![]() MI Default has the meaning in paragraph 6 of Framework Schedule 8 (Management Information) In the event of a Buyer Default, the following provisions shall apply:īankruptcy Default has the meaning assigned to such term in Section 6.01. Loan Default means failure to make a loan repay- ment to the department within sixty days after the payment was due.īuyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. Purchaser Default has the meaning set forth in Section 11.2(a). Seller Default has the meaning set forth in Section 13.1. If (a) the Closing for the Phase IB Property does not occur and Seller is not entitled to draw on the LC or (b) the Closing for the Phase IB Property does occur, Seller shall promptly return the original LC to Buyer. On or before the execution of this Agreement, Buyer shall execute and deliver to the Title Company pursuant to escrow instructions, a release deed substantially in the form attached hereto as Exhibit Q and in the event the Closing with respect to the Phase IB Property does not occur and the LC is drawn down in the full amount thereof, such release shall be recorded in the land records where the Phase IB Property is located. Seller LC Default means that on the Scheduled Closing Date for the Phase IB Property, (a) Seller has defaulted on any of its material obligations hereunder, or (b) any of Seller’s Warranties are, in the aggregate, untrue, inaccurate or incorrect in any material respect, and any such circumstance described in this sentence continues for five (5) Business Days after written notice (which written notice shall detail such default or breach) and in either case, neither Seller’s member Overlook Ridge Phase IB Holdings, L.L.C nor the Property Manager caused, directly or indirectly, such Seller default to occur. ![]()
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