Constituent Property definition
Examples of Constituent Property in a sentence
Without limitation on the foregoing, (1) the representations and warranties in Section 7 shall apply to each Seller separately and then only to the Constituent Property owned by it, and (2) the prorations and credits provided for in Section 3.13 shall be allocated separately among Sellers, with each bearing the economic burden or receiving the economic benefit only with respect to the Constituent Property owned by such Seller.
All other costs, if any, shall be apportioned and separately determined with respect to each Constituent Property in the customary manner for real property transactions in the County where each applicable Real Property is located.
The parties hereto agree that neither this Agreement nor any memorandum or notice hereof shall be recorded, and except as required to enforce its rights of specific performance under Section 10.1, Buyer agrees not to file any lis pendens or other instrument against any Constituent Property in connection herewith.
The Allocable Purchase Price for each Constituent Property as set forth on Schedule 1 to the Existing Agreement is hereby deleted in its entirety and replaced with Allocable Purchase Price for such Constituent Property as set forth on Schedule 1 attached hereto.
The obligations of Buyers and Sellers under this Section 4 shall be determined separately with respect to each Constituent Property.
Notwithstanding the fact that this Agreement is generally an “all Properties or none” deal, Buyer shall have the right to terminate this Agreement as to only the subject Constituent Property to the extent a Material Part of such Constituent Property is destroyed or taken by eminent domain.
Such Seller has not received written notice of any condemnation or eminent domain proceedings pending with respect to its Constituent Property.
For purposes of clarification, each Constituent Property shall be sold by the applicable Seller to the applicable Buyer identified herein.
With respect to delinquent or other uncollected rents and any other amounts or other rights of any kind respecting tenants who are no longer tenants of a Constituent Property as of the Closing Date, the applicable Seller shall retain all of the rights relating thereto.
In no event shall either Seller be charged with or be responsible for any increase in the taxes on any Constituent Property resulting from the sale of such Constituent Property contemplated by this Agreement, any change in use of the Properties on or after the Closing Date, or from any improvements made or leases entered into on or after the Closing Date.