Permitted Exceptions definition

Permitted Exceptions shall have the meaning set forth in Section 4.3.
Permitted Exceptions means (i) all defects, exceptions, restrictions, easements, rights of way and encumbrances disclosed in policies of title insurance which have been made available to the Purchaser; (ii) statutory liens for current Taxes, assessments or other governmental charges not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings, provided an appropriate reserve is established therefor; (iii) mechanics’, carriers’, workers’, repairers’ and similar Liens that are not material to the Business so encumbered and that are not resulting from a breach, default or violation by the Company of any Contract or any Law; (iv) zoning, entitlement and other land use and environmental regulations by any Governmental Body, provided that such regulations have not been violated; and (v) such other imperfections in title, charges, easements, restrictions and encumbrances which do not materially detract from the value of or materially interfere with the present use of any properties used in the Business.
Permitted Exceptions means: (a) applicable zoning, building and land use laws, terms and conditions of licenses, permits and other approvals for the Property, and the other laws of any Governmental Entity having jurisdiction over the Property; (b) such state of facts as would be disclosed by a physical inspection of the Property or an update to the Survey of the Property other than any Required Removal Exception; (c) the lien of real estate taxes, assessments and other governmental charges or fees not yet due and payable or which are currently being contested in good faith by appropriate proceedings; (d) the rights of Existing Tenants under any Leases related to the Property as tenants only (with no options to purchase and no other preferential rights to purchase, including no rights of first refusal) and hotel guests whose occupancy may be terminated on short notice; (e) mechanics’ and materialman’s liens that arise in the ordinary course other than any Required Removal Exception; (f) all matters disclosed by the Title Commitment as the same exists on the Effective Date (except for the deed of trust disclosed as Exception 78 thereon which Seller shall cause to be released prior to or concurrently with the Closing), the Survey and/or the Existing Survey; (g) any lien or encumbrance created, suffered or consented to in writing by Buyer; (h) any matter Title Insurer insures over, or for which it otherwise provides affirmative title coverage, in the Title Policy with no additional cost to Buyer; (i) any restrictions on transfer arising under applicable securities laws or Gaming Laws; (j) easements, leases, reservations or other rights of others in, or minor defects and irregularities in title to, the Property; provided, that such easements, leases, reservations, rights, defects or irregularities do not materially impair the current use of the Property and do not render title to the Property un-marketable; (k) any liens on any assets of Seller imposed pursuant to the Existing Loan, which Seller shall cause to be released prior to or concurrently with the Closing; and (l) any other matter specifically identified in this Contract as a Permitted Exception. For the avoidance of doubt, none of the matters disclosed on the Title Commitment (as the same exists on the Effective Date), the Survey or the Existing Survey constitute, individually or in the aggregate, a Required Removal Exception.

Examples of Permitted Exceptions in a sentence

  • The Property shall be conveyed subject to the Permitted Exceptions.


More Definitions of Permitted Exceptions

Permitted Exceptions means, collectively, (a) liens for taxes, assessments and governmental charges not yet due and payable or due and payable but not yet delinquent; (b) the Leases; (c) the exceptions to title set forth in the Existing Title Policy; (d) all matters shown on the Existing Survey, and (e) such other nonmonetary encumbrances with respect to the Property as may be shown on the Update which are not objected to by the Purchaser (or which are objected to, and subsequently waived, by the Purchaser) in accordance with Section 3.1.
Permitted Exceptions has the meaning ascribed to such term in Section 6.2(a).
Permitted Exceptions means: (a) general real estate taxes, association assessments, special assessments, special district taxes and related charges not yet due and payable for any tax years of the Closing Date or thereafter; (b) matters shown on the "Survey" (hereinafter defined); (c) matters caused by the actions of Purchaser; and (d) the title exceptions set forth in Schedule B Part II of the Title Commitment as Numbers 7 and 9 through 16 inclusive, to the extent that same affect the Property. All other exceptions to title shall be referred to as "Unpermitted Exceptions". On the Closing Date, it will be a condition of Purchaser's obligation to close that Title Insurer shall deliver to Purchaser a standard title policy in conformance with the previously delivered Title Commitment, subject only to Permitted Exceptions and Unpermitted Exceptions waived by Purchaser (the "Title Policy"). Seller and Purchaser shall each pay for one-half of the costs of the Title Commitment and the Title Policy and Purchaser shall pay for the cost of any endorsements to, or extended coverage on, the Title Policy. It shall also be a condition of Purchaser's obligation to close hereunder that the Title Company agree to issue those endorsements and special coverage requested by Purchaser set forth on Exhibit S.
Permitted Exceptions means (i) statutory Liens for current Taxes, assessments or other governmental charges not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings; (ii) mechanics’, carriers’, worker’s, repairers’ and similar Liens arising or incurred in the Ordinary Course of Business; (iii) zoning, entitlement and other land use regulations by any Governmental Body; (iv) title of a lessor under a capital or operating lease; and (v) such other imperfections in title, charges, easements, restrictions and encumbrances which would not be material to the Business of Seller or its subsidiaries.
Permitted Exceptions means the following exceptions to lien priority: (i) the lien of current real property taxes and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Loan and (A) referred to or otherwise considered in the appraisal (if any) made for the originator of the Loan or (B) which do not adversely affect the appraised value of the Mortgaged Property set forth in such appraisal; and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.
Permitted Exceptions means (i) Liens for current real estate taxes or assessments which are not yet due and payable, or are due and payable but not yet delinquent, or that are being contested in good faith by appropriate proceedings, (ii) any exceptions to title approved or waived by the Buyer in accordance with this Agreement, (iii) customary utility easements which (A) do not encroach any buildings or other improvements located at the applicable Property, (B) are within and do not violate any setback requirements or restrictions or Applicable Laws, and (C) do not materially and adversely impact the current use or value of the applicable Property, (iv) the rights of Tenants, as tenants only, pursuant to Leases, (v) any matters created or caused by the Buyer, and (vi) Liens arising out of, under or permitted in connection with this Agreement or the Closing Documents.
Permitted Exceptions has the meaning set forth in Section 5.3.2.