Contracts of Sale. (a) Borrower shall not enter into any Contracts of Sale, other than Qualifying Contracts of Sale. Unless Borrower has theretofore obtained Lender’s prior written consent thereto, Borrower may not enter into Contracts of Sale with Guarantor, or Affiliates of Borrower or Guarantor. Notwithstanding the previous sentence, Lender hereby consents to the sale of Units pursuant to the ER Purchase Agreement and Lender’s consent shall not be required with respect to immaterial amendments to the form Contract of Sale previously approved by Lender for sale of each individual Unit to be sold under the ER Purchase Agreement, to conform to the ER Purchase Agreement, provided that no amendment shall be made to the sale price set forth in the ER Purchase Agreement in effect on the date hereof. Lender shall not unreasonably withhold such consent, provided that the applicable Contract of Sale (i) satisfies the requirements of the definition of “Qualifying Contract of Sale” contained herein and (ii) is otherwise on an arm’s length, commercially reasonable basis. All Contracts of Sale entered into by Borrower after the Effective Date shall be covered by the Assignment of Purchase Contracts and, in each case, if required by Lender, by a separate assignment in form and substance similar to the Assignment of Purchase Contracts. Notwithstanding anything to the contrary in this Agreement, Lender hereby consents to the sale of Units pursuant to the ER Purchase Agreement and any individual purchase agreements entered into pursuant to the ER Purchase Agreement so long as the purchaser under each such individual agreement is Exclusive Resorts or any of its Affiliates.
Contracts of Sale. Following the occurrence and during the continuance of an Event of Default, Grantor irrevocably authorizes Beneficiary, at its sole option, to collect, in the name of Grantor or in its own name as assignee, all payments due or to become due under any Contract of Sale. Grantor agrees that it will facilitate in every reasonable way the collection by Beneficiary of such payments, and will, upon written request by Beneficiary, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to Beneficiary. In no event shall Beneficiary be accountable for more moneys than it actually receives pursuant to a Contract of Sale, nor shall Beneficiary be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of Beneficiary. Grantor, without the prior written consent of Beneficiary, will not execute any assignment of any Contract of Sale or the payments due thereunder. Grantor shall furnish to Beneficiary, within ten (10) days after a written request from Beneficiary, a written certification containing the names of all contract purchasers of the Property and shall attach to such certification a copy of any Contract of Sale. Nothing contained in this Section shall (a) be construed as a consent by Beneficiary to any Transfer of the Property, or (b) constitute a delegation to Beneficiary of any of Grantor’s duties or obligations under any Contract of Sale. Grantor agrees to indemnify Beneficiary and the Trustees for, and forever hold them harmless from, any Claim arising out of, or in connection with, any Contract of Sale.
Contracts of Sale. If requested by the Agent in its sole discretion, the Agent shall have received conformed copies of the acquisition or option contracts for all Projects being purchased by the Obligors within Approved Subdivisions.
Contracts of Sale. To the best of Borrower’s knowledge, all of the Contracts of Sale when entered into will be valid and enforceable. The Borrower will not commit or suffer any act or omission which would or could constitute a default on its part entitling any purchaser to damages, rights of set-off or right to terminate any Contract of Sale. All Contract Deposits shall be held pursuant to the Contract of Sale by the Title Insurer.
Contracts of Sale. (a) On or before December 22, 2019, and simultaneously with the submission of the Offering Plan, Borrower shall submit to Lender for Lender’s review and approval (which approval shall not be unreasonably withheld, conditioned or delayed) the standard form of purchase and sale agreement to be used by Borrower in connection with the sale of the Subdivided Residential Units. Lender shall complete its review of the form of purchase and sale agreement within thirty (30) days following its receipt of same and simultaneously with its review of the Offering Plan, and shall either approve or disapprove the same within said thirty (30) day period. If Lender disapproves any such draft, Lender shall provide Borrower with a reasonably detailed explanation for Lender’s disapproval thereof, and Borrower shall then re-submit a revised draft of the same to Lender as soon as reasonably practicable. Borrower shall cause the revised standard form of purchase and sale agreement to address the reasonable concerns or reasons for Lender’s disapproval of the prior drafts of the same. Lender and Borrower shall repeat this process until any such requested draft form of purchase and sale agreement is approved by Lender, which approved form of purchase and sale agreement shall be referred herein to as the “Approved Form of Contract of Sale”.
Contracts of Sale. Following the occurrence of an Event of Default, each Grantor irrevocably authorizes the Beneficiary, at its sole option, to collect, in the name of each Grantor or in its own name as assignee, all payments due or to become due under any Contract of Sale. Each Grantor agrees that it will facilitate in every reasonable way the collection by the Beneficiary of such payments, and will, upon written request by the Beneficiary, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to the Beneficiary. In no event shall the Beneficiary be accountable for more moneys than it actually receives pursuant to a Contract of Sale, nor shall the Beneficiary be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of the Beneficiary. The Grantors, without the prior written consent of the Beneficiary, will not execute any assignment of any Contract of Sale or the payments due thereunder. The Grantors shall furnish to the Beneficiary, within ten (10) days after a written request from the Beneficiary, a written
Contracts of Sale. Borrower covenants to provide Lender with prompt written notice of all future contracts for sale of any of the assets listed on Exhibit A, cancellation of any such existing contracts of sale, or the occurrence of a material breach of any such contract for sale, whether such contract is currently existing or hereafter executed, and whether the breach occurs on the part of Borrower or any other party.
Contracts of Sale. The pertinent Seller shall have authorized the registration of the Buyer’s interest under the Xxxx of Sale in respect of (as applicable) the pertinent Airframe and Engines or the pertinent Engine with the International Registry at the pertinent Transfer Time.
Contracts of Sale. Following the occurrence of an Event of Default, the Mortgagor and ALS irrevocably authorize the Agent, at its sole option, to collect, in the name of the Mortgagor and/or ALS or in its own name as assignee, all payments due or to become due under any Contract of Sale. The Mortgagor and ALS agree that they will facilitate in every reasonable way the collection by the Agent of such payments, and will, upon written request by the Agent, execute a written notice and deliver the same to each purchaser directing the purchaser to make such payments to the Agent. In no event shall the Lenders be accountable for more moneys than they actually receive pursuant to a Contract of Sale, nor shall the Lenders be liable for any failure to collect payments under any Contract of Sale. The right to determine the method of collection and the extent to which the enforcement of collection shall be prosecuted is reserved to the sole discretion of the Agent. The Mortgagor and/or ALS, without the prior written consent of the Agent, will not execute any assignment of any Contract of Sale or the payments due thereunder. The Mortgagor and/or ALS shall furnish to the Agent, within ten (10) days after a written request from the Agent, a written certification containing the names of all contract purchasers of the Property and shall attach to such certification a copy of any Contract of Sale. Nothing contained in this Section shall (a) be construed as a consent by the Lenders to any Transfer of the Property, or (b) constitute a delegation to the Lenders of any of the Mortgagor's duties or obligations under any Contract of Sale. The Mortgagor and ALS agree to indemnify the Lenders for, and forever hold them harmless from, any Claim arising out of, or in connection with, any Contract of Sale.
Contracts of Sale. At the Collateral Agent's option and request, the Collateral Agent shall have received conformed copies of the acquisition or option contracts for all Lots being purchased by the Borrowers within Approved Subdivisions.
