Pending Projects definition
Examples of Pending Projects in a sentence
The requested service depends on and is contingent on completion of the following Reliability and Construction Pending Projects.
The Purchaser represents and warrants to the Sellers that as of the date of this Agreement and as of each of the respective Closing Dates the Purchaser has full right, power and authority to buy the Pending Projects from the Sellers and to perform the Purchaser's obligations under this Agreement in accordance with its terms.
Exclusive possession of the Pending Projects shall be delivered to the Purchaser on each Closing Date.
The Sellers agree to cooperate reasonably with the Purchaser in the inspection of the Pending Projects and agree to make available to the Purchaser all information in the Sellers' possession or control pertaining to the condition of the Pending Projects, including engineering and environmental reports, studies, tests, monitoring results, and related documentation.
Furthermore, the Purchaser shall indemnify, defend and hold the Sellers harmless from and against any mechanic's lien claims that may arise in connection with the Purchaser's inspection of or presence, prior to the Closing Date, on the Pending Projects.
The Sellers and the Purchaser have entered into that certain Pending Projects Acquistion Agreement dated of even date herewith (the "Purchase Agreement"), in which the Purchaser has agreed to purchase real property in Santa ▇▇▇▇▇ County, State of California, more particularly described in attached Schedule 1, (the "Pending Projects") incorporated in this ▇▇▇▇ of Sale.
The Parties have agreed that (i) in connection with the Closing, Sellers will prepare a list of the then Pending Projects, (ii) Buyer will assume the performance of such Pending Projects commencing on the Closing, and (iii) that Sellers and Buyer will collaborate on how to effectively transition the Pending Projects over to Buyer’s management at Closing.
At the Closing Date (as defined herein) for the acquisition of each of the buildings included in the Pending Projects, the Sellers who own that building (as indicated on Appendix I) (the "Participating Sellers") agree to convey, and the Purchaser agrees to acquire, such property subject to the terms and conditions of this Agreement.
The acquisition value for the conveyance of each of the buildings in the Pending Projects will be the amount set forth in Appendix I, subject to adjustment if the actual average monthly rental per square foot for the term of the lease or leases in effect with respect thereto as of the Closing Date (as defined herein) differs from the projected rental rate set forth in Appendix I.
Current real property taxes, any current installment of any bond or assessment that constitutes a lien on the Pending Projects, rents and license fees, if any, including any additional property taxes or installments of any bond or assessment lien that may be assessed after the Closing Date, but that relate to a period prior to the Closing Date, regardless of when notice of those taxes, dues or assessments are received or who receives the notice shall be prorated as of the Closing Date.