Sale of Property Pursuant to the Property Sale Option Sample Clauses

Sale of Property Pursuant to the Property Sale Option. (a) If Woodforest Fund delivers a Sale Notice and the Managing Member elects (or is deemed to have elected) the Sale Option, then the Managing Member shall have the obligation, during the one hundred eighty (180) day period (the “Sale Period”) following the exercise or deemed exercise of the Sale Option, to take all steps reasonably necessary to complete the sale of the Property to an unrelated third party in a bona fide sale for a cash price equal to or greater than ninety-five percent (95%) of the Sale Price with customary prorations and closing costs and other selling expenses apportioned between the buyer and seller in accordance with local customs, and on such other terms deemed reasonably satisfactory to the Managing Member; provided, h owever, that in no event shall the Managing Member have the right, without the Consent of the Members, to execute on behalf of the Company or any Subsidiary any contract or documentation (i) imposing personal liability or restrictive covenants on any Holder or Affiliate thereof or indemnifying the purchaser for any breaches of covenants, representations or warranties of the Company or any Subsidiary; or (ii) that provides for a holdback or escrow of any portion of the purchase price that reduces the purchase price to be paid at closing below ninety-five percent (95%) of the Sale Price; provided further, however, that any indemnification obligation of the Company or any Subsidiary shall be commercially reasonable taking into account all facts and circumstances of the proposed transaction. Notwithstanding the foregoing, if as of the end of the Sale Period, the Property is under contract to be sold, but the purchaser has not received any applicable permits, licenses and/or approvals required from third parties (including, without limitation, any licenses necessary to operate the Property by such third party purchaser or any approvals of any existing lender of the Company or of any Subsidiary if any such loans are being assumed by the purchaser), the Sale Period may be extended by the Managing Member, but in no event beyond sixty (60) days after the end of such one hundred eighty (180) day period described above.
Sample 1
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Related to Sale of Property Pursuant to the Property Sale Option

  • SALE OF THE PROPERTY To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.

  • SALE OF PROPERTY If the Premises is sold, the Tenant is to be notified of the new Owner, and if there is a new Manager, their contact details for repairs and maintenance shall be forwarded. If the Premises is conveyed to another party, the new owner: (check one) ☐ - Has the right to terminate this Agreement by providing days’ notice to the Tenant. ☐ - Does not have the right to terminate this Agreement.

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • Disposition of Property Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

  • Purchase and Sale of Property Subject to and in accordance with the ----------------------------- terms and provisions of this Agreement, Seller hereby agrees to sell to Purchaser and Purchaser hereby agrees to purchase from Seller, the Property, which term "Property" shall mean and include the following:

  • Acquisition of Property The Contractor shall document that all property was acquired consistent with its engineering, production planning, and property control operations.

  • Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the Property In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property (each, a “Partial Devaluation”) where the fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the Partial Devaluation, a percentage of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in writing. The amount of the Miscellaneous Proceeds that will be so applied is determined by multiplying the total amount of the Miscellaneous Proceeds by a percentage calculated by taking (i) the total amount of the sums secured immediately before the Partial Devaluation, and dividing it by (ii) the fair market value of the Property immediately before the Partial Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower. In the event of a Partial Devaluation where the fair market value of the Property immediately before the Partial Devaluation is less than the amount of the sums secured immediately before the Partial Devaluation, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not the sums are then due, unless Borrower and Lender otherwise agree in writing.

  • Data Disposition When the contracted work has been completed or when the Data is no longer needed, except as noted above in Section 5.b, Data shall be returned to DSHS or destroyed. Media on which Data may be stored and associated acceptable methods of destruction are as follows: Data stored on: Will be destroyed by: Server or workstation hard disks, or Removable media (e.g. floppies, USB flash drives, portable hard disks) excluding optical discs Using a “wipe” utility which will overwrite the Data at least three (3) times using either random or single character data, or Degaussing sufficiently to ensure that the Data cannot be reconstructed, or Physically destroying the disk Paper documents with sensitive or Confidential Information Recycling through a contracted firm, provided the contract with the recycler assures that the confidentiality of Data will be protected. Paper documents containing Confidential Information requiring special handling (e.g. protected health information) On-site shredding, pulping, or incineration Optical discs (e.g. CDs or DVDs) Incineration, shredding, or completely defacing the readable surface with a coarse abrasive Magnetic tape Degaussing, incinerating or crosscut shredding

  • Proceeding Affecting Xxxxxx’s Interest in the Property Borrower will be in Default if any action or proceeding begins, whether civil or criminal, that, in Xxxxxx’s judgment, could result in forfeiture of the Property or other material impairment of Xxxxxx’s interest in the Property or rights under this Security Instrument. Borrower can cure such a Default and, if acceleration has occurred, reinstate as provided in Section 20, by causing the action or proceeding to be dismissed with a ruling that, in Xxxxxx’s judgment, precludes forfeiture of the Property or other material impairment of Xxxxxx’s interest in the Property or rights under this Security Instrument. Borrower is unconditionally assigning to Lender the proceeds of any award or claim for damages that are attributable to the impairment of Xxxxxx’s interest in the Property, which proceeds will be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property will be applied in the order that Partial Payments are applied in Section 2(b).

  • Permit Transfer/Sale 5 16. Release and Waiver of All Claims against Sector Manager; Indemnification and Hold Harmless.

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