Party shall deliver the documents or take the actions specified on Schedule 5.14 that would have been required to be delivered or taken on the Effective Date but for the proviso to Section 4.01(f), in each case except to the extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth in the definition of the term “Collateral and Guarantee Requirement”.

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