Tax deferred exchange.

Landlord shall have the right to require the purchase of the Property by Tenant pursuant to this Article — to be structured as a tax deferred exchange under Section 1031 of the Internal Revenue Code and the regulations adopted thereunder, or such substantially equivalent provision of Internal Revenue Code as is then applicable to sales of property; Tenant shall execute such documents and instruments as may be required by Landlord to facilitate a tax deferred exchange under applicable law, at no additional cost or expense to Tenant. Landlord hereby agrees to indemnify Tenant for any such cost or expense that Tenant may incur in connection with such tax deferred exchange, and from and against any claims, liabilities, costs or expenses answering out of any acquisition agreement executed by Tenant pursuant to this subsection (—). Further, Tenant shall not be required to answer any other liability of Landlord in connection with such tax deferred exchange, except that Tenant shall execute an acquisition agreement if requested by Landlord in order to facilitate an exchange, so long as Tenant has no liability under such agreement beyond the deposit monies payable thereunder, which deposit monies shall be paid by Landlord, not Tenant. In addition, if at the time of Tenant's exercise of its option to purchase, there is a mortgage against the Premises, Landlord shall have the right to require Tenant to accept title under and subject to such mortgage, and Tenant shall execute such mortgage assumption agreements as the holder of the mortgage may require, and the principal balance of the mortgage loan, as of the date of settlement, shall be credited against the purchase price calculated in accordance with subparagraph (—) above.



______________________________________________________________________________________

 

More Real Estate Forms

 

Browse Real Estate Forms & Mortgage Forms Alphabetically

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 



Home Courses Real Estate Forms Income Properties For Sale Forums Real Estate Articles   

Copyright © 2001 - 2006, Buy Income Properties, Inc. All Rights Reserved. Privacy Policy in Observance.