Examples of Excess Sales Proceeds in a sentence
Owner acknowledges that City shall have no obligation to cause reconveyance of this Agreement or the Performance Deed of Trust until any Excess Sales Proceeds payable to the City are paid in full.
If a Prohibited Transfer of the Property occurs, Owner shall immediately pay the Excess Sales Proceeds to the City.
In the event City, or its designee or assignee, does not exercise the Option to Purchase and a foreclosure sale is consummated, any Excess Sales Proceeds (defined in Section 14 below) resulting from such foreclosure sale that remain after payment of encumbrances as required by law, shall be paid to City, or its successors or assigns.
Owner and City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from Owner to City is intended to cause Owner to receive the same net sales proceeds from sale of the Property at an unrestricted price to a market purchaser (in violation of this Agreement) as Owner would receive from sale of the Property to City or to City’s assignee pursuant to City’s exercise of the Option to Purchase.