Coach 2007 Annual Report Download - page 90

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5.4 Violations. Notwithstanding any provision of this Agreement to the contrary, Seller shall not be obligated to comply with, or take any action or
incur any expense in connection with, any violations of law, now or hereafter existing, and Buyer shall accept title to the Property subject to any such
violations.
5.5 Emergency Repairs. Any obligations affecting the Property incurred under the Emergency Repairs provisions of the Administrative Code of the
City of New York (Sections 564-18.0, etc.) prior to the Closing shall be paid by Seller.
5.6 Assessments. If, on the Closing Date, the Land or the Improvements are affected by any assessments by any government authority (a) Buyer
shall accept title to the Property subject to any such assessments or installments thereof payable on or after the Closing Date and (b) any such assessments or
installments thereof payable prior to the Closing Date shall be apportioned pursuant to Article 4.
5.7 Removal of Liens and Encumbrances. If on the Closing Date there are any liens or encumbrances which Seller is obligated or elects to remove of
record, same shall be deemed removed of record if Buyer’s title insurance company agrees, without additional premium, to insure (a) Buyer without exception
for such liens and encumbrances or that same shall not be enforced against the Property and (b) Buyer’s lender, if any, without exception for such liens and
encumbrances.
5.8 Survival. The provisions of this Article shall survive the Closing.
6. Closing; Consent of Lender.
6.1 Closing.
6.1.1 The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the Closing Location, at 10:00
A.M. on the Closing Date (time being of the essence with respect to Buyer’s and Seller’s obligation to close on the date which is seven business days following
that date), subject to any adjournments permitted under this Agreement. If the Closing shall not occur on the Closing Date, then for the purposes of this
Agreement, the date on which the Closing occurs shall be deemed the Closing Date.
6.1.2 Buyer acknowledges that each Seller owns a 50% interest in the Property as a tenant-in-common. Accordingly, notwithstanding any
provision of this Agreement to the contrary, Seller and Buyer agree as provided in this Subsection.
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