Exchange Parcels definition
Examples of Exchange Parcels in a sentence
Upon assignment of an Exchange Contract to the Seller, the Purchaser shall have no further obligations hereunder with respect to the applicable Exchange Parcels or Exchange Contract.
Any Exchange Property Credit shall, from time to time, be reduced by any payments made in connection with the acquisition of the applicable Exchange Parcels.
Accordingly, the Seller hereby agrees to indemnify, defend and hold the Purchaser and its successors and assigns harmless from, against and in respect of, and shall on demand reimburse the Purchaser and its successors and assigns for, any and all loss, liability, damage or expense arising out of or in any way connected with the exchanges contemplated by this Section 12, any ---------- Exchange Contract or the Exchange Parcels.
All provisions of the loan documents, including without limitation the Environmental Indemnity and all insurance requirements, shall apply to the Exchange Parcels immediately upon their acquisition by the Borrower.
The Seller desires to effectuate and the Purchaser agrees to cooperate in effectuating separate tax deferred exchanges of Exchange Properties for the Exchange Parcels on the terms and conditions set forth in this Agreement.
Notwithstanding the foregoing, if the Seller notifies the Purchaser in writing at least five (5) days prior to the Closing Date or Exchange Closing Date that it has elected not to designate any Exchange Parcels, the Exchange Value shall be paid to the Seller on such Exchange Closing Date as herein described.
The Purchaser shall be obligated (subject to the terms hereof) to expend cash in an amount not to exceed the Exchange Property Credit to acquire and convey to the Seller pursuant to Exchange Contracts such Exchange Parcels as the Seller may designate.
Notwithstanding the foregoing, if the Seller notifies the Purchaser in writing at least 5 days prior to the Closing Date or Exchange Closing Date that it has elected not to designate any Exchange Parcels, the Exchange Value shall be paid to the Seller on such Exchange Closing Date as herein described.
The Seller acknowledges that the Purchaser is --------------- agreeing to enter into each Exchange Contract and to acquire Exchange Parcels solely as an accommodation to the Seller and that it is not intended that the Purchaser will incur any costs or liabilities with respect to the Exchange Parcels or any Exchange Contract in carrying out its obligations pursuant to this Agreement.
In connection with such closing, the Borrower shall execute and deliver such instruments of modification to this Agreement and the Loan Documents as the Lender may require in order to spread the Lender’s liens and security interests to include the Exchange Parcels, a revised survey shall be delivered to the Lender, and the Lender’s loan policy of title insurance shall be endorsed to include the Exchange Parcels.