Property Default definition

Property Default means, with respect to a Property, (a) a representation or warranty made by Sellers, as it affects such Property, is untrue or misleading or (b) Sellers have failed to satisfy their covenants and comply with their obligations under this Agreement (or any other agreement or Permitted Exception affecting such Property), and in either case the effect is a Material Adverse Effect.

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Property Default shall have the meaning provided in each of the Mortgages.

Property Default means, with respect to a Golf Course Property, (a) a representation or warranty made by Sellers, as it affects such Golf Course Property, is untrue or misleading or (b) Sellers have failed to satisfy their covenants and comply with their obligations under this Agreement as they relate to such Golf Course Property, and in either case the effect is a Material Adverse Effect.

Examples of Property Default in a sentence

• Notwithstanding the foregoing provisions of this Section 8.2.1, if Borrower has cured a Qualified Release Property Default in accordance with Section 2.5.2, an acceleration of the Loan arising from such Qualified Release Property Default shall be rescinded (assuming no other Event of Default shall then or thereafter be continuing).

• Any release to cure a Qualified Release Property Default and corresponding prepayment shall be accompanied by the Spread Maintenance Premium, if applicable.

• Notwithstanding the foregoing provisions of this Section 8.2.1, if Borrower has cured a Qualified Release Property Default in accordance with Section 2.5.2, an acceleration of the Loan arising from such Qualified Release Property Default shall be rescinded provided no other Event of Default shall then or thereafter be continuing.

• Except only as expressly required by law or as to a Qualified Release Property Default in accordance with Section 1.5, Borrower shall have no right to cure any Event of Default, and Lender shall not be obligated under any circumstances whatsoever to accept such cure or performance or to execute and deliver any such writing.

• Buyer shall not have the right to cancel the Escrow because of a Property Default that affects one or more Golf Course Properties but not all or substantially all of the Property.

• Notwithstanding the foregoing provisions of this Section 8.2.1. if Borrower has cured a Qualified Release Property Default in accordance with Section 2.5.2. an acceleration of the Loan arising from such Qualified Release Property Default shall be rescinded (assuming no other Event of Default shall then or thereafter be continuing).

• This setting is only useful for exporting Default properties‌ For each file property default values are defined so that you do not need to setup all properties each time: Property Default value Bottom1 to 16 Not defined Choice All fields in order of the file description.