Contested Real Property definition

Contested Real Property means the real property set out in Schedule 1.1(aa) to the Vendor Disclosure Letter
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Examples of Contested Real Property in a sentence

  • Except as disclosed in Schedule 3.1(g) with respect to the Contested Real Property, and other than in respect of the Owned Real Property, each of the Vendors is the beneficial owner of the Purchased Assets identified in Schedule 3.1(g) to the Vendor Disclosure Letter.

  • In addition and if reasonably required by the Purchaser, DMSL and the relevant Vendor shall grant limited powers of attorney to the representatives of the Purchaser to defend or pursue any right derived or connected to the Contested Real Property, including any right that may have been retained by the Vendors after the Closing Date.

  • With respect to the Contested Real Property, the reduction or loss of the Contested Real Property as a result of the current legal proceeding over the Contested Real Property will not materially and adversely impact on the ability of the Purchaser to operate the Business substantially in the ordinary course in the manner the Business has been conducted during the eighteen (18) months preceding the Closing Date.

  • Prior to the Closing Date, DMSL will take, and will cause the Vendors to take, all commercially reasonable efforts, at the expense of the Vendors, to restore legal and beneficial title to the Contested Real Property to the Vendors, including appealing the decision of the Civil Court pursuant to which title to the Contested Real Property was awarded to Ejido Guarisamey.

  • Except as disclosed in Schedule 3.1(g) with respect to the Contested Real Property, and except with respect to the Owned Real Property, the Vendors in the aggregate are the legal and beneficial owners of all of the Purchased Assets and the Purchased Assets are free and clear of all Encumbrances other than Permitted Encumbrances.

Related to Contested Real Property

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Excluded Real Property (a) any Real Property that is subject to a Lien expressly permitted by Section 7.3(j) (solely to the extent that the Indebtedness secured by such Lien would prohibit a Lien on such Real Property to secure the Obligations) or Section 7.3(g) (solely to the extent securing Indebtedness under Sections 7.2(c) or 7.2(t)), (b) any Real Property with respect to which, in the reasonable judgment of the Borrower and the Administrative Agent, the cost of providing a mortgage on such Real Property in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (c) any Real Property to the extent providing a mortgage on such Real Property would (i) result in material adverse tax consequences to Holdings or the Borrower or any of its Restricted Subsidiaries as reasonably determined by the Borrower (provided, that any such designation of Real Property as Excluded Real Property shall be subject to the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)), (ii) violate any applicable Requirement of Law, (iii) be prohibited by any applicable Contractual Obligations (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) to the extent such prohibition was not created in contemplation of a mortgage on such Real Property or (iv) give any other party (other than a Loan Party or a wholly-owned Subsidiary) to any contract, agreement, instrument or indenture governing such Real Property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) to the extent such right was not created in contemplation of a mortgage on such Real Property; provided that the Borrower may designate in a written notice to the Administrative Agent any Real Property not to constitute “Excluded Real Property”, whereupon the Borrower shall be obligated to comply with the applicable requirements of Section 6.8 as if it were newly acquired.

  • Owned Real Property has the meaning set forth in Section 4.10(a).

  • Leased Real Property has the meaning set forth in Section 3.18(b).

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.