Property Exchange. Each party agrees to cooperate with the other in an IRC section 1031 property exchange in connection with this sale as long as in doing so it incurs no additional liability or expense and is not required to hold title to any other property, the Closing Date is not affected and the entire amount owed to Seller hereunder is paid in the manner stated in this Agreement. Neither party will have any responsibility for the ultimate characterization of this transaction for the other party’s tax purposes, and this sale is not conditioned upon and may not be rescinded as a result of that characterization or either party’s ability to effect an exchange.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement